It’s Up to CIOs & CTOs to Put Streamlined Utility Data to Work

We can’t function these days without modern technology. Slack, a popular instant messaging service for businesses, went down for half an hour and people lost their minds. So, it’s no surprise that the people responsible for managing technology have come to fill some of the most irreplaceable roles within an organization. These roles include Chief Information Officer (CIO) and Chief Technology Officer (CTO). Tech executives cover more than just IT; they reduce friction for employees, work to gain insight from data, shape the company’s relationship with its partners, and drive innovation. However, some leaders are doing all of this without the help of streamlined utility data.

Uncovering the Value of Streamlined Utility Data

Tech executives know better than anyone how much value data can provide. But are they paying enough attention to utility data?

CIOs and CTOs oversee data for the whole organization, and utility data should be no exception. In its raw form, utility data is challenging. It comes with varying charges and tariffs, different schedules and formats, and mysterious retroactive charges. To realize the full potential of utility data, organizations have to do something to make this data more manageable.

The answer of what to do with it lies in automated utility data aggregation, which should collect data across bills, standardize the data, and deliver it to the right systems. Streamlined utility data:

• Avoids manual user error
• Ensures completeness and accuracy
• Speeds up data delivery

As the owners of data, it’s up to CIOs and CTOs to make this vision a reality. Then, tech executives can begin to realize the true value of their data and pass that value on to the rest of the organization. Just consider how these leaders can:

Turn Utility Data into an Asset

Without any kind of data management, utilities are simply a cost center. Organizations put money in, and while they get lighting, heating, air conditioning and so on in return, no one thinks of these returns as a value-add. They’re just a must-have. Streamlined utility data can change that and give each department a new asset in their day-to-day.

With effective management, utility data can become a value-add for:

• Operations and IT, by preparing them to optimize around peak usage times and capacity
• Facilities and real estate, by enabling detailed comparison of energy usage across different sites
• Accounting and finance, by pointing out potential for cost savings that aren’t visible from bill totals

Get the Guide to Using Utility Data for the CFO to learn how utility data can streamline accounting processes.

Reduce the Risk that Comes with Poor Data Management

When users are relying on incomplete, inaccurate, or outdated data, they make misguided decisions. And the consequences distract everyone from their core responsibilities. Over time, these complicated processes will become unmanageable, losing time and money that can’t be regained.

Distilling utility data into a single source reduces these risks substantially. No more chaos of everyone scrambling to find a piece of information on a bill that could be housed in one of many departments. With one standardized source of data, everyone can refer to it when they need it, and no information is lost.

Spur Innovation

Let’s not forget: Data-driven strategy is key to inspiring innovation. Says Phil Rodoni, CTO of Rubicon Global:

“Having access to data is the foundation of everything exciting that we can do — our technology innovation, our product development, and our competitive advantage all rely directly on data and data access.”

When users have all the information they need, they can access accurate insights and confidently invest in the future. With streamlined utility data at hand, real estate teams can transform their approach to renting or buying new office space. IT departments can rethink their methods for device procurement or network management. The potential is endless.

Realizing the Future of Streamlined Utility Data Starts at the Top

There’s no denying the value that utility data can provide. But in order for it to provide that value, it needs to be effectively managed. From minimizing risk, to innovating how employees work, and revealing new ways to save costs, streamlined utility data can give CIOs and CTOs a unique opportunity to add value to their organization. They just need to take the first step.

Ready to put utility data to work for your organization? Start a conversation with us today.

Related Resources:

• Show Me the Money: ROI of Better Data Management
• Don’t Let Utility Costs Sink Your Profitability
• Utility Bills & IT: Why It’s Time for an Unlikely Match to Come Together

 

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