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With the U.S. economy growing slowly and the pains of the Great Recession still not too far in the rearview mirror, many businesses are keeping a close eye on budgets. In fact, a Deloitte study of executives at Fortune 1000 companies last spring found that 88% of companies expected to pursue cost reductions over the following two years, regardless of whether revenues rise or fall.
Even if sales growth is strong, it doesn’t necessarily translate into profitability growth. For many businesses, unexpected and difficult to forecast expenses, like utility costs can cause profits to sink.
Businesses can significantly cut costs without hurting the revenue side of their income statements by utilizing energy services to cut down on waste and excess costs. Whether they adopt measures on their own, incorporate technology, or work with an energy services or consulting firm to implement changes, organizations can improve profitability through the following energy services:
Connecticut’s economy has struggled over the last several years as job growth has lagged the national average, including when compared to its New England peers. On top of this struggle, Connecticut also faces a projected budget deficit of $3.6 billion over the 2018 and 2019 fiscal years.
Too many companies overlook how dynamic energy is and therefore miss out on potential cost savings and the competitive advantages that come from strong energy management. To see how to start thinking more about using energy more efficiently, follow these tips:
For most business owners, energy is seen as a fixed cost. It’s often undermanaged—but with energy benchmarking tools, that’s about to change.
With Connecticut facing a projected budget deficit of $3.6 billion over the 2018 and 2019 fiscal years, the state needs to make adjustments to close the gap. As such, Governor Dannel Malloy has proposed a budget for those two years to eliminate the deficit, primarily through spending cuts.
The truth is that reducing energy consumption does not guarantee a lower utility bill.
Forget hindsight being 20/20. With real-time analytics, improved foresight is also within reach.
In many industries, Big Data and the Internet of Things are still buzzwords (Gartner has IoT at the “Peak of Inflated Expectations” in their latest Hype Cycle analysis). The ability of energy analytics, however, to analyze and integrate large quantities of data from previously disconnected systems is having a transformative impact already. By dissecting and analyzing real-time and historical facility, utility and electricity grid data, energy analytics software (EAS) can identify hidden cost drivers and operational inefficiencies previously invisible to most companies.