Sustainability in an Energy Price Crisis: 5 Tips on Digitalising to Save Money

Although there have been significant moves towards developing and promoting renewable energy sources in recent times, we are a long way from a fully renewable energy future. Energy prices have reached eye-watering levels – and some Governments are rowing back on pledges to stop new carbon fuel production. 

For individuals and companies, the stark reality is that the huge increase in energy prices (across all forms of energy) is hurting wallets and bottom lines. The knock-on global economic impact is already being felt with rampant inflation and we are entering a significant period of recession. Jobs will be lost and companies heavily reliant on energy will struggle to survive. 

So what can be done to mitigate the impacts of this? How can businesses drive down energy use and cost, increase energy efficiency, and meet sustainability goals? 

Here are Cority’s Top 5 Tips: 

1. Knowledge is power. Having data-driven insights to make the best cost-effective choices.

• Collecting data: Where are you using most energy in your operations? Where can savings me made? Through accurate, real-time data collection you can be sure to have the most effective data at your fingertips 
• Analysing that data: Through analysis of that data, we can make crucial business decisions to make short- and long-term savings. 
• Deep operational/asset level data: Using comprehensive environmental reporting systems allows you to get to the micro level in terms of your operations.

2. Speed-up decision making.

Improving the quality and efficiency of data means the velocity of outcomes will be higher with an automated, centralized process. Removing traditional manual methods like paper or Excel-based data collection can free up resources and improve the value of your data.

3. Sustainable performance sells.

With the renewed focus on ESG, Sustainability and Non-financial reporting, it is clear that there is increasing demand from consumers, and companies, to work with businesses that operate efficiently and according to recognised sustainability standards. Demonstrating your (independently verified and audited) energy efficiency performance to your customers, and investors has become a critical element of doing business. It can be a competitive advantage. 

4. Collaborate with internal and external stakeholders through data.

As well as the reputational and indirect benefits or working with companies that are – it can also save you money if, for example, you can work with suppliers that are the most efficient when it comes to energy use, or are more energy efficient than your competitors. 

5. Examine cross-functional efficiencies.

This means looking at operational data from across your business beyond the pure direct cost and use of energy in terms of kw hours, or carbon emitted and examine how else you can make savings. For example: Shell have seen 8% opex savings from digitising their waste management process. Ensuring that waste containers are only sent when full – and not half full, can result in a reduced number of disposal runs – reducing fuel use (and resulting emissions and costs). Many companies are also using software to help monetise their waste, by being able to track waste to end-of-waste state where it becomes a valued commodity. One man’s waste is another man’s treasure!

Cority, has been named a Leader in the 2022 Green Quadrant for Enterprise Carbon Management Software report, published by independent research firm, Verdantix. The new analysis, which provides a detailed fact-based comparison of the 15 most prominent carbon management software vendors in the market and their product offerings, distinguished Cority’s software from its competitors for its star performance in carbon calculation and modeling, carbon disclosure management, and net zero strategy development.