The present disclosure relates to a universal IoT-based smart energy management device. The device (100) includes a local memory(110), one or more processors(116), at least connecting port(112a, 114), and a processing engine(100b). The connecting port(112a, 114) receive real-time measured data, directly or via communication gateways (60), and send the received measured data to the local memory(110) for storage and to the one or more processors(116). The processing engine(100b), comprises a data processing module (108), a forecasting module (106) and an optimization module(102). The data processing module(108) extracts a real-time data and a historical data from the database to process it. The forecasting module(106) receives the processed extracted data and calculates a forecast information. The optimization module(102) determines an optimal schedule for energy assets of consumer using the forecast information and a plurality of energy storage parameters.