WHAT ARE ENERGY ANALYTICS?
Energy analytics is the process of gathering electrical data with the help of software in order to assist energy suppliers to analyse, supervise, and optimise energy related KPIs like production costs, consumption, production distribution, and many others. Numerous kinds of energy are powering our industries, businesses and day-to-day lives. datapine provides an efficient energy analytics software to harness the nuances of the data produced within the various energy sectors and employ it more beneficially. By using an energy dashboard, you can thus improve profit margins as well as manipulate and understand large-scale trends in the industry. Applying data analytics to the energy sector provides a deeper insight across all the dimensions of that sector, so as to treat it as the commodity which it actually is.
"We were amazed how easy it was to use datapine and get the first KPIs within a couple of minutes. An average Excel user can configure and work with datapine with zero IT overhead."
REAL-TIME RESPONSES TO MARKET CHANGES
Energy data analytics is the real-time response to oscillating market fluctuations, allowing for a more comprehensive and responsive overview of the utilities sector.
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Energy analytics will help you in determining the relevant market business forecasts and predict future discrepancies in the market. This is possible thanks to replicable, resilient and evidence-based assessments at any division, location or scale of analysis within the sector. You can create accurate business models that demand less manual input since you will be able to integrate all relevant data sources in a single place. Large-scale business prediction processes are in that way precisely and systematically managed. Using energy analytics data more effectively will help you solve complex problems, and at the same time improve from traditional technologies when you have to analyse large-scale energy related data. That way, you will gain insights and possibly make critical discoveries to ensure operational and financial business decisions across all sectors.
The energy industry is wide, encompasses a lot of different sectors, units, and processes. It makes it always more complicated when it comes to data collection or selecting the right energy KPI, but also to data analysis, as the sources are disparate, hard to combine, and constantly changing. Energy data analytics are a valuable operational tool for power companies to manage load and ensure low-cost, high availability power. Streamlining data enables them to keep bookmarks of the demand and supply trends, and make sure that any change in demand can be anticipated and in balance with supply. At the same time, there is a growing need for renewable energies and accountability asked by the consumers – some accountability that these analytics can provide.
Energy analytics are also beneficial to a lot of other industries who are trying to reduce costs and waste efficiently – especially in the manufacturing, cement and steel, or food processing sectors. Using an energy analytics software like datapine will help you harness the power of energy data analysis to bring powerful changes. From financial savings to environmental benefits, the potential is hefty but so are challenges. Increasing energy demand, diversification of the energy resources, need for real-time data on the flows of energy are some challenges the industry has to address.
The business impact of the use of modern energy analytics is multiple. There are various business analytics examples and many use-cases that show the benefits of using smart meters, these little devices recording the consumption of electric energy and communicating the information regularly to a database, for monitoring purpose. Working on these data sets and extracting valuable insights impacts the way companies used to manage, organise or use energy. Their findings lowered operating expenses, gave them a greater clarity on the operations thanks to an improved maintenance, as well as an accurate view on the equipment’s health. Energy data analytics also help in escalating direct maintenance costs and disruptions to operations, and to predict more accurately an event, or a failure to enable repairs or the provisioning of spare parts for instance.
The amount of data in the energy industry isn’t the problem. Large volumes of data are being collected across the industry. The problem is the data sources are disparate, hard to combine and constantly changing. This makes them hard to analyse. Many of the current processes for analysis are quite labor intensive, but they don’t have to be. A comprehensive approach to energy analytics can solve many of these headaches. To do this, the energy industry needs to capitalise on the increasing availability of innovative energy analytics software. These platforms can pull together the various data sources, analyse the data and visualise the analyses for easy dissemination.
By utilising energy analytics tools, all the data is stored in a cloud-based environment, making access to data and reporting of the findings much easier and faster. Fragmented adoption is the thing of the past. Facility managers can acquire their high-level metrics and reports in real-time data while technicians interested in specific systems can generate their own reports based on their particular needs. At datapine, we believe that energy data analytics are crucial to make better informed decision, and improve the operations management and scheduling maintenance. With a direct and easy access to data, you can foster a data-driven culture within your organisation, increase efficiency at every level, and save a lot of time optimising your operations and costs, and focus more on your core activity to create more value.
Many companies in the energy industry continue using spreadsheets when it comes to reporting. Even though spreadsheet are a common tracking and reporting tool, in today’s data-overflow it can quickly become arduous to maintain a high-quality reporting using spreadsheets only. Errors will multiply, data consolidation will require hours and hours of work because of the dozens of different sources collecting the data, a time that your data scientists could spend more effectively on extracting insights and bringing a greater added value to the company. Adopting a modern energy analytics software will help you do just that: integrating all your data sets in one central place to work on them flawlessly.
You can also easily perform cross-database analyses that will shed light on any inconsistency in your activities. By setting up a set of specific metrics through energy analytics tools to track performance, assess or mitigate risk, you will have more control over what is happening in your organisation and generally improve the outcomes. Through a more structured environment, improved system flexibility, management can enhance their decision-making with better insights in improving production, and adjusting to market demand or market shifts.
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