Harnessing the power of your energy data, unlocking insights and analysing patterns, has the potential to transform your business, but are today’s financial institutions giving enough thought to tomorrow’s energy demands?
By Karyn Peacocke, Director of Corporate Partnerships
Our world is changing, and the energy world is changing. The emergence of new technologies, such as big data, Internet of Things (IoT), mobile and cloud have given rise to possibilities never seen before. While in the energy industry, more intermittent renewable power, tighter systems margins and changes to the way supply and demand need to be balanced are increasing price volatility.
A third of the world’s data centre related energy is consumed in the UK. And the banking sector is the UK’s number one consumer of this energy. Services, such as financial services, represent 13% of the UK’s total energy consumption, so given the important role that energy has to play in this sector, what do industry players need to be thinking about?
1, Don’t bank on the planet
Imagine what would happen if someone turned the switch off? The energy landscape as we know it is changing and the risks around energy supply shortage are very real. The unprecedented ‘energy gap’ faced by the UK, means that in a decade’s time, demand for electricity may outstrip supply by more than 40%, which could lead to us experiencing blackouts.
What does this mean? Well, in additional to implementing energy efficiency measures, we need to start thinking about shifting patterns of consumption, not just turning things off. We need to become aware of the impact of using energy at different times of the day to maximize the use of renewable sources. It means becoming more reactive to wind blowing or to the sun shining. All, of which have a positive affect on profitability!
2, Be responsible
In just 4 year’s time the UK is due to have met the EU’s 2020 targets to reduce emissions by 20%. A leaked government report last year, indicates that the UK may miss these goals. And in Ireland, a report only just released, shows energy efficiency efforts for homes and businesses ‘must be trebled’ to meet 2020 targets.
Increasing importance is being placed upon banks’ environmental and social responsibility through energy efficiency. So, what are your organisation’s sustainability goals, and are you on track to meet them? How are you measuring these activities and do you have access to the right data, in real time data, at the most granular level to understand which initiatives are having an impact, and which locations are preforming better than others?
3, Get engaged
Do you have the tools you need to get employees on board with your mission? Ensuring employees are engaged in your sustainability targets is imperative. Karyn Peacocke, Corporate Partnerships Director at Utilidex explains, “often organisations have little visibility of what is happening in their individual buildings in real time, and even less access to the colleagues that can affect change. Investing in technology is now seen as essential in achieving carbon reduction targets, but there is another trench of savings to be captured by using technology to fully engage staff at all levels of an organisation.”
Utilidex’s beautiful intuitive technology helps you buy, sell and manage your energy, as well as engage stakeholders at all levels of the organisation.
All too often, energy data can be held across multiple systems, be backwards looking and complex. By bring all your data together in one place, The Utilidex Hub, we provide real time data, in £s and kWh, in a way that is easy to access, understand and share. Easy access to the whole energy picture unlocks the power of your data, allowing you to make strategic business decisions and manage risks.
Our solution will help you to:
Improve Performance – Look holistically at your operations to understand where energy usage can be shifted. Set budgets and track energy efficiency investments simply and accurately.
Support Cultural change – Reinforce sustainable employee training and encourage positive attitudes to energy conservation through employee apps. Instigate behavioral change through on site dashboards, site benchmarking and alerts.
Increase Profitability – Understand and reduce energy costs and third party charges at specific times of the day
Aviva, who we were first connected with at an Innovate Finance event, are using the Utilidex solution to engage employees across multiple locations in energy and help them to understand why it matters and how they can help make savings. They have had an incredibly positive response to the installation of our energy dashboards on-site and are on track with meeting their efficiency goals.
At Utilidex, we believe that learning how to better use our energy resources, matching supply with demand & delivering solutions that challenge conventional thinking and enable collaboration will deliver a better, fairer and more sustainable energy market
Ready to learn how we can help your organisation? Get in touch with Karyn Peacocke, firstname.lastname@example.org to find out.