I am chatting to David Sykes, Information Analyst, who crunches the numbers to get on the candy insights that ship nice worth for our clients.
So, David, why did you be part of Octopus?
Earlier than I got here to Octopus I used to be working as an engineer for a giant oil and fuel firm, however I needed to work on the extra constructive facet of vitality. Someplace progressive, the place they have been discovering options versus dodging issues. I additionally needed to get into knowledge science and analytics, and there’s no higher place to start out than working in an trade which has tons and many knowledge. Octopus appeared like an excellent match for all this stuff.
What do you do at Octopus?
I’ve two fundamental tasks. One is analysing the underlying prices available in the market then setting a worth that displays the wholesale value of vitality, whereas additionally being aggressive. The opposite is normal evaluation work akin to competitor pricing, the place our clients are coming from, market adjustments, and so forth.
I optimise all this info and provides it context, discovering patterns which assist us give a greater service to our clients. I look at loads of trade nitty gritty, like utilization patterns and prices, and mannequin them so we are able to higher perceive and predict future adjustments. This makes us more cost effective, which in flip means we are able to supply higher worth to our clients.
What makes the pricing at Octopus completely different to different suppliers?
We have designed our enterprise to have very low working prices – no giant name centres, or folks travelling round studying meters – and we attempt to do all the things digitally with the newest know-how. We cross these effectivity financial savings to clients by providing nice worth costs.
Additionally, our pricing is honest. Plenty of suppliers have giant gaps between their fastened offers and Normal Variable Tariff (SVT), however we really feel the value of vitality must be an sincere reflection of the value of vitality to us. We don’t exit and play video games by dropping costs on one a part of our enterprise to subsidise others, nor can we hoodwink the individuals who do not swap usually.
What are you engaged on proper now?
I am at all times searching for patterns within the trade, particularly unfair practices. As an organization that prides itself on equity, a part of our job is shining a lightweight on trade techniques that do not put clients’ pursuits first.
One of many issues we discovered lately was “tease and squeeze” pricing, and we’re breaking different huge tales. We additionally assist the media with any questions they’ve, ensuring that the variety of tariffs available in the market and the construction of these tariffs are clear to clients.
Because the vitality trade expands and the variety of tariffs will increase, discovering out what’s on the market, and ensuring we’re providing the very best deal for our clients, is absolutely necessary. We hope our clients stick with us for a few years as a result of we consider we’ll do job for them. We give long run worth, not simply of their first 12 months.
What’s the smartest thing about your job?
The liberty and time you get to study new instruments and discover new knowledge. I get to take a look at pricing, utilization, and many different attention-grabbing issues that we are able to use to offer folks a greater expertise. Sooner or later that is likely to be making an attempt to foretell how a lot vitality folks will use so we are able to higher purchase their vitality for them, or forecasting how a lot photo voltaic vitality we produce so we are able to hold all the things balanced.
What’s the most difficult a part of your job?
Making an attempt to get your head round this extremely advanced trade, significantly originally. Taking a look at how prices are arrange, how persons are profiled – and there are such a lot of suppliers that there is enormous variations in pricing. Making an attempt to know the patterns underlying all this variability and get solutions rapidly generally is a actual problem, however I adore it!
Any message for these considering of switching?
There’s at all times a little bit of trepidation when switching to a brand new firm, however you may realise rapidly that we’re working in the direction of a sustainable mannequin with clients on the focus. So belief us to do the fitting factor for you and we’ll do all the things we are able to to make sure you’re not dissatisfied.
Any message for individuals who’ve already switched?
Don’t be a stranger! Communicate to us. Within the fashionable, digital world suggestions is extremely necessary and might be instantly acted upon. It is a younger enterprise and it will be nice if our clients may very well be a part of the journey. So, if there’s something you assume may very well be completed otherwise or higher, do get in contact and tell us.
