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The Importance of Using Data to Forecast, Plan & Manage Your Energy Spend

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In today’s energy market, most businesses recognize that they can manage their energy costs but don’t always realize how they can use or harness energy data to strategically procure or manage energy. There are many potential data points in nearly every business or organization, regardless of the size or type, and using that data is key to meeting energy related goals and lowering costs.

Employing a data-informed energy procurement plan can help companies mitigate the risk of price fluctuation, more accurately budget and forecast, and provide flexibility to lower their energy spend and energy consumption enterprise-wide.

At the 17th annual Ohio Energy Management Conference, I went over the following questions to help companies better understand the issues at-hand and the corresponding solutions:

  • Why are some companies not optimizing energy data
  • What is strategic energy procurement?
  • How are leading companies using strategic energy procurement to lower energy costs and energy consumption?

 

The bottom line is that commercial and industrial businesses and government agencies are actively looking for effective ways to reduce energy usage and costs.  According to the Deloitte reSources 2012 Study, 90% of companies have set goals regarding electricity and energy management practices, and 85% of businesses view reducing electricity costs as essential to staying competitive.  Harnessing energy data for strategic energy planning and management is key to any business or agency meeting their energy-related goals.

To receive a more in-depth analysis of strategic energy procurement and the 4 steps of developing a successful action plan, download our free white paper HERE.

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