Predictive and prescriptive analytics in energy management provide unique benefits and optimize facilities management objectives.
Understanding data is key to effective decision-making, and predictive and prescriptive analytics in energy management empower cost-effective, strategic decision-making in facilities management. However, the terms may be confusing, so, facilities managers need to understand predictive analytics in energy management, prescriptive analytics in energy management and their benefits to use data to create and maintain efficient operations while providing meaningful data.
What Is Predictive Analytics in Energy Management?
Your organization cannot simply assume the future of your energy goals. However, you can use predictive analytics in energy management to determine what is likely to happen if your operation continues on the current path.
Predictive Analytics in Energy Management Leverage Statistical Models
Predictive analytics use statistical models and forecasts to consider the possible outcomes for a given situation. While predictive analytics use historical data, they also consider the risks that are present in your facility to determine what could happen following a given set of circumstances.
What Are the Benefits of Predictive Analytics in Energy Management?
Predictive analytics use predictive modeling to predict asset failures, consolidate underutilized facilities and identify the costs associated with improving service levels. Predictive analytics in energy management means reducing the energy consumption within your facility and improving the life expectancy of your HVAC and other systems.
What Is Prescriptive Analytics in Energy Management?
While knowing about possible asset failure is great, it does not necessarily mean analytics in energy management can help prevent such problems. This concept falls under prescriptive analytics, which dictates what should happen to help prevent adverse outcomes defined by predictive analytics.
Prescriptive Analytics to Find Actions Necessary to Meet Your Organization’s Goals
Prescriptive Analytics extend asset life by redistributing the workload among your assets and optimizing their use. This can also include optimizing resource schedules for personnel or asset maintenance.
How Does Prescriptive Analytics Help Your Business?
Prescriptive Analytics enable optimization of processes, which are a prerequisite to achieving the best possible outcome for your facility. Also, prescriptive analytics can pair with the concepts behind predictive analytics to create an optimized outcome for different sets of variables. In other words, prescriptive analytics leverage predictive analytics in energy management with business rules, organizational models, comparisons, and optimization goals to enhance and improve facilities management. Ultimately, prescriptive analytics prescribe what your team needs to do to achieve your goals.
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Other Key Benefits of Predictive and Prescriptive Analytics in Energy Management
Predictive and prescriptive analytics in energy management has other benefits as well. Analytics and energy management are scalable, easy-to-use, enable data-based decisions, reduce energy consumption, reduce management interference and adapt to different circumstances.
Predictive and Prescriptive Analytics Are Essential to the Success of Your Energy Management Strategy
Take a moment to think about the defining characteristics of effective energy management strategy. You need to know what has happened, what may happen, and what to do to guarantee your organization meets its aims. Essentially, your organization needs both predictive and prescriptive analytics to determine how to reach your goals and align ongoing facilities management activities with your energy management strategy.