New IHS data indicates more than 75 billion devices, will be connected to the internet by 2025, reports Global Sources. In addition, more than 5.5 million new devices are being deployed for use in the Internet of Things (IoT) daily, asserts Energy Manager Today. This is accelerating faster as more organizations recognize the “4V” nature of the IoT – driving volume, velocity, variety and value across companies, including boosting efficiency and profit margins, explains Renewable and Sustainable Energy Reviews. Thus, you need to understand how energy management data analysis translates into tangible benefits and real-world savings. Energy management data analysis uses the power of the IoT to collect and review data from across distributed facilities, driving efficiency and boosting your bottom-line profitability.
Proactively Identify Problems During Implementation, Enabling Immediate Response
Upon bringing an energy management data analysis system online, immediate issues can be identified and remedied. In other words, the system can isolate areas of data that appear inconsistent with expectations, indicating possible equipment failures or malfunctions. The ability to proactively correct these issues inherently leads to better overall operating efficiency.
Provides Detailed Reports on What Puts the Biggest Drain on Resources
Some areas of a building or equipment may have a higher drain on energy resources than expected. As explained by the Institute for Building Efficiency, analyses from a building information system can be leveraged to create detailed reporting on areas using the most electricity and energy resources. Since the energy management data analysis also considers mechanical and plumbing systems, the overall use of resources provides metrics and recommendations for ways to improve operations and reduce unnecessary maintenance costs.
Ensures Benchmarking and Follow-up of Improvements Through KPIs
Although having a set of key performance indicators (KPIs) is essential to monitoring the performance of energy management data analysis, follow-up improvements remain an important concept. If initial findings and recommendations are not monitored following improvements, the system is susceptible to failure. Furthermore, the data collected from initial analysis and current, real-time information gathering can be used to compare current operations and previous costs. Thus, companies can drill down into the ways and areas that result in increases to profit margins and energy efficiency.
Fault Detection and Diagnostics Reduce Repair Costs and Timelines
Fault detection during initial assessment and implementation lends itself to faster repairs as well. Diagnostics indicate possible causes of future breakdowns, and information on the specific issues can be supplied directly to technicians. Hence, the cost of “checking out” your system is eliminated, leaving only the repair or maintenance cost. Thus, an entire section of your budget can be eliminated and used for other areas of improvement.
Forecasting Enhances Budget Preparation and Planning of Future Projects
Energy management data analytics powers advanced forecasting and real-time response to energy demands in a company. With this information, automated systems can forecast power usage and use energy storage solutions to prepare for upcoming peaks in consumption. Future projects and budget preparation is also enhanced as the company can use forecasts to reduce inaccuracies in budgets, giving the company more control over its operations.
Applies Hypothetical Scenarios to Companies, Maximizing Risk Management Operations
When you think of forecast, you must consider hypothetical scenarios. What happens if the cost of oil spikes tomorrow? Chances are good that the increase will result in similar increases in energy costs around the world. Therefore, the key to maximizing energy efficiency lies using predictive analytics to develop better risk management programs, enabling optimum operation throughout adverse events.
More Companies Are Turning to Energy Management Data Analysis for Savings; Why Haven’t You?
Installing smart building solutions can result in end-price savings of between $40 to $70 per customer annually. For example, reduced energy costs result in lower per-item costs, lowering the costs to consumers. Over the course of a year and thousands of customers, this could result in significant savings for your customers and a major boost to both your public image and profit margins. Moreover, the overwhelming majority of multi-site businesses have already taken steps to embrace the actionable, IoT-based world of modern energy management. Ultimately, your business needs to start boosting your profit margins today if you hope to stay competitive in the future.