Reduce operating costs: 5 ways big data can help manage your energy use

Published April 12, 2019   |   

Today, most large corporates across industries have updated their offices to be as energy efficient as possible. As a businessman, one of the goals of your company is to assess and manage energy use by utilizing an efficient data dashboard as well as big data software tools. These tools can help better understand your energy use and make the necessary adjustments to help save money.

Big data software tools help businesses find ways to extract data systematically. As well as analyse and deal with large or complex data sets. The tools allow you to efficiently manage your company’s energy use by decoding energy data and setting a budget for energy management. Here are five ways on how big data can help manage your company’s energy use.

Have a budget that covers more than just monitoring

When it comes to implementing a new system for your company, money would always be crucial, especially on your budgeting. Money is also at the forefront when it comes to providing energy management systems for your company. Therefore, you need to get enough budget first to start monitoring your power output with the help of big data.

Extracting precise information with your energy consumption using big data analytics requires an up-front investment before you can start to monitor power consumption. You can also get help from funding mechanisms or corporate finance companies to bridge a gap in your available capital.

It could also be helpful to budget about 30-40 million dollars or more every year to help execute energy programs for your company. These programs will be based on the data generated by your company’s energy management system and boost business sustainability with the help of big data software tools.

Moreover, your company also needs to determine the scope of the database for you to effectively measure and analyse the data such as utility bill, energy market, etc. Besides, connecting to a reliable energy provider like Astral Energy can provide you with a suitable power source that can help control your company’s power and energy costs.

Make sure to balance the micro and the macro

One of the challenges for implementing energy management systems in your company is addressing the small- and large-scale efficiency issues. Some of them is to measure the amount of water that the company used in mechanical processes and to quantify your energy use per day.

You can also experiment with your company’s energy use every year with the help of Big Data tools. Doing so can help manage your energy consumption as well as managing your energy provider and energy-efficient technologies.

Buying high-quality types of systems is a great option. Having a high level of benchmarking will also help provide a clear illustration of your company’s energy use. You can buy systems that can provide your company with insights about niche manufacturing processes for executing your energy management program efficiently.

After buying energy management systems, big data will help you manage energy data efficiently that allows you to quantify energy use. You can also utilize tech trends such as the Internet of Things or IoT. These tech trends can help provide new types of sensor-equipped tools online to get more opportunities for reducing your energy costs.

Sustainability and cost savings go hand in hand

Reducing energy costs is one of the reasons why you need to implement energy management. The operating costs topped among all your company’s goals that you need to meet through energy management. These costs are also leading when it comes to philosophical and financial aspects for investing in energy management programs.

As a business owner, reducing operating costs will also be your priority for energy-saving measures. It is essential that your business can meet these measures through energy management. The cost reduction is followed by increasing energy efficiency and meeting your company’s sustainability targets.

These goals provided by your big data tools must not be mutually exclusive. If you can address one, you also need to start addressing the other aspects as well. Moreover, reducing your costs will help boost corporate sustainability and help increase energy efficiency.

Know that your utility bills don’t tell you everything

Your energy management budget might be enough to exceed up-front costs to buy a data dashboard like big data. However, measuring your company’s Return on Investment or ROI regarding your energy savings still goes beyond the bottom line when it comes to your energy bill.

It happens more particularly for companies that operate across multiple countries. Their energy costs calculations could extend to all their expenses including the government fees and the leased equipment payments. They also have to consider their taxes that would serve as infrastructure costs.

Another constant struggle you might face is your electronic device lifecycles. Electronic devices such as diodes and transistors are components you need to control the flow of electricity for system control and information processing purposes. They might require frequent upgrades, or you might replace them with more efficient products.

You shouldn’t forget about people

As a businessman, one key variable you shouldn’t forget when seeking new ways to save energy is the importance of people. People are essential to help contextualize and implement energy management programs in your company.

Employees who work in your company might buy energy-efficient products. Educating them about energy consumption is also an ideal demographic for the system. On the other hand, customers who go in and out of your company are also an essential group to address to help maintain a more comfortable and energy-efficient environment.

The energy rate in your company would continuously change. Hence, people are invaluable when it comes to the company’s market analysis. The energy rate is considered as a significant operating component for your company’s operating costs nowadays.

Sometimes, other sophisticated data dashboards are unable to integrate with your company’s market shifts in commodities like natural gas prices. However, utilizing big data in your company will help save energy and reduce costs with the help of your energy management systems.

The takeaway

Finding ways on how to efficiently manage energy use is one of your company’s priorities. The big data tools can help control your energy use in many ways such as those mentioned above. Indeed, these tools can help boost your company’s sustainability targets and help reduce operating costs by implementing energy management programs.