A planned energy management strategy, backed up by digital technologies, can assist companies in lowering their energy expenditures.
FREMONT, CA: Several industries use the Internet of Things (IoT) to drive process automation and operational efficiency. Consumers, organizations, and even governments are paying close attention to energy-related IoT applications. Additionally, IoT energy management technologies enable smarter grids and offer tremendous savings, higher security, and increased efficiency for the whole electric power supply chain.
Energy management solutions based on the IoT offer numerous advantages to all parties in the supply chain, including electric utilities and customers. Here's what IoT technology can achieve when used in this way:
Reduce energy expenditures: Economic benefits are the primary reason businesses and governments are investigating IoT capabilities for energy efficiency. Smart meters, real-time monitoring of energy consumption and data-driven forecasting enable everyone in the supply chain to manage spending and investment better and remove waste.
Reduce carbon emissions: The energy sector has undergone dramatic changes to comply with emerging rules to lower emissions. Businesses are rapidly integrating energy management software and other solutions into their operations to reduce their carbon footprint – to maximize resource utilization, quantify and assess their environmental impact, and take corrective action.
Compliance with regulations is improved: Not only do businesses utilize IoT to manage energy in their daily operations, but they also use analytics tools to determine whether they are complying with current environmental standards. Modern SaaS platforms include statistics that indicate if customers are eligible for industry certifications, incentives, and programs.
Integrate renewable energy sources: Professionals in this industry, both downstream and upstream, recognize that the transition to green energy is inevitable and are taking steps to integrate a clean energy plan into their operations. Utility companies, for example, can have a better understanding of how to maximize the usage of renewable energy in their products and implement energy conservation initiatives by utilizing energy monitoring sensors, performance, and consumption data.
Enhance asset maintenance efficiency: The benefits of the IoT to the energy business are numerous and extend well beyond energy saving. As with linked technology in industrial facilities, sensors and data analytics can be used to monitor the health and operation of machinery and equipment in power plants and distribution networks, not to mention the widespread use of IoT in the renewable energy industry (solar fields, dams, wind farms, etc.).
Automate routine tasks: Utilities, energy distributors, and producers invest in modernization to achieve more than smart energy management through the IoT. They restructure their processes to increase automation and reduce work effort and cost. For example, producers can automate costly on-site asset management and optimize maintenance operations by utilizing IoT-based monitoring systems. Utilities use data on energy consumption to automate the computation of dynamic pricing.
Reduce operational costs: Automation, workforce optimization, and effective asset maintenance significantly reduce operational expenses. Using sophisticated analytics software predicts that 90 percent of the time and effort spent on energy analysis, reporting, and computation will be saved.