Utility Management Software Guide: Features, Benefits, & more

As we all know sustainability has turned into a significant issue, the values acquired from productive utility utilization should not be miscalculated or underestimated.

Because of the way the utilities are managed, there is a huge scope of improvement for office buildings & multi-residential buildings by reducing waste and inefficiency in order to save money and other sources.

What is Utility Management Software?  

Utility management software assists companies in managing, monitoring, analyzing, and creates a report on consumption. It is also helpful in creating utility bills of yearly, monthly, or day-basis and calculating & allocating costs internally.  

The biggest benefits of the utility tracking and management software are that you can set alert and warning for consumption. So, when consumption is overdone you will receive an alert & notification.

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What are the features of Utility Management Software?  

Through the utility asset management Module, the user can manage the consumption of its facilities and services. The main features are:  

• Different types of meters for different consumptions.  
• Recording of electricity, gas, water meters, or any custom meters.  
• Add single or multiple meters for assets or locations.  
• Create daily, weekly or monthly schedules to record meter readings for assets or sites.  
• Specify recording times and when the users should receive alerts to input the meter readings.  
• Configure meters according to ascending or descending readings.  
• Alerts and warnings to the stakeholders when the consumption crosses a threshold and receives notifications for the same.  

Also Read: What Are the Major Benefits of Asset Management in the Utility Sector?

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What are the benefits of Utility Management?  

According to India education dairy, every Indian had wasted 45 litres of water every day in 2018. Similarly, a great deal can be said about how we as people, communities, and organizations use energy, water, electricity, etc.

At the end of the day, we can all be very wasteful, regardless of whether it's by neglecting to switch off a light, leaving the personal system on standby, or just generally forgetting to switch off plugs of motor resulting in wasting both electricity and water.

Among the various benefits, here is the first benefit of utility management is that you would be able to avoid wastage of energy. When you track your business energy utilization, you can identify “what you are not using or how to improve in your property and what are other alternatives options”.

With the correct information, you can make more effective decisions on the best way to minimize the expenses of energy in your business - monetary or something else.

Another benefit is that you save money! Obviously! An essential reason to track & monitor business energy utilization is that you can reduce your monthly bills, in other words, you can save a lot of money!  

The less energy that your business utilizes, the more you save, it's that simple. Recognize where you're overspending and rectify it and exchange up to make saving over your whole business.  

Also Read: Everything you need to know about Asset Tracking

Impacts of Utility Management Software

• Cost Savings: Utility Management software identifies inefficient energy consumption, leading to cost-saving measures and reduced utility expenses.
• Resource Allocation: Accurate data helps allocate resources effectively, preventing overspending and shortages, improving productivity.
• Sustainability: By promoting energy-efficient practices, the software reduces environmental impact and supports sustainability efforts.
• Streamlined Billing: The software automates billing for shared spaces, ensuring fair and transparent invoicing.
• Data-Driven Decisions: Insights from the software empower informed decisions on energy usage, upgrades, and sustainability initiatives.

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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.

Also Read: How CMMS Reports Can Boost the Productivity of an Organization?

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.

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How Can Utility Tracking Software Increase Your Business Productivity?

We have discussed below how utility tracking software can increase your business productivity:

1. Tracking Utilities of Multiple Locations

In order to increase productivity, it is important to keep track of the utility of all locations otherwise it can impact your monthly expenses bill.

Utility tracking & management software assists you identify all the utilities in all facilities. Tracking utilities also helps in controlling utilities which means you can save money.

2. Forecasting Consumption

Organizations sometimes consume a lot of utility, sometimes very little, and sometimes average so organizations are unpredictable. However, when you are equipped with this utility management software you can easily keep track of utilities that will be helpful in controlling utilities.

Moreover, it will provide crucial data through which you can forecast utility consumption.

3. Prioritize & Schedule a Work Order

A work order can be a small task of maintenance or some other task or it can be a long, hectic time-consuming task.

Work order contains the checklist & all the tasks that need to be done are mentioned so the team can perform the task and cross-check it and update the status at the same time.

Moreover, the manager can set the priority of each work order that helps the team to deliver quality and productive work.

4. Alert & Notification

Now you do not have to keep track of utility manually as this software will do it for you easily. This software enables you to set alerts & warnings so that whenever the utility limit is about to finish the system will notify you.

You can save from unnecessary spending and maintain utility bills easily. This feature is immensely helpful to organizations in order to increase productivity. Once this system is enabled your utility wastage will also decrease.

5. Utility Reports

Reports can play a crucial role in increasing productivity however they need to be accurate otherwise they will be effective.

Reports offer a complete view of the expenses; it lets you know all maintenance expenses; utility expenses. These reports assist in controlling your expenses.

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Conclusion: 

In today's world, sustainability has emerged as a crucial concern, and the value of efficient utility utilization should never be underestimated. With the management of utilities being a significant area for improvement, businesses, and organizations can save money and valuable resources by reducing waste and inefficiencies. Utility Management software proves to be a powerful solution for businesses seeking to enhance cost savings, resource allocation, sustainability efforts, and overall productivity. By efficiently managing, monitoring, and analyzing utility consumption, the software enables businesses to identify areas for improvement, prevent wastage, and reduce monthly expenses. With the ability to automate billing processes and provide detailed utility reports, the software streamlines operations and facilitates informed decision-making. Embracing Utility Management software empowers businesses to achieve greater efficiency, control expenses, and contribute to a more sustainable future.