Big businesses may make a lot of money, but they also spend a lot too. There are various things that bump up the running costs of a business but improvements in engineering technology have helped large businesses to become more efficient and reverse the tide. So how exactly has technology helped and how can you use it to benefit your business?
Clean energy helps to save big companies more than $1bn each year
One of the biggest developments in recent years that has helped companies save money is clean energy. As reported by the Climate Group, UPS, PepsiCo and Cisco Systems are just three of the major companies that have managed to make significant savings by switching to clean, renewable energy. There are 53 of the Fortune 500 companies that have reported savings regarding their energy and climate targets. This has amounted to more than $1bn in savings, cutting a massive 58.3 million metric tons in CO2 emissions in the process. This is the equivalent of closing 15 coal powered plants.
When you look at these results, it’s easy to see why so many large companies are turning their attention to green technology. Renewable energy is having the biggest impact on cost reduction, helping businesses to avoid high price rises from utility providers.
Not only is renewable energy saving companies money directly, but it is also boosting their reputation. A lot of customers these days care about the environment and look favorably upon businesses who make a commitment to greener operation.
Identifying energy saving measures
It isn’t just the US that is concerned with saving energy. The UK is also looking into cutting back costs for big businesses with energy saving measures. As reported on the Gov.Uk website, the Department of Energy and Climate Change has published proposals for energy saving assessments. These are set to help big companies identify any opportunities that could save them money on their energy bills. It is estimated that energy saving measures could help to save the UK £1.9 billion – with individual businesses about to save more than £50,000.
The benefits of outsourcing
Advancements in technology have also helped businesses in terms of outsourcing various services – with pioneering specialist firms able to take technical work off the hands of big businesses. Fabrication services are one particular area that has helped cut costs. Providing cost effective, flexible metal fabrication services, companies not only save money, but they also save a lot of time and hassle when outsourcing their fabrication needs from legit metal fabrication shops, metal roofing supplier, etc. Quality is also improved and it also reduces lead times. Construction companies can also outsource structural engineering services from commercial construction contractors for their residential and commercial building projects.
Overall engineering technology continues to help big businesses save money. By far the most significant development has been renewable energy. However, there are other ways your company could help to cut back its expenses. Outsourcing and making use of the latest equipment will all play an important role in helping you to drive down your costs. As technology continues to advance, it is certain there will be even more money-saving and energy-saving innovations. The trick for any business is to try to keep up with the latest developments and cash in on any opportunities that can help them cut their bills.
