Is Energy Data The Key to Unlocking Hidden Profits?
Editor’s note: This is third post in a three-parts series investigating the challenges, pitfalls and alternatives to manually collecting utility bill data.
In parts one and two of the series, Gary Brooks, Urjanet’s CMO, talked about the frustrations and pitfalls of manual utility data entry and why organization still make big energy decisions based on bad data. In this final post, he’ll discuss the role energy data plays in improving financial performance, executives’ big awakening about the value of energy data and where to turn when manual data entry comes up short.
Q: Why are companies viewing energy data as key to improving financial performance?
A: When the prolific American bank robber, Willie Sutton was asked why he robbed banks, he responded by saying “because that’s where the money is.” That’s exactly why companies are turning to energy as a strategic source for profit improvements. Energy is expensive! It’s the third biggest budget item for most U.S. companies and an estimated 30 percent of it is wasted. So, it’s a natural place for companies to turn for strategic sources of cost reduction, profit margin and cash flow improvements and regulatory compliance.
Q: What is the role of energy data in improving profit margins?
A: Like other major expenses, energy usage must first be understood before it can be managed and reduced. Energy management is data centric. As a result, good data is the foundation of all energy decisions, and collecting timely, reliable and accurate energy data is a must have first step to reducing energy cost and carbon emissions. Without a consolidated and normalized view into energy consumption patterns across multi-facility organization, organizations can’t identify and capitalize on energy cost reduction opportunities.
Q: Do executive understand the important role energy data plays in reducing energy cost and carbon emissions?
A: Yes. In fact, a 2013 survey conducted by independent energy analyst firm, Verdantix, revealed more than 90% of energy management decision makers at multi-million dollar companies stated that energy data collection and reporting was either an “Important” or “Very important” priority for them. It is clear these energy managers are taking lots of different steps to build up more strategic energy management programs, with the leading firms looking to achieve better financial performance and to mitigate risk.
At the top of the list of investment priorities is improving energy data collection and reporting. This reflects the reality that many firms currently rely on insufficient, inaccurate, manually entered utility bill data, which creates information gaps around energy usage.
Q: Where should companies turn when manual energy data entry processes fall short?
A: As energy efficiency and sustainability initiatives move to the top of corporate agendas, forward thinking companies are tapping into the power of automated, high-quality and timely energy data the industry is now calling Big Energy Data. This automated energy data feed is transforming the way in which organization tackle energy challenges, plus the audience of this data has expanded beyond energy management and facilities to accounting, procurement and sustainability.
Q: Where can organization get automated Big Energy Data?
A: A new breed of Big Energy Data providers, like Urjanet, automate the collection, normalization and delivery of the high-quality, reliable and timely data organizations need to make smarter, more profitable and eco-friendly energy decisions. To learn more download a recent report from Verdantix: Urjanet Unravels Utility Billing with Big Energy Data Service.
Q: Automated Big Energy Data is relatively new, has it been proven to deliver value?
A: A rapidly growing list of leading organizations like UPS, Cox Enterprises, Costco, Kimberly-Clark, Honda and others use Urjanet’s award winning Big Energy Data services to reduce energy cost and carbon emissions. Additionally, energy management software and service providers such as Siemens, Johnson Controls, School Dude and Lucid and others use Urjanet to deliver high-quality utility data to their customers.
Cox Enterprises spends around $100 million annually on electricity and natural gas and uses Urjanet data to lower their energy cost by as much as 10-15 percent in some regulated and deregulated energy markets. Watch this short video case study from Cox Enterprises for more details.
To learn more about how your organiztion can partner with Urjanet for automated Big Energy Data to unlock profits, request a demo now.
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About Urjanet Inc
Urjanet, the global leader in utility data aggregation, simplifies how organizations access and use utility data, enabling them to focus on their business. Our technology collects, processes, and delivers data from over 6,500 electric, natural gas, water, waste, telecom, and cable utilities worldwide.