Energy markets are erratic. Utility rates are predetermined. Energy usage data is tedious and confusing. 

Managing your energy spend can be a pain, leading to frustration. Sometimes, bills get missed, resulting in late fees, shutoff notices, and the occasional scramble to pay a random bill. Costs are coded correctly sometimes, but not always. Budgets are often set based on last year’s data, with an annual escalator and a bit of hope. Market risk exists and occasionally becomes urgent, requiring explanations at the highest level. Contracts lapse, and some accounts end up on month-to-month rates. When someone requests energy data for a report or initiative, you eventually pull something together, but it’s not as complete as you’d like and takes longer than expected. 

This is all too costly and time-consuming. It’s also all too common and avoidable. 

While it’s true that energy costs are volatile and utility administration is complex, your company shouldn’t bear the brunt of that volatility and complexity. Addressing energy-related tasks individually will “keep the lights on,” but cost and organizational effectiveness will suffer. 

A comprehensive approach to energy management, administered by experts, is how leading companies get ahead, save money, and keep the lights on. Here’s what that looks like: 

  • Data Consolidation: Set up processes—preferably automated—for acquiring and consolidating energy data in a centralized location. 
  • Data Assessment: Conduct a thorough assessment of the energy data to ensure completeness and accuracy. 
  • Systematic Process Implementation: For multiple locations, implement an automated bill payment solution and a centralized database of all competitive energy supply contracts. 
  • Data-Driven Energy Budgeting: Utilize internal considerations like historical data trends and external factors like energy markets and weather to develop granular energy forecasts and budgets. 
  • Transparent Reporting: Set up reporting to track variances against established budgets and derive actionable insights on cost reduction opportunities continuously and transparently. 

Depending on your starting point, simply taking these steps could be a significant improvement. For any organization, comprehensive energy management unlocks the opportunity for progress, which looks like: 

  • Timely payment of utility invoices. 
  • Precise energy budgets with timely notifications and insights on variances. 
  • Optimized management of energy supply contracts. 
  • Informed decision-making for capital investments. 
  • Accurate development and reporting on decarbonization measures. 

Whether you are starting from scratch or looking to improve on a current solution, a thorough, holistic approach to energy is the right next step. Organized data leads to proper understanding, which leads to informed strategy and optimized execution. 

Interested in learning more?  

If you’ve found this blog informative and would like to learn more, please contact us online.