Today’s Facility Managers have an endless list of responsibilities while the trend is for their companies to actively cut facilities management budgets in an effort to reduce costs. Unfortunately, this may lead to the deterioration of assets and potentially higher repair costs down the road, but understanding the value and application of energy management data can dramatically change the narrative. Consider that the conversation about energy management and assets often overlooks a vital component; energy management data which is a critical asset too. Facility Managers that take the time to understand the value of data and analytics can use them to gain greater insights, better budgeting and more from their distributed operations.
Why Do Facilities Managers Fail to Recognize Energy Management Data as a Critical Asset?
The raw form of data may not seem like an asset. Facilities Managers typically define assets as tangible equipment and parts of their buildings. However, datasets are valuable assets that need to be mined and managed. The wrong application of energy management data can lead to unexpected delays in achieving payback, poor prioritization of maintenance needs and more. In addition, the way Facility Managers handle energy management is changing drastically. According to Power Engineering International, energy management is expected to change over the next eight years to the same degree, if not higher, of change over the last 25 years. Rapid changes will force hold-outs to begin leveraging and maintaining energy management data as a critical asset to their business.
Data Quality and Accuracy Determine Success, Not Just Data Collection
Companies today combine asset management with energy management to optimize cost avoidance, notes Energy Manager Today. Meanwhile, traditional asset management vendors have evolved to include energy management capabilities. It is the natural progress of facilities management. Since the application of energy data reveals asset condition, Facility Managers that leverage both can hit two birds with one stone. In a sense, this forms part of the single pane of glass of facilities management.
Best Practices for Managing Energy and Asset Data
As explained by Buildings.com, modern EMS systems must leverage technology, especially automation, to derive the most significant value. In addition, Facility Managers should follow these best practices to manage and apply energy and asset data:
- Take advantage of ENERGY STAR-rated equipment.
- Connect data to analytics platforms.
- Collect relevant data, including runtime, energy consumption costs and more.
- Ensure systems adhere to strict cybersecurity measures.
- Benchmark energy savings; validate results.
- Leverage machine learning and artificial intelligence to understand data.
Leverage Energy Management Data Now
The use of energy management data is the fastest and easiest way to avoid unnecessary expenses, reduce maintenance costs and improve cash flow and capital planning in your facilities management processes. At the same time, the lack of management of energy data can increase risks to your business, including giving your competitors an advantage through their savings. In other words, lost opportunities from not using energy management data translate into higher costs for your consumers, increasing the likelihood consumers will move to your competitor. Eliminate this risk by partnering with an experienced and proven energy management entity, such as ENTOUCH. Find out how to get started by visiting ENTOUCH online or calling 1-800-820-3511 today.