Michael Steifman
CEO & Founder of UtiliSave, USA
Title: Energy solutions: How to organize and monetize data
Biography
Biography: Michael Steifman
Abstract
Big data is changing the way the world does business and is set to revolutionize the utility industry as well. In the past, utility information was collected just once a month, it can now be collected in 15 minute intervals (and even more frequently in some situations), an incredible 35,000 times a year. Analytic tools are capable of making sense of this information and providing insight for verifiable business decisions, paving way for serious ROI. A new generation of technologies are being designed to extract economic value from these large swaths of previously unavailable data. Yet having all of the data in the world will not positively influence your bottom line unless you know how to organize it and how to analyze it. This data can be used for making internal operations more energy efficient while simultaneously being monetized as it relates to the utility company billing, in both regulated and deregulated markets. Are heating and cooling systems operating at the same time? Is equipment being activated at off-hours, are motors and drives properly calibrated? All this can be discerned from the data, it is even possible to know what equipment is being operated and when, from the analysis of the data. The more granular the data, the greater the opportunity for conservation and savings.