In today’s competitive business landscape, companies are under increased pressure to reduce energy costs and improve sustainability performance.
Utility Bill Management (UBM) is an essential component of this effort yet can be a daunting and complex task to implement effectively. Many businesses still rely on manual processes, such as spreadsheet systems, which are not only time-consuming but also prone to clerical errors.
Fortunately, a software solution can allow businesses can overcome the common challenges of UBM and streamline operations. One such solution is Panevo’s ioTORQ UBM software, which centralizes multiple utility accounts into one common platform, prevents billing errors, and provides insight into energy usage patterns.
In this post, we’ll discuss the top 10 UBM challenges faced by businesses today, and how Panevo’s ioTORQ UBM software effectively addresses each challenge:
Challenge #1: Data Management
Collecting, organizing, and analyzing utility data requires a robust data management system. With a manual UBM system, it can be difficult to ensure each step of data processing is accurate and complete.
Panevo’s ioTORQ UBM software streamlines the data management process. It offers data validation checks to identify and correct data anomalies, ensuring data accuracy. The software also provides data visualization capabilities, such as charts and graphs, making it easier to interpret and analyze utility data for informed decision-making.
Challenge #2: Inaccurate or Overdue Bills
Inaccurate bills charges can result in overpayments, accounting issues, and the burden of managing refunds. Overdue bills can go unnoticed, resulting in costly late fees, utility shutdowns and other penalties.
Panevo’s ioTORQ UBM software automatically flags inaccurate bills, immediately sending out alerts for late payments before any penalties arise. Panevo’s team can also assist by communicating directly with the utility vendor to resolve inaccuracies and facilitate refunds.
Challenge #3: Multiple Utility Accounts
For businesses with multiple locations and facilities, managing utility accounts can be an overwhelming task; tracking new utility accounts, closures, and account number changes can be complex, and requires dedicated resources to manage.
Panevo’s ioTORQ UBM software centralizes all accounts of interest into one common platform, making them convenient to manage. With quick access to detailed utility data across each facility and automated notifications for any account changes, businesses can ensure they are up to date on all accounts.
Challenge #4: Bill Payment Processing
Processing and balancing utility bill payments can be complicated, especially for businesses that handle large volumes of bills.
Panevo’s ioTORQ UBM software helps to set up automated payment schedules, eliminating the need for manual processing. This saves time and reduces the risk of payment errors, while providing businesses with detailed payment reports to ensure transparency and accuracy in payment records.
Challenge #5: Energy Efficiency and Sustainability
With so much going on in day-to-day business operations, it can be a challenge to ensure continuous improvements in sustainability, energy efficiency and waste reduction initiatives.
Panevo’s ioTORQ UBM software uses energy data across facilities to provide insight into energy usage patterns. By analyzing this data, businesses can identify necessary equipment reconfigurations, prioritize energy-saving projects, and set sustainability goals. The software helps track energy-saving initiatives and measures their impact, enabling achievement of significant energy, cost, and emissions savings.
Challenges #6-10 offer further insight into UBM challenges faced by businesses today – submit your email in the form below to receive the free PDF.