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Utilities are unanimous on the importance of improving ‘reliability’ in their grid communications networks, but the verdict is mixed when it comes to the second most important factors: grid communication security and costs.
As utilities review impactful projects for the future, they can benefit from considering a transformative initiative with a record of creating value for stakeholders: upgrading grid communications.
Certain aspects of running a business are crucial to keep the company functioning, but hey are not necessarily part of its core value proposition. In these cases, companies can turn to business process management, or BPM, which provides efficiencies beyond what the company could generate on its own.
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.
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.
Contrary to what it may feel like when you open your monthly utility bill, energy utilities are not always at odds with your business.
At 15.32 cents per kilowatt hour as of the end of 2016, Connecticut commercial electricity rates are 52% higher than the national average and the highest amongst the contiguous United States. So, it’s no surprise that businesses want to save more from Connecticut energy suppliers.