But what exactly do analytics apply to and why should you, the business owner, put your time and energy into understanding them?
According to Wikipedia, “Business analytics (BA) refers to the skills, technologies, applications and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning.”
In other words, this means analyzing the data from the results of business processes so that you can make better decisions for the future. Today, there is so much more data available that more businesses around the world are learning the value of analytics. Analyst firm IDC reports the analytics tools market is growing “at a 9.7% compound annual growth rate (CAGR) through 2017.”
Analytics are also making an impact in energy usage for businesses. Several electricity utilities are using analytics as a tool to provide insights that “can engage customers and motivate them to adopt targeted energy efficiency improvements that deliver building energy savings, as well as improving overall service and satisfaction,” according to a recent article in Electric Light & Power.
And then there are energy management systems (EMS) for your business that capture the data for the analytics that can deliver financial and environmental benefits to your business.
Stay tuned for a series of blog posts on how EnTouch Controls’ EMS can help you analyze and control your energy use and save up to 25 percent in energy costs.