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How to Improve Efficiency in an Energy Company

Many businesses worry about using their resources efficiently; however, in some sectors of industry, it’s much more important to be efficient than others. For example, if you’re running an energy company, being as efficient as possible is especially important, since you may interface with a variety of retailers and utility providers, and managing these clients can potentially take a lot of time. That being said, just because it’s more important doesn’t mean that it’s not possible, particularly with the way that technology is helping businesses of all sizes improve the way they operate.

For example, what you should know about industry 4.0 is that internet of things technology and business intelligence tools are empowering companies to automate their existing processes in exciting and powerful new ways. There are plenty of other examples of the way that tech is changing how companies, run, too. Discover some of the most popular technological tools for boosting efficiency and productivity in your energy company by checking out the list of solutions below.

1. SaaS tools give you new functionalities.

One of the biggest benefits of software as a service (SaaS) platforms is the ability to add specific functionality to your existing workflow without needing to invest in a full software solution. Not only is this more efficient in terms of utilizing your budget more strategically, but it also means that you’re being more strategic in the way that you choose software by not picking a solution based on a key feature that could be offered via SaaS.

Quixotic 360 is an excellent example of how SaaS can give you the features you need to operate your energy company more efficiently. By automating how XML files are exchanged between energy providers and utility companies, you can free up your time to work on other aspects of your business. This kind of integration often requires coding in order to function properly, which is another benefit of adopting a SaaS solution like a Quixotic 360, which makes the entire process much more streamlined.

2. Outsourcing aspects of your business gives you breathing room.

Just like SaaS can help you work more efficiently by opening up your time to work on other tasks, the same can be said for outsourcing other aspects of your business. Establishing more breathing room by eliminating the sorts of job duties that are tedious and can be easily managed by another individual means that you have the advantage to use your time in a more efficient manner.

For example, you may decide to look into outsourced accounting firms in order to manage your finances instead of spending the money on employees in the finance department. It’s also worth noting that beyond the benefits in time offered by outsourcing a task to another company or firm, there are other benefits of outsourcing, too.

For example, when you outsource to another firm, you don’t have to pay for benefits the same way you’d need to if you were paying an employee to manage your budget and finances. Saving money on health insurance costs and 401k matches can ultimately free up your money to be spent in other areas, making what you do choose to spend your budget on more efficient as well.

3. Purchasing storage lets you better serve specific regions.

If you’re an energy company that has to provide service to a variety of geographic regions, it can be less-than-ideal to have to cart equipment from one location to another. A more efficient way to approach this sort of task is to purchase storage in different areas of the city rather than spending money on a larger, centralized headquarters to store this kind of equipment in.

For example, if you predominantly serve the state of Texas, it may make more sense to invest in a few storage units in San Antonio, Dallas, Austin, and Houston than have to travel from one location to the next. Being able to avoid doubling back for the gear you need to do your job means that you can ultimately serve more clients in one day while also optimizing the way you serve each region. As such, you’ll be much more likely to boost your customer satisfaction in each geographic area, something that would be much more difficult if you were based primarily in one singular location.

4. Adopting an OKR methodology allows you to align your goals.

Another way to really boost productivity in your energy company involves aligning all members of your staff to the same overall goals. The OKR methodology, which stands for objectives and key results, is a great way to go about doing this. OKRs were pioneered by two of the founders of Google, who strongly credit the OKR methodology with their success hitting specific benchmarks and goals. When you use OKRs in your business, you’ll go about establishing what objectives are the most important to you and then define what success looks like—the key results—when you achieve that goal.

For example, if you know that your overall objective is to increase sales in a specific region, the key results that you need to meet in order to achieve your primary goal might be executing a marketing campaign to gather leads, calling all qualified leads, and then converting 30 percent of those leads to customers. With OKR certification, you’ll gain a better understanding of how to use OKRs in your energy company so that you can leverage them to find new heights of success.

Technology is affecting the workplace in a variety of positive ways. Efficiency is becoming more important as each business’s employees have more responsibilities as part of their day-to-day job, and the right tech tools and software can provide valuable solutions when it comes to boosting your team’s productivity.

From adopting a new goal-setting approach through the OKR methodology to outsourcing aspects of your business to other qualified firms, there are plenty of options at your fingertips to consider as you work to make your energy company more productive. By keeping the above ideas in mind, you’re bound to find success in the energy sector.