The Internet of Things (IoT) is driving automation and operational efficiency in industries worldwide, including the manufacturing industry.
As such, IoT energy management systems like the AI-powered power analytics solution MiDAS from Tantiv4 are making headway in energy efficiency, power savings, ROI, and equipment longevity.
Let's discuss some key benefits of IoT energy management systems like MiDAS to give you a better understanding of how they are transforming and benefitting the industrial sector.
Benefits of IoT Energy Management Systems
Here are just some of the key IoT benefits in energy management systems.
- Low Energy Costs
Reduced energy consumption and the resulting lower utility bills are perhaps the leading benefits of an IoT energy management solution. For example, MiDAS can monitor power consumption, report usage, and notify high power consumption to help reduce energy costs.
- Improved Regulation Compliance
IoT energy management systems provide analytics tools to help manufacturers meet regulations. Using collected data, world benchmarks, and quick reporting, MiDAS can help manufacturing facilities meet local compliance and international benchmarks.
- Optimized Equipment Maintenance
IoT devices, sensors, and data analytics allow IoT energy management systems like MiDAS to monitor the condition and performance of equipment. Thus enabling timely maintenance, repairs, and increasing the longevity of equipment.
- Asset Management and Maintenance Operations
Monitoring has been made easy, thanks to dedicated systems. Consequently, managing power-hungry equipment has also become easy, reducing power consumption and improving energy efficiency. Maintenance operations can be optimized and streamlined to reduce or eliminate expenses like overtime labor costs and unnecessary maintenance checks.
- Reduced Operational Costs
Optimized equipment maintenance, asset management, and maintenance operations reduce operational costs and significant savings. IoT energy management systems like MiDAS can reduce 90 percent of the effort, time, and resources spent on power analytics, reporting, and energy efficiency initiatives.
- Predictive Modeling
Using collected IoT data, historical data, and machine learning algorithms, MiDAS can predict future energy consumption and project costs. These projections allow manufacturers to use data-driven reporting to make cost-reducing plans accordingly.
- Preventive Actions
Similarly, IoT energy management systems like MiDAS can also help identify possible equipment and operation issues before they happen. This information allows manufacturers to take preventive actions instead of experiencing downtime or load spikes in energy consumption. It also allows manufacturers to avoid equipment failures that lead to costly repairs and replacements.
- Identify Root Cause
Not only can MiDAS use IoT devices, sensors, and data to identify equipment issues and energy load spikes, but it can also use them to identify the root cause of these issues and spikes. Identifying the cause of energy load spikes enables rapid response for equipment and energy consumption issues.
Conclusion
These are just some of the key IoT benefits in energy management systems that are changing the industrial sector, and there are plenty more, which we can discuss another time.
For now, you should have a good understanding of the benefits of using an IoT energy management system like MiDAS from Tantiv4.
If you want to learn more about IoT energy management systems or about MiDAS from Tantiv4, please visit our website today.