Don’t Leave Money on the Table by not Investing in Building Energy Management Software
We’ve all heard management consultant Peter Drucker’s quote “You can’t manage what you don’t measure”. If you, as a building manager, do not know how much energy is being used, by what equipment and for what purpose – you could be failing to effectively manage all aspects of the cash flow associated with your property. Choosing the right building energy management software platform can provide building owners with insights that go beyond simple measurement and visualization of energy use though. This is why building energy management software can prove to be a good investment for small, medium and large buildings. The global market for these software solutions, forecasted to reach $505 million in 2020, will grow as more building operators seek out solutions to help them:
Manage facility operating costs more efficiently. Building energy management software requires a certain amount of building use data to create a baseline facility profile. Typically, this is one to two years’ worth of data, but can be as little as three months. Once a baseline is established, software can help facility operators uncover opportunities such as equipment commissioning requirements and misaligned operating schedules. Once initial equipment faults are addressed, ongoing facility operational concerns such as future equipment fault detection and maintenance scheduling can be tracked and managed to enable facility teams to mitigate potential future maintenance or equipment replacement costs before they occur.
Manage utility billing. Utility bills are not getting any simpler. At times, it can be quite difficult to understand all of the components that go into your electricity charges – especially if you are a large consumer with facilities spread across multiple states and utilities. If you are a Facilities Director in this situation, deciphering your various utility contracts can be difficult enough and then you add deregulation of electricity markets and all of a sudden you have several suppliers all competing for your business – all with different tariff options. This is where software comes into play – helping clients to validate that they are being charged what was expected and in some cases to compare competing rates against their building energy use to get the best possible deal.
Measure and verify the benefits of energy efficiency projects. It can be costly and time consuming to have a dedicated facility team member chase after data points to see if energy efficiency upgrades are performing as expected. This is best done through software that will benchmark energy use before and after upgrades to calculate energy cost savings achieved in almost real time. This will help facility teams to validate ROIs achieved and to build out business cases for continued investment in energy efficiency initiatives.