A lot of organizations do not give attention to utility bills, and they waste the utility unnecessarily. There is no doubt when you save unnecessary expenses it will positively impact the bottom line!
In this blog, you will know how a Utility monitoring system helps organizations! But first, let us know what exactly the utility monitoring system is! Without wasting any time let us begin now!
What Is a Utility Monitoring System?
A utility monitoring system helps in managing and monitoring utilities such as gas, electricity, water. It keeps records of utilities and provides an innovative solution in order to decrease utilities bills and expenses.
It provides analytics that helps in finding room for improvement so that consumption of utility is minimized without impacting the daily operation.
Analytics quickly identifies areas of wastage, and you will notice its significant saving within weeks after installing a utility asset management system.
Organizations are equipped with HVAC, Chillers, Electric operations. These pieces of equipment are essential because they consume electricity quickly.
Utility management system focuses on reducing consumption, increasing reliability on electric equipment. There are smart technologies are also used with the utility monitoring system.
Also Read: Features, Benefits & Impacts of Utility Management on a Business
What Are the Benefits of a Utility Monitoring System?
The benefits of the utility monitoring system are discussed below:
1. Avoid Wastage of Utilities
The utility monitoring system allows you to set daily limits which means whenever a daily limit is consumed or about to be consumed, this system alerts the team.
Moreover, you can customize daily limits for consumption. It will alert the team about the consumption. Furthermore, it makes team more responsible and saves from wasting utilities.
2. Reduced Utility Cost
When you save utilities from wasting you are saving money. Organizations lots of money are spent on utilities.
A fundamental motivation to follow and screen business energy usage is that you can lessen your month-to-month bills. In order to grow business saving expenses is also important.
3. Ensure Employee Safety
Employee safety is a very important part of the organization. We are sure no organization wants that any kind of misfortunate event occurs in their organization.
This system provides the equipment's operational parameters, and it also has previous data through which you can know if there are any issues with the equipment.
When pieces of equipment are in good shape then employee safety is also increased.
4. Enhanced Return on Investment
An equipment monitoring system increases return on investment (ROI). If we take an example of college there are so many rooms equipped with lights, fans, computers, laptops, and many other pieces of equipment as well.
It cannot be managed manually but when you make the process automated it will save a lot of energy.
With a utility monitoring system, you can optimize the performance of equipment when their performance will be optimized the consumption rate will decrease. Thus, you will notice an increased return on investment (ROI).
Also Read: What Are the Major Benefits of Asset Management in the Utility Sector?
5. Increased Equipment & Facility Performance
When you are equipped with a utility monitoring system your equipment performance will be optimized and expenses will be reduced.
You can use the saved expenses to improve the facility so that employees feel happy, and their performance will also be increased. Or you can use the saved expenses for promotion & optimize product and so on.
Utility Consumption Reports
Reports are very important for organizational growth. The utility monitoring system provides reports of utility consumption. You can see reports year-wise, month-wise or day-wise as per your requirements.
These reports will let you know how much consumption you have done. These reports are also helpful in decreasing consumption so that bills can be minimized.
With previous consumption reports, you can get future utility consumption ideas.
What Are the Features That You Should Be Looking for in the Utility Monitoring System?
Features you should be looking for in the utility monitoring system are as follow:
- Utility recording of everyday consumption
- Real-time utility consumption
- Avoid wastage of utilities
- Alert & warning when consumption crosses or near the daily budget value
- Forecasting utility consumption
- Utility reports
The utility monitoring system can be very beneficial for your organization. It can save a lot of money and increase productivity by optimizing equipment efficiency.
These benefits are just a few of the reasons there are several other practical reasons to invest in a utility monitoring system in your facility.
This system will assist you by keeping track of equipment performance and utility bills under control. This system delivers returns many times over the cost of the meter and payback often in a few months.
The magic of a utility monitoring system does not end here!
This system comes with cloud technology that means you can access data from anywhere, make changes in data from anywhere, all you need is a good internet connection. You are no longer bound to your office.
All your data is stored in a server provided by a cloud service provider. Moreover, it is their responsibility to keep safe all your data and information.
Also Read: How Preventive Maintenance Discard Common Conveyor Issues?
Frequently Asked Questions (FAQs)
1. What is the market size of the utility monitoring system?
According to Markets and Markets, “The global power monitoring market is projected to reach USD 5.2 billion by 2024 from an estimated USD 3.8 billion in 2019, at a CAGR of 6.1% during the forecast period.”
2. What are the smart technologies used with the utility monitoring system?
Smart technologies such as barcode, QR Code (Quick Response Code), RFID (Radio-frequency identification), NFC (Near field communication), BLE (Bluetooth low energy) are used to get more information about equipment and utility consumption.
3. What is the objective of a utility monitoring system?
The Objective of a utility monitoring system is to ensure that all equipment performance is optimized so that operational efficiency is increased. You can detect anomalies in equipment with this system. It can also help in asset management such as extending asset life and eliminate unnecessary costs and minimize maintenance expenses as well.