Harvard Business Review: How Your Energy Strategy Can Create a Competitive Advantage
Unless they found themselves in the middle of a crippling power outage, businesses traditionally never thought much about energy. Utility bills would be paid with little to no consideration, and the amount of money spent on energy for production and operations was rarely measured or controlled.
But thanks to a number of emerging trends, energy is quickly becoming impossible to ignore for businesses trying to remain competitive.
In a new article for Harvard Business Review, Enel X Chairman and CEO Tim Healy, author and expert on corporate environmental and social strategy Andrew Winston, and PwC’s Managing Director of Sustainable Business Solutions George Favaloro analyze their joint research into the energy practices at 145 companies with $1 billion or more in revenue. Facing rising demand to show a commitment to sustainability, regulatory pressure to reduce greenhouse gas emissions, and the emergence of technologies and alternative sources that have made energy efficiency more affordable and attainable than ever before, leading businesses in this area have taken a comprehensive approach to ensure they are covering all their bases. Energy has evolved from a forgotten cost of doing business to a massive opportunity to create value, and those that have adapted have already established a competitive advantage over their peers.
In examining these strategies at large enterprises across industries worldwide, the research identified the emerging leading practices behind the most successful approaches. For Harvard Business Review, Healy, Winston, and Favaloro lay out what it takes to implement a sound energy strategy, including:
- Starting with a C-level mandate
- Integrating energy into the company’s vision and operations
- Tracking energy at all levels of the organization
- Shifting to renewables and other advanced energy technologies
- Engaging key stakeholders
Learn more about the trends driving this transformation in the energy world here, and read the Harvard Business Review article to see how leading businesses are using these guidelines to capitalize on the opportunity.