New research has revealed that only eight per cent of energy retailers have a customer data analytics strategy that is fit-for-purpose.

Of the retailers surveyed across Europe 75 per cent said that customer data analytics was a key priority in their business. 

The research from Delta-ee also found that acquisition and retention, customer engagement and business decision making were the most common benefits that energy retailers were using customer data analytics for. 

Delta-ee director Jon Slowe said: “European energy companies are realising that to succeed in the new energy world embracing data analytics is critical. It is a vital ingredient to help them grow revenues and profits.

“There are no shortage of trials of analytics in the industry, For example, half of our participants have experimented with analysing smart meter or consumption data – but in our view many energy retailers are only at the start of their data analytics journey”.

Smart meters will provide energy suppliers with more data including on customer’s consumption. The full rollout was due to begin last month but has been delayed awaiting the Data and Communications Company (DCC) to go live.