The industries are ready for a makeover in the energy vertical. The leaders are implementing fact-based decision-making and investing in analytics tools and technologies. All thanks to energy analytics. Do you know what it means? It is the process of applying advanced analytical models to the energy data to deliver insights related to energy consumption across properties. With the application of this technology, there is no need for manual work as it automatically imports energy data, runs calculations, and delivers insights.

Energy analytics defined 

Energy data analytics make use of statistics, artificial intelligence, and machine learning techniques. It allows facilities to analyze all energy consumption across various facilities and equipment. The need for such progressive technology is constantly rising. They can predict future consumption patterns, benchmark consumption across facilities, get insights into various electrical parameters like power factor, current and voltage unbalance etc. With IoT sensors and other intelligent analytics platforms, the facilities can manage energy consumption efficiently and responsibly.

The scarcity of fossil fuel due to excessive energy consumption is giving rise to alternate sources such as solar, wave, and wind turbines. Advanced analytical tools understand the behavior of energy sources. At the same time, it plays a vital role in machine maintenance and monitoring. Data analytics in the energy sector is estimated to grow at a CAGR of 10.22% in 2020-2025. These statistics indicate the utility of energy data analytics in the facilities.

Why does it matter? 

Energy meters are the primary source of accessing the data of energy consumption. There are times when it provides limited data leading to very few insights. IoT comes as a perfect solution to it. With more sophisticated IoT sensors and submeters deployed to gather electrical data in real-time. This data fed into the advanced softwares can reveal much more specific and actionable insights from energy analytics. This increased in-depth information at shorter intervals has made energy data analytics an irreplaceable tool in building operation management. When combined with machine learning, it ensures maximum performance, optimal scheduling, timely equipment fault detection, peak demand load shifting, etc.

How can businesses benefit from it? 

Businesses around the world are investing in sustainable technologies that can bring profitable results in the future. IoT-based analytics for energy consumption and behavioral patterns will help companies to navigate future environmental and economic realities. The facility managers can monitor and minimize grid downtime, predict fluctuating changes, balance assets, and track environmental objectives. On the other hand, office buildings and factories can identify the areas for potential energy savings. When businesses can solve complex problems like this, they will be able to make better operational decisions.

To get in-depth insights into the performance of energy data analytics, let’s explore further:

1. Overcome the problem of maintenance issues 

The main focus of commercial building owners is the maintenance of equipment. If it is not fully operational, the companies may have to face a major fallout in the end. Unplanned downtimes, shutdowns, interventions, and outages often come as a hurdle for the companies as they disrupt their services and cost millions. Advanced analytics saves them from all these hassles.

The sensory data develops a precise approach and ensures the predictive maintenance of equipment. It reduces unnecessary stress or load and equipment failure. Many companies have already started using smart systems and data models for better performance metrics in energy consumption.

2. Automation of activities 

The need for efficient energy management is rising day by day. But, manual work of making and sending out reports, conducting analysis, or studying the project’s success tends to make more mistakes. Energy data analytics automates these tasks. It enables the managers to focus more on the key prospects of a business.

The implementation of analytical tools brings vital data related to energy consumption and behavioral patterns at the click of a button.

3. Offers effective solution for energy crisis 

Several industries are experiencing dramatic changes with innovation. It is transforming the way electricity is generated, distributed, and consumed. But, the rise in global energy consumption is also an issue that everyone must tackle quite seriously. There is a need for smart metering to optimize energy consumption.

Advanced analytical systems monitor patterns in energy consumption and generation. At the same time, it predicts surges and shortages proactively. It allows companies to automatically respond to such disruptions for a consistent and affordable electricity supply. All this ultimately leads to the prevention of the energy crisis that most businesses are facing today.

4. Enhanced energy efficiency with reduced costs

Every business can take the needed actions with minimal costs if they get the timely insights provided by energy analytics. The research also verifies that companies can save up to 10% with the application of this technology. This powerful system will automatically figure out the faults and excess energy consumption in a building. With the timely fixation of the problems, businesses can save a valuable amount of money every year.

5. Simplifies data sharing

Accurate collection of the data is of vital importance. It helps users in effective decision-making for energy consumption based on such information. Many businesses have started realizing the benefits of energy efficiency. But, data needs to be shared and communicated quickly and clearly.

Energy analytics makes the work easier by simplifying the data. It also ensures that essential energy data doesn’t get lost in the pool of information. Businesses can share it with their teams to work on the issues timely.

Are you ready to take a proactive approach to energy management? 

While most businesses are ready to bring more transparency in their operations for optimized energy consumption, you must not step back in approaching such progressive technologies. For better application of energy analytics into your business, connect with Zenatix. By bringing the best IoT solutions, we will fulfill your operational demand of being energy efficient!