Assessing the True Value of Energy Efficiency
The truth is that reducing energy consumption does not guarantee a lower utility bill.
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The truth is that reducing energy consumption does not guarantee a lower utility bill.
Forget hindsight being 20/20. With real-time analytics, improved foresight is also within reach.
In many industries, Big Data and the Internet of Things are still buzzwords (Gartner has IoT at the “Peak of Inflated Expectations” in their latest Hype Cycle analysis). The ability of energy analytics, however, to analyze and integrate large quantities of data from previously disconnected systems is having a transformative impact already. By dissecting and analyzing real-time and historical facility, utility and electricity grid data, energy analytics software (EAS) can identify hidden cost drivers and operational inefficiencies previously invisible to most companies.
The world is full of an unprecedented amount of data, with 2.5 quintillion bytes added daily to the internet, according to IBM.
When reducing operating costs, many methods come with unintended consequences, such as layoffs or budget reductions. While any cost reduction improves short-term profitability, companies need to consider risks that are difficult to quantify, such as the impact of employee morale and customer experience, which directly affect long-term profitability and revenue growth.
Behind the scenes of your electricity typically lies a complex web of public and private energy companies that produce and distribute power that ultimately arrives at your business through power lines. While it may seem like just your utility company is responsible for delivering your power, these utility companies are connected to large regional power grids, which are the power lines and related equipment that move power from one point to another.
A great leadership challenge is upon us. Stalwart organizations, upstart innovators and concerned citizens alike can take the lead in grappling with, advancing and fulfilling the new sustainability orientation now emerging across the globe. Taking short term steps now could advance broad goals for humanity.
The Internet of Things (IoT) — a growing category in which billions of ordinary devices are integrated via the internet — offers significant opportunities for businesses to make smarter, more-informed decisions to improve their bottom lines.
In an age with an unprecedented amount of data being generated, there’s plenty of material for businesses to work with. Yet all data is not created equal, as real-time data is often significantly more useful than historical data in making accurate decisions.