How Energy Management Solutions Help Brands
Maximize Energy Savings?
October 26, 2023
One of the biggest challenges that are faced by several countries across the globe is the climate crisis. To overcome it, many firms are taking actionable steps to bring carbon neutrality giving new opportunities to businesses who plan to step up their game. Undoubtedly, investment in sustainability has opened up a great opportunity for all kinds of start-ups whether digital or traditional.
We are witnessing the growing popularity of energy management solutions, expected to reach $161.9 billion by 2030, growing at a CAGR of 16.2%. Let’s determine the significance of digital transformation services in building energy management and sustainability systems.
Energy Management Solutions & Their Must-Have Features
Energy management solutions are software products that enable businesses across various industry verticals to achieve the following aspects-
- Monitoring of energy and heat consumption in real-time
- Creation of an analytical report based on energy consumption
- Prediction of Future Outcomes and Coming up with new energy saving tactics
- Cutting energy usage with automated actions & plans
- Generation of reports for compliance and ESG purposes
- Management of on-site energy generation, storage and EV charging
As more and more businesses start adapting energy management solutions, many must be wondering – how much it costs to create an app for energy-saving solutions. Finding the exact app development cost may be difficult as it depends on several factors like functionality, features, app platform and other additional aspects. To help you get an idea about the app development cost, we have come up with some of the top features that you can choose for the energy management solutions you are planning to build.
While building energy management solutions, it is important to keep in mind some of the main features categorised under three aspects-
- Monitor
One of the most important categories for energy management solutions is to monitor the consumption of energy in real time because, without monitoring, you cannot improve. To collect readings, you can rely on different sources such as utility meters, IoT devices, weather stations, sensors, etc. While building such solutions, you can also make use of analytical capabilities to figure out relevant trends for energy emissions, consumption, expenses & more.
Businesses can take advantage of this information to plan energy-saving initiatives in future. This will lead to a reduction in costs of up to 7% as people are timely informed about their energy usage.
- Engage
Another important aspect after monitoring is to engage by sharing notifications about spikes in energy consumption & others, enabling solutions to take either manual or automated actions to reduce energy consumption. Using the right energy management solutions that are connected to a larger grid can help reduce energy spending by dimming lights during off-hours, which enables businesses to save and distribute surplus energy.
Another feature is that your solution can offer instant feedback on how these actions will affect energy usage and costs.
- Report
Going ahead of traditional reporting, your energy management solutions should make use of analytics to help users visualize interactions between different factors that affect energy usage. This can be done with the development of energy efficiency strategies and gauging their effectiveness. You can collect data for compliance and ESG reporting, which are the key functions of industrial energy management software allowing you to save hundreds of hours that would have taken in filing reports.
Additionally, it also helps in calculating complex formulas that identify the company’s environmental impact.
Also Read: Why Your Business Needs Digital Transformation to Move Forward?
Top Reasons Why Businesses Need Energy Management Solutions
With increasing challenges associated with the climate crisis, many businesses are looking forward to using energy-saving technology solutions. Here are some of the main reasons that show how important it is for businesses to use energy management solutions-
- Increasing need for digitization in the manufacturing industry
With the evolution of smart technologies like cloud processing, Artificial Intelligence, IoT, etc. energy saving solutions can provide remote control of energy usage, heating, ventilation and air conditioning at homes and offices. The recent study by Delliote also states that 4/5th of the total industrial leaders are planning to use smart factory tech to optimize energy consumption and cut expenses.
- Electrification of transport, heating and industrial equipment to save costs
With digitization, many businesses are embracing energy-saving solutions as there is high demand for the electrification of transport, heating and industrial equipment. This is because prices for batteries, solar panels and other distributed energy resources (DER) are decreasing, making energy-saving solutions a great way to save money and solutions prove to be cost-effective solutions for different businesses.
- Meet Government Initiatives to reach Carbon Neutrality
Many government initiatives have come out to save energy usage and cut carbon emissions. One such example is the European Green Deal which aims to reach carbon neutrality by 2050. The EU is investing Euro 1 trillion over the next decade in solutions associated with renewables, energy efficiency, digitization of the energy market, reduction of pollution & industrial waste, etc.
After following the EU’s plans, the US is coming up with the Build Back Better Act, which allocates around $555 billion for promoting green energy & sustainability.
- Energy Management Solutions to reduce rising energy costs
More than 50% of industrial leaders believe that cost reduction is one of the main reasons for choosing energy management solutions. With increase in demand versus the reduction in oil production rate has led to higher bills with an increase of about 200% in many developed countries across the world.
To bring down the costs, many businesses are now planning to go for energy-saving and sustainability solutions that can help in managing energy usage, enhance sustainability, ease compliance and save money and effort.
Also Read: 4 Evolving Business Models for Insurance Digital Solutions in 2023 and Beyond
Closing Statement
As we can see, more and more businesses are getting huge incentives to cut energy costs and improve sustainability. Companies are investing in various energy management solutions to make a place in the competitive market of $162 billion. Undoubtedly, there is a variety of promising ideas for the sustainability sector. All you need is to have the right expertise and the right talent to implement the right technology in your business solutions.
Being a renowned software development company, Clavax holds a decade of expertise in building various energy-saving solutions for businesses across the world aligned with the latest tech such as IoT, VR/AR, Big Data Analytics Solution, etc. If you need any guidance in building an energy management solution for your business needs, feel free to connect with our bunch of expert business analysts and project managers and take your business to new heights of success.