What Is Energy Analytics And How Can Businesses Benefit?
Energy analytics is a term that’s being used more frequently in the energy industry. But what does it mean?
Well, energy analytics is essentially the process of applying advanced analytical models to energy data to deliver insights.
Specialised software known as energy analytics software is commonly used in the field of energy analytics. The software helps by automatically importing energy data, running calculations and delivering insights, eliminating the need to do it manually.
Does your business need energy analytics?
If reducing your business energy costs is important to you, then you need energy analytics.
Right now you probably receive monthly or quarterly energy bills that tell you how much you’re spending on energy. But these bills don’t provide insight into where you are inefficient with your energy use and where you could save money.
And if you’re running energy efficiency projects, energy analytics is essential because it allows you to analyse whether a project was a success.
Think of it this way. Many businesses spend thousands every year on marketing campaigns and use tools like Google Analytics to analyse whether they were worth it.
But many businesses are spending even more on energy and lack the tools to understand how they use it and where they could improve efficiency. It doesn’t make sense.
Further reading: Easy ways to reduce business energy costs »
How can your business benefit from energy analytics?
1. Valuable insights into your energy data
Energy analytics can provide you with unique insights into your business energy data that would’ve been impossible to find manually or with Excel.
For example, energy analytics software can show you the periods where you spend the most on energy. It can also help you understand which areas of your organisation are inefficient and how energy consumption is affected by external factors such as the weather.
Surple customers can take advantage of our machine learning powered insights such as our Anomaly Detection service that automatically alerts you to unexpected energy use or our Expected Usage service that flags areas where energy efficiency could be improved.
2. Improved energy efficiency and reduced energy costs
If you pay attention to the insights delivered by energy analytics and take appropriate actions, you can quickly reduce your energy costs. Before you know it, the software you’re using will be paying for itself.
As an example, energy data analytics could highlight that one of your buildings uses a surprising amount of energy in non-operational hours. Further investigation could uncover that the heating controls for this building are faulty. Taking action and fixing this problem will likely save thousands over the course of a year.
Research suggest that most companies can save at least 10% on their energy bills with energy data analytics.
Newport City Council made savings in excess of £30,000 a year by using Surple, and this project only included a few buildings.
Surple’s software solution would improve any organisation’s energy efficiency strategy. We’ve already identified savings in excess of £30,000 a year and are expecting to save even more in the future.Ross Cudlipp,
Newport City Council
Further reading: Comprehensive guide to energy management for businesses »
3. It can streamline your job as an energy manager
Energy managers are usually responsible for more than just electricity use. Chances are you’re also held accountable for gas and water use, maybe even generation if you’ve installed renewable energy solutions onsite.
Further reading: How to improve the efficiency of solar panels »
Energy analytics software can connect with all of this data and import it automatically. This means you no longer have to log into four or five different systems to build a complete picture of your organisation’s utility use.
4. Automation of time-consuming activities
Energy management is a role that sometimes involves doing the same things over and over again. This can include creating and sending out reports, conducting degree day analysis or analysing the success of a project.
Energy analytics software can help with this by automating these tasks, allowing you to spend more time planning and running energy-saving projects and improving the energy efficiency of your business.
At Surple, we’ve worked closely with real energy professionals, across a range of sectors, to identify repetitive tasks that we can automate for them.
That’s why our analytics tool allows you to run degree day regressions at the click of a button and schedule reports for all of your stakeholders with ease.
5. It simplifies data sharing and collaboration
As businesses have begun to realise the financial and environmental benefits associated with energy efficiency, there’s been an increase in the number of energy managers employed by companies.
Some organisations are even hiring teams of energy managers to improve their energy efficiency.
When working in a team, it’s vitally important that data can be shared and communicated quickly and clearly.
Energy analytics software makes it easier to collaborate on energy-related issues.
For example, using Surple, you can share a variety of information with your team, including alarms, anomalies, reports and unique datasets. You can even use Surple’s in-built messaging functionality to work through issues with your team (think Facebook messenger meets energy).
In other words, energy analytics software helps ensure that essential energy conversations don’t get lost in a sea of emails. It also means that there’s one dedicated place for people in your organisation to see, analyse and discuss energy data.
Hopefully, this article has helped to answer the question of what is energy analytics. You should now have a better understanding of the benefits of energy analytics and whether it is a suitable option for your business.
If you’re ready to get started with energy analytics software, then simply book in for a Surple demo by clicking the link below.