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Rather than only asking service providers to help with projects on an ad-hoc basis, companies can turn to managed services providers (MSPs) to handle whole functions. As a result, companies that use managed services gain the assurance that a trusted provider can perform the services they need without having to stay on top of the matter as much internally.
While many businesses fear revealing too much to customers and employees, transparency can have a powerful effect on improving trust and loyalty, thereby helping businesses in the long run.
Contrary to popular belief, the energy industry adage — the cheapest energy is the energy you don’t have to produce or use in the first place—may not be entirely accurate.
Sales of commodities like oil or gold are based on price, not customer engagement. Yet while utility companies are often considered commodities, that sentiment is changing.
Too many companies treat energy usage as a fixed cost, despite the fact that it’s the largest operating expense in commercial office buildings, according to Energy Star. Yet anyone who’s paid a utility bill knows that the costs can vary dramatically, and ignoring what causes that volatility creates a risk that you’ll inadvertently exceed your energy budget plan.
When it comes to your energy bill, the past often determines the future. In deregulated electricity markets like New England, just one hour of high energy usage during the year can lead to higher bills the following year, as utility companies charge more to those that require additional resources.
As the energy utility industry faces increased regulation aimed primarily at reducing energy usage and/or improving sustainability by turning to renewable power sources, utilities need to adapt if they want their businesses to succeed.
While it might seem like businesses have little choice in how they receive electricity, emerging technologies (like energy storage solutions) are allowing organizations to tap into local energy sources to gain greater control over their energy usage and costs.
Companies are no longer just evaluated based on financial metrics like revenue and balance sheet strength. Instead, investors are increasingly looking at sustainability factors, which ultimately play a role in the company’s performance, considering how events like resource scarcity would hurt certain businesses or how certain sustainability initiatives like better energy management could improve profitability. Sustainable investing is now here to stay for good.
Four energy-related bills have been approved by committees within Connecticut’s General Assembly, and if passed by the State Senate and House and ultimately become law, they will bring further collaboration between CT energy companies and legislators to create a more competitive energy strategy for the state.