Advances in digital technology have not only made consumers’ lives better but have also introduced improvements to industries like financial services, insurance, and real estate. Indeed, real estate has taken significant strides in going digital over the past decades. Two years of dealing with a pandemic taught the industry, especially commercial real estate, an important lesson: Embracing digital technology may hold the key to surviving and overcoming the current and long-term economic impact of COVID-19.
Digital technology breathes life into energy procurement. Ushering in digital transformation in energy management isn’t only crucial in uncertain times like during a pandemic. It is also timely, especially in the wake of President Joe Biden’s recently announced target to reduce greenhouse gas pollution in the country by half before 2030 and net-zero carbon emissions before 2050. If you’re into property management, you might want to start factoring in compliance with President Biden’s emission requirements into your client’s property portfolio. This is where energy procurement technology can help.
Why Energy Procurement Technology Is Important for Contract Renewals Management
Energy procurement technology can prove helpful when it comes to energy contract management for your client’s property portfolio. Allow us to list the 10 different reasons it can be advantageous for you:
1. It Serves Your Client’s Objectives
Your clients may have different goals for their property portfolio, but one thing remains clear—they want to protect or improve the value of their commercial real estate investment. In the long run, energy efficiency can increase your client’s property value. You can help them achieve this with the proper energy procurement technology.
2. Data is Organized and Centralized
Energy management data can be handled, processed, and analyzed more quickly when digitized. It can be organized and stored better because all information is centralized. The centralization of billing and contracts means sensitive information can be closely guarded and monitored. The energy procurement technology platform is typically equipped with a dashboard that can be customized, depending on your client’s specific needs. Contracts, billings, and other authorization documents can be organized through the dashboard interface.
3. You Gain Better Control of Broker Fees
With energy procurement technology, you can achieve better broker fee transparency. Your client will always know how much broker fees they will have to pay because you set the amount in advance. The fee transparency helps your client plan and have less uncertainty regarding their expected expenses.
4. Digital Tools, Insights, and AI Combine for Portfolio Management
Energy procurement technology provides tools and insights that help fine-tune your client’s energy strategy. On top of that, the technology takes full advantage of artificial intelligence-driven recommendations to identify new energy contract opportunities based on historical data.
5. Personal Kudos
Build and boost your brand as a commercial real estate management specialist by leveraging energy procurement technology’s one-click efficiency. Provide your client with a seamless, hassle-free energy contract buying experience backed by up-to-date pricing and market risk analysis.
PRO TIP: Remember These Things When Handling Energy Management 1. The location of the property plays an important role when strategizing energy use. 2. Pricing in energy markets can shift without prior notice. 3. Always ask for help from an expert regarding energy market dynamics. 4. Locking in energy rates even amid volatile market conditions can help you achieve budget certainty, which can do wonders for your overall energy strategy. 5. Identifying areas of potential wastage is always a good idea. 6. No energy plan is perfect, but minor adjustments can make a big difference in the long run.
6. Your Client Can Buy at the Right Time
Your client will never miss out on any opportunity for energy procurement. The smart technology allows you to monitor energy markets closely, using a data algorithm designed to identify and predict trends in pricing. When opportunities come up, you can be instantly notified. And, while market conditions shift without warning, you can lock in rates for electricity, natural gas, carbon offsets, and renewable energy credits with energy procurement technology.
7. You Deliver Savings to Your Client
By taking your client closer to total energy efficiency, you put them in a position to enjoy energy savings not only in the short term but in the long term as well. Despite the uncertainty brought about by the ongoing pandemic, they are assured that the energy procurement technology’s predictive data algorithm will help them spot the best-priced energy contracts out there. For commercial real estate, energy use remains the most significant operating expense, routinely surpassing other operating expenses such as real estate taxes, property insurance premiums, or administrative expenses. In most commercial office buildings, energy bills make up a third of the operating expenses. If you can deliver an energy management solution that has the potential to reduce energy-related expenses for good, you might give your client’s property portfolio a massive boost in value.
8. You Gain Opportunity to Generate New Revenue for Your Business
You can boost your business revenues by offering energy procurement as a service to your client. As a result, you can inject new income into your business with what you earn from energy contract procurement opportunities. It’s a win-win situation not only for your client but for your brand as well.
9. You Can Be Competitive During the RFP Bidding Process
Gain an edge over your competitors during the request for a proposal (RFP) bidding process. The energy procurement technology platform provides you with up-to-date pricing and market conditions. The more accurate you are in pricing your proposal, the better your chances of bagging the bid over your competitors.
10. You Become Prepared for the Digital Future
Embrace digital transformation when it comes to energy procurement and be on your way to making your client carbon-zero ready by 2030. Energy procurement technology is here to stay, and it will only continue to get better as time goes by. More importantly, with federal regulations pointing to a future that seriously addresses the climate crisis, using energy procurement technology ensures that you and your clients won’t be left behind. Instead, you get to be in the driving seat, already racing ahead with digital innovation as your fuel.
Leveraging tiLi: Zentility’s Energy Procurement Technology
Zentility’s energy procurement technology platform, tiLi, can manage all your energy management needs. The tiLi platform is designed to handle the end-to-end execution of the entire energy procurement process.
- Portfolio onboarding provides an energy dashboard to organize and buy energy contracts.
- Ultra-competitive pricing for matrix and strategic custom products sourced through Zentility’s Supplier Marketplace.
- Easy-to-share and expertly designed digital pricing reports with comparative cost and a proprietary market risk analysis.
- Simple 1-click contracting and secure e-sign functionality.
- Market monitoring designed to assess energy costs and the best buying opportunity.
What tiLi Can Do for Your Business
- Centralize your energy procurement operation by onboarding your all existing energy billing data and contracts into one central location.
- Allow smart technology to formulate comprehensive energy procurement strategies that take into account important factors such as market-timing, legal language, renewable energy sources, energy risk assessment and management, and your budget.
- Get closer to achieving your sustainability goals with the help of Zentility’s artificial intelligence-powered energy procurement platform.
- Zentility possesses more than four decades of experience in energy management for wholesalers and retail businesses.
- Zentility takes full advantage of the buying power of its nearly 1.5 billion kilowatts per hour client portfolio.
When it comes to owners and operators of residential or commercial real estate, a low-cost procurement of electricity and natural gas significantly contributes to overall economic efficiency. To prepare for such a future, it’s time that players in commercial real estate management start adopting digital solutions like fully-automated energy procurement platforms. Welcoming digital transformation can also help property managers comply with regulations that aim to achieve net-zero carbon emissions in the United States by the year 2030. Energy procurement technology can provide several other benefits for those who offer asset management services to their clients. Not only can they help improve the value of their clients’ property portfolios, but they also deliver savings both in the short term and the long term.
A fully-digitized energy procurement platform can also mean that your energy data is optimized, centralized, and better organized. This allows for quicker access, safer storage, and closer monitoring of important energy documents, contracts, and billings. The platform can also prove indispensable in looking for new energy contract opportunities. By using predictive algorithms and artificial intelligence to great effect, it ensures that you’ll never miss out on any good opportunity. On top of that, smart alerts guarantee you’ll always get notified about any new trend.
We hope this post has been helpful to you. If you’re a property manager and want to know more about how energy procurement technology can boost your business, Schedule a demo today, and we’ll be happy to answer all your questions.
Written by Dan George
CMO at Zentility
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