19 July 2021
Do you feel guilty about that incandescent light bulb that stares at you in your home-study or actual company premises (if you’re settling back in)? Well, you’ll be glad to know that the responsibility of reducing energy consumption does not sit solely with you! Energy and Utility providers have the lion’s share when it comes to environmental impact.
However, by employing energy analytics, these essential enterprises can leverage the vast quantities of data in this sector to be more efficient and ensure an ever-diminishing effect on the environment.
So, let’s see how.
Energy analytics is the process of collecting, analysing and making better decisions about energy production and consumption. Not only major power providers play a role, but also big energy consumers, like many medium to large corporations across the globe.
For the providers, energy analytics is essential. Along with the rapidly growing quantities and complexity of data, these enterprises need to contend with increasing regulatory pressure and pressure from consumers for greener solutions. With energy analytics tools, they have the solution at hand!
Energy and Utility providers may have a lot of data to contend with, but the resultant benefits are far-reaching. By analysing energy big data, businesses can develop innovative solutions, scope out new technologies and shift to cleaner processes.
Their insight journey begins by integrating data from various disparate sources. Overcoming this challenge requires strong data governance, with a major portion spent on data preparation.
BI Survey shares that “Valid data lies at the heart of the strategic, tactical and operational steering of every organization. Having appropriate data quality processes in place directly correlates with an organization’s ability to make the right decisions and assure its economic success.” And we agree!
Once sound data governance is in place, these businesses can start automating as many processes as possible. And with greater automation, data analysis becomes quicker too. As a result, energy providers can make smarter decisions that support positive environmental change.
Scalable solutions are vital for providers to keep ahead in this competitive industry. By following a strategic, scalable approach to analytics, it becomes easier to meet industry and customer demands.
With a practical analytics solution, all users can gain data insights to increase production yield, operate more efficiently and manage worker safety. For example, plant managers may track KPIs such as Availability Factor, Consumption by Sector or Production Costs, to plan better and optimise production.
And this leads to an important objective. Reduced emissions. When production and equipment are running smoothly, these businesses can also mitigate emissions.
According to the World Economic Forum, power utility organisations are leading the charge in reducing emissions. Perhaps due to ever more stringent legislation, and the growing demand from customers for businesses to go green.
When providers gain an in-depth understanding of their customers’ behaviour, they can help educate them to conserve more power.
How? By measuring and analysing data on electricity distribution and consumption in near real-time. With this valuable data, they can uncover customers’ consumption patterns, common preferences and decisions.
Energy analytics should help them drill down further to segment their customers based on how they consume or conserve electricity. And help each group work towards reducing their consumption.
Analytics solutions that enable all users to explore data and uncover insights themselves will help energy providers take a giant leap towards greener solutions.
Using the forecasting capability of Vizlib Line Chart, energy analysts can predict changes in rapidly changing market demand, and gain the insights to plan a scalable, sustainable solution.
Product development managers could also utilise the visual planning capacity of Vizlib Gantt to monitor environmental milestones and keep everything on track.
With the right energy analytics solutions, providers can make better decisions that support the triple bottom line.
Ready to explore energy analytics solutions for all users? Book a demo with our helpful team today!
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