BidEnergy Insights

Electricity off the charts? Eight alternatives to burying your head in the sand.

Posted by Stuart Allinson on 21-Mar-2017 12:31:03
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Volatile electricity prices have thrown conventional wisdoms like 'when is a good time to go to market' out of the window. Category managers are wondering how/where/when to tell the boss.

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Here are my eight tips to help you gain control of the agenda:

1. Recast your budgets by marking to market. Averages won't do - site based bottom up forecasts of commodity price environment and network are needed to show the business and departmental impacts.

2. Socialise with finance, executive property and business units. Get them adjusted to what is coming.

3. Review your portfolio for cost reduction opportunities in price usage and demand - to lessen the impact.

4. Identify the constraints that are causing your organisation to keep buying in the same old way - and eliminate them.

5. Develop an agile sourcing strategy. It varies organisation by organisation. Work out what type you are.

6. Get your data up to date - and keep it updated.

7. Track the market with live feeds to your budgeting system - keep your executive team informed.

8. Implement your sourcing strategy - track and repeat.

BidEnergy applies Robotic Process Automation (RPA) to keep customers in control of their energy spend.  

Do you want more control of your energy data? Enquire here about how to gain more agility now.

Do you want to learn more about best practice energy category management? Register below for the 2017 BidEnergy Masterclass series, kicking off in Brisbane, Sydney and Melbourne in May. 

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Topics: Insider