There are huge financial savings to be made on energy bills if businesses embrace digital platforms. Chris Hurcombe, CEO of Catalyst Commercial Services explains how.
Forecasting energy consumption in a post-Covid world is proving to be a minefield. Businesses have a big challenge on their hands as they look to manage their energy spend in post-Covid times.
Customers want to understand their costs, but with people working from home, closed sites or simply an adjustment to assets like air conditioning to meet Covid-secure requirements, it’s very hard to understand what that means for budgeting and forecasting moving forward.
Forecasting energy consumption based on historic, pre-Covid data could unearth a myriad of financial losses for b
Data is key, however given the lasting impact of Covid, last year’s half hourly data no longer provides any basis for next year’s consumption. Businesses now need much more granular, real-time data from their sub-metering and building management systems rather than rely on out of date half hourly data from suppliers. Otherwise businesses will find themselves paying increasingly large premiums instead of gaining efficiencies. They do not have to accept that as the ‘new normal’.
To help businesses better forecast, budget and procure utilities, Catalyst has developed EaaSi™, a smart, online utilities management platform. It automatically pulls together end-to-end utility data into a single place, removing the need for human intervention and massively reducing resource requirements for contract management.
The EaaSi platform also enables accurate budget forecasts, visibility on accruals, benchmarking against market rates for flexible contracts, and will simplify procurement for both end users and suppliers. It also delivers energy and carbon reporting at the touch of a button, drastically reducing administrative burdens.
It is also becoming more apparent that one in five businesses across the UK are owed thousands of pounds by their energy suppliers, most of which runs into five figures. Catalyst has recently found errors in around one in five bills, and recently recouped £80,000 for a small college by going through six years’ worth of energy bills, finding mistakes made by suppliers, and reclaiming the money. This isn’t just for big businesses; even small and mid-sized firms can recoup substantial amounts. Firms paying £20,000 a year upwards for energy should consider validating their bills,
Businesses need to act now to access and have visibility of their energy data to identify opportunities for managing energy spend in post-Covid times and have a better handle on future energy budgets and costs.