Utilities such as water, electricity, gas are important for running day-to-day life either you are into business or not, but it is an important part of everybody's life. However, they are more important to businesses to run their business efficiently. But it is also a fact that lots of utilities are wasted, they are not utilized but it is wasted unnecessarily.
That is why using the tool of asset management software such as utility tracking software will be beneficial to organizations. It provides several other reports as well which can be useful in business to monitor utility consumptions! In this blog, we will get to know about utility tracking in detail & various utility reports that can be helpful in optimizing business.
What Is a Utility Tracking & Utility Tracking System?
Utility tracking is one of the most key features of utility tracking systems. It helps in minimizing utility expenses by monitoring utility consumption.
It also keeps track of its operations and financial processes. A utility tracking system saves utilities from unnecessary wastage.
Utility tracking software keeps track of utilities on daily basis. It sends alerts and warnings when utility consumption crosses the budget value. This is done so that overconsumption of utilities can be avoided.
With the utility tracking system, you can achieve the long-term sustainability of the water cycle system. This system is beneficial for managers as well, as they can make better and informed decisions.
The market for the utility tracking system is growing frequently. According to the Fortune Business Insights, “The global utility asset management market size stood at $3.31 Bn in 2019 and is anticipated to attain $6.20 Bn by 2027, at a CAGR (Compound Annual Growth Rate) of 8.5% in the forecast period”
What Are the Various Types of Utility Reports You Can Get with Utility Management Software?
Several types of utility reports you can get with utility management software are discussed below:
1. Budget Forecasting Reports
Budget forecasting can give your business an upper hand as it works proactively. These forecasting reports are helpful in decreasing the factor of unpredictability.
It can show you future utility consumption with the assistance of data history. Moreover, with smart planning, you can avoid or plan for future expenses.
2. Utility Consumption Reports
Utility consumption reports are essential as they provide valuable data. It gives a complete view of all your utility consumption in a single view that allows you to make crucial business decisions that help in minimizing utility consumption by decreasing utility wastage.
3. Utility Tracking Reports
Utility tracking reports you can compare day to day consumption. Through which you can find the actual reason behind utility consumption. Utility tracking records data on a daily or weekly basis. You can get detailed utility tracking reports of distinct locations.
4. Breakdown Reports
Utility management software provides breakdown reports. It lets you know how many breakdowns occurred, how many assets are maintained, or what is the current condition of assets.
Some assets consume more electricity than usual which impacts productivity with breakdown reports you can identify them.
5. Customized Reports
When organization analysis their performance they do inspect every aspect. For instance, they analyze gas, electricity, and water consumption in a segregated way in distinct locations. So, you can get customized reports as per your requirement.
6. Compliance Reports
Regulatory compliance is important. With utility management software you get compliance reports as well that shows you how much improvement has been made in assets condition, better service levels are achieved. All these reports assist in improving the efficiency of assets.
What Are the Benefits of Utility Management Software Reports?
The benefits of utility management software reports are discussed below:
1. Accurate Information
If data is not accurate then a decision based on the data will be wrong. Accurate information is important for businesses as it helps organizations in staying in the right direction.
2. Data Analysis
Data analysis provides valuable data that assist businesses in making crucial business decisions.
As we said earlier data accuracy is particularly important otherwise data will not be effective and the decision will be wrong if data is not correct.
Data is helpful in identifying pitfalls and data also assists in eliminating those problems.
3. Better Decision Making
When you have accurate information you can decide based on this accurate information. If you plan based on the assumption, then obviously your outcome will not be as per your expectations. Therefore, reports are helpful in making strategic and informed decisions.
Utility reports are helpful in improving business and employee productivity. If business optimization is your goal the utility reports are essential.
A lot of money is spent on utilities bills & maintenance. Therefore, utility management software can be helpful in organizing a systematic way for asset management.
One major benefit of investing in utility management software is that it comes with cloud-based technology. It means that you can access software from anywhere & you will not be bound by your workstation.
Another benefit is data security, lots of organizations worry about data security but not anymore! As a cloud service provider takes care of data and multiple layers of security are provided so you do not have to worry about data security.
The utility software also comes with mobile technology. It means not you do not have to carry a laptop to make changes with your smartphone you can do it easily. It will give you more flexibility when you are inspecting equipment you can schedule maintenance on the go!
Frequently Asked Questions (FAQs)
1. How does utility management software help the water industry?
The water industry provides services for clean drinking water & wastewater. They also treat sewage water. This service can be for residential commercials. They have heavy equipment which needs to be maintained this software alert teams for maintenance & ensures that each piece of equipment is maintained.
It alerts the team in advance about the upcoming maintenance schedule & shows activities that need to be done in each maintenance task. Moreover, it also helps in achieving better service level, regulatory compliance, business transparency.
2. What are the advantages of utility management software?
The advantages of utility management software are discussed below:
1. Utility monitoring
2. Alerts & notifications
3. Equipment maintenance
4. Regulatory compliance
5. Saving unnecessary expenses
6. Detailed analytics & utility reports
3. How is utility equipment tracking done?
For keeping track of utility equipment asset tagging that provides manager and technician exact location of an asset. For asset tagging, there are several techniques available in the market such as Barcode, QR Code, RFID, NFC, GPS, BLE, IoT, etc.