Big Data Means Big Opportunity for Energy Cost ManagementEnergy Insider Blog
     


By Jenny Conte

Big Data Means Big Opportunity for Energy Cost Management

Posted by Richard Zdunkewicz on Jun 22, 2016

Access to substantial amounts of data is only the beginning of the journey towards effective cost management. If the enterprise is not using its data to understand its business processes and the options that alternative or new approaches might present, the data remains merely a playground for analysts.  This has never been truer than in the world of electric power.  Smart meters and similar devices for measuring power demand at granular intervals are now widely distributed. This technology provides the enterprise, the utility and grid operators with an ocean of data.  However, it seems that little is actually done with that data to improve the efficiency of operations.

The question is, how can this data become actionable for the enterprise?

For this data to be valuable, the enterprise must prioritize its use by both creating and reinforcing alignment across the supply chain and operations groups. Subject matter experts from outside the enterprise, such as Acclaim Energy Advisors, can bring superior analytical tools and methods, along with a different paradigm, to the mix in order to shed light on opportunities for improvement.

For example, Acclaim Energy Advisors recently developed an operational strategy for a major manufacturer in the Midwest. This strategy was the result of a collaborative effort, combining the client’s intimate operations experience with the unbiased analytical perspective realized through an advisor’s lens.  As a result of this process, the collective operational enhancements are expected to yield a ten percent reduction in power costs, with no expenditure of capital.

This is illustrative of meaningful data and robust analytics informing collaborative strategies to deliver more energy cost-effective production… the final destination for this journey.

Topics: Acclaim Energy Advisors, energy costs, Big Data, power