Poor data quality is believed to cost businesses an average of $15 million per annum and 75 percent of UK firms expect automation improve their operating costs, and a 62 percent forecast will in-crease their profitability.
The fact is, if you use a manual process to record, reconcile, and pay utility bills, then, in all likelihood, there will be a mistake in the data.
Taking the decision to digitize the management of utility bills is a big step in reducing the administrative burden of bill processing in your organization.
As the annual budgeting process begins once more and the firm’s executives renew their demand to reduce operating expenses. More often than not, the solution lies in focusing on a cost that is rarely tracked in much detail: energy data.
Utility bill management (UBM) sometimes referred to as utility expense management (UEM), simply put, is the process of streamlining utility bill collection, validation, and payment.
With so many sites, lights, bills, and processes to oversee, it’s hard for any manager to see the full picture. It’s no wonder the vast majority of businesses fail to track and measure their energy data.