Every business has multiple key performance indicators (KPIs) they are closely keeping an eye on. These usually include metrics such as operating costs, profit margin, market share, and customer acquisition cost.
However, for every one metric you are measuring, there are probably several that you aren’t, but should be. Here are three prime examples of energy KPIs that your business might not be keeping track of.
You know what you paid for last month’s energy bill, but do you know what exactly that money was being used for? How much if it was accounted for by your lights? Your HVAC system? Your office equipment? You shouldn’t be blindly paying your electricity bill, especially if it is increasing every month. Targeted consumption data allows you to see exactly where your energy is being used. You can divide it up by floor, department, piece of equipment, etc. The possibilities are endless.
Year over year (or YOY) is a common benchmarking method used in business to compare current data to past data. Measuring your energy consumption in this way provides valuable insight as to whether your business is becoming more or less energy efficient. This is especially important if you have recently invested in energy-efficient upgrades – you want to make sure they are working.
Not all energy is created equal. Is your facility receiving a consistent stream of reliable power? One small hiccup in your energy supply could lead to downtime, which costs your business thousands of dollars due to idle employees and lost revenue. Luckily, there are tools available that can measure your power quality, and send you instant email alerts when something is wrong; so you can fix the problem before it affects your bottom line.
If you aren’t already measuring these key performance indicators, it’s time to start. Electro Industries can help.
Electro Industries is a worldwide supplier of energy management systems. Our power monitoring instruments and software allow you to view energy consumption data in real time, build automated reports, simultaneously measure several KPIs, and more. We have a proven track record of over 40 years helping businesses across the globe save money and energy. Visit our website for more information, or give us a call at 866-928-7908.August 30, 2016