As I noted in my recent post on Why You Need Visibility, if you put an energy meter inside a home and show people total usage in real time, a miraculous thing will happen: they will use about 10% less energy. And, more importantly, you can use this behaviour to drive savings, revenue, and innovation in your business. How? Consider these five uses courtesy of Andrew Winston and the Harvard Business Review which give you a green advantage.
- Usage Reductions
If you provide operations with information on resource use, they will be inspired to find ways to cut back.
- Internal Competition
Share footprint data across departments, organize a competition, and see the troops rally! Some factory heads would rather miss financial targets than green goals because its just too embarrassing to be at the bottom of the list. (And since every dollar saved goes straight to the bottom line, you might just find yourself more profitable in the current stagflation.)
- Customer Inquiry Satisfaction
A great green story can sway customers to your product, and if you are a CPG manufacturer, get you more prime shelf space at Walmart.
- Initiative Prioritization
A focus on the value-chain impacts of your operations can help you to quickly zone in on those initiatives that will deliver the biggest results.
- New Market Opportunities
When P&G did a study on detergent, they discovered the vast majority of energy use was a result of consumers needing to heat the water to use the detergent. Thus, they invented Tide ColdWater, which generated 2B in revenue in its first year. You could find similar opportunities.