How Smart Energy Management Can Help Build Sustainable Energy Provisioning Models
More than ever, the demand for sustainable and socially responsible practices for organizational operations is rising. Energy provisioning models are now decentralized, distributed, and digitally enabled. Companies are mandated to train themselves and demonstrate an attempt to bring about radical change to their sustainability practices. Smart energy management practices can be instrumental in implementing these changes.
A good ESG score is a crucial driver in government support, investor attractiveness, and social recognition.
These changes and policy adoptions are often part of companies’ annual reports and are measured by various stakeholders to evaluate a company’s sustainable practices. Disclosure of environmental, social, and governance mechanisms in ESG reports has seen increased adoption globally. Gradually, more and more countries are mandating ESG reporting. A good ESG score is a crucial driver in government support, investor attractiveness, and social recognition.
According to 2021 Crisil reports in India, information technology and financial companies were the most ESG compliant. In contrast, oil, gas, chemical, metal, mining, and cement companies have the lowest ESG scores. High dependence on natural resources negatively affects their ESG scores. Good practices related to corporate governance and gender diversity in addition to smart energy management can help boost ESG scores.
Energy management in today’s volatile and complex world
Socioeconomic, political, and technological factors are driving a fundamental restructuring of the utility provisioning models. It’s imperative to account for continuous monitoring and historical analysis to get a picture of how a facility uses and possibly wastes energy. This data is very crucial to energy audit and management companies to determine energy conservation measures. The analysis can help develop a modular provisioning and dispensing model based on metering, billing, and customer service areas.
Energy audits can help companies lay out a technical report of conservation measures consisting of ideas, recommendations, and a roadmap with a timeline. A cost and benefit analysis and regulatory alignment can help build a robust energy management system that can sense, optimize, and act based on need.
Artificial intelligence in energy management
AI is now the omnipresent technological trend that is driving innovation. AI integration with core energy systems can provide a deeper look at the energy utilization patterns by leveraging machine learning and deep learning algorithms. The recognized patterns can be utilized by smart energy management applications to support accurate decision making. Solutions from ABB, Synlabs, Mitsubishi Electric, and Siemens are already leveraging AI mainly for maintenance, operation simulation, motion planning, and quality control.
Sustainable practices have helped organizations meet regulatory norms and save up to 25% of energy costs.
The challenges for sustainable energy utilization have always been there and recent regulatory changes and awareness has pushed organizations to save about 7 to 25 percent of their energy costs and meet environmental regulations. The energy management solutions market has evolved from a reactive market to a predictive market using technological tools. Companies should evaluate vendors based on their alignment with the current energy management solution strategy and be prepared to work with multiple vendors and integrators.
Support smart energy management efforts with Urjanet
Urjanet can provide automated access to utility bills and interval data from thousands of providers worldwide. This can help meet data-driven efficiency goals and streamline energy data management. With a granular data view, your system can recognize the most effective opportunities and meet goals with ease. Schedule a demo with us to learn more about Urjanet’s Utility Data for Energy management.
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About Ayan Kumar
Ayan is an Assistant Manager at Urjanet, assisting with content development, GTM strategy development, and execution. When he is not working, he enjoys reading about tech, playing cards, board games, and traveling.