Having trouble understanding why you are using so much energy? Well AdvantageIQ’s team can help you find the opportunities for lowering your energy bills.
Ben Lack: So I’m here with Jim Poad from Advantage IQ. Thanks for giving us some of your time.
Jim Poad: Thank you.
Ben Lack: Can you start off by telling us about what AdvantageIQ does?
Jim Poad: Thanks, Ben. AdvantageIQ is a utility expense management company. When you think about large corporations with multi-sites across the country, they have spans within those sites or total portfolio. If you think about the data and how we capture data today, we take the utility invoice from the utility company. We bring it into our shop. We end up paying the utility invoice. We start collecting the data from the utility invoice, line by line items, and then we take and we use that data to help us control costs or control use from the portfolio standpoint.
So, as an example, if you’re out in an area where you can buy electricity in a lower market, we can take the data from the utility invoice, look at that data, and see how cost effective we can manage that price. If you look at the usage side, we may be able to put things, such as, metrics with the data that allows us to understand one facility against another facility and identify and outlyer as it relates to that facility. So if you think about a corporation with large end-use as it relates to how they’re producing, what they’re producing, or energy, where it’s coming from, we can manage that whole process.
Ben Lack: So the solution is really to outsource the entire energy management process to AdvantageIQ.
Jim Poad: Correct. I’m here with Paige Janson. Page manages the deliver side of our organization. A lot of people report for Paige actually takes the information and manage that process where that information is coming from and how more effectively to use that information to point out where, in fact, that the client can actually reduce energy or even make a more sustainable facility.
Ben Lack: Alright, Paige, you’re up.
Paige Janson: Great.
Ben Lack: Tell us a little bit about what you do.
Paige Janson: Absolutely. So one of the key components of AdvantageIQ is helping customers manage their utility management portfolio as efficiently as possible. So there’s two ways to approach that. One is reducing consumption, and the idea is to reduce cost. So we always have a saying that is the cheapest KWH is no KWH at all. So the idea is to find reporting mechanism to be able to compare locations and find those outlyers in order to reduce that consumption. And then once we identify that consumption, then trying to make it as cheap as possible in terms of looking for deregulated opportunities and also looking at the regulated market to see where we can afford our customers the most satisfying rate.
Ben Lack: So what would some of those outlyers be?
Paige Janson: It would be when you’re looking at facilities, looking at them based on a mixed energy. So looking a KBTU metrics. So per square foot is typically one of the most common metrics in our industry. Looking at just electricity usage, gas usage, but also being able to take that data and understanding what are the variabilities between sites that can make the usage go up or down. So if there’s a site in Florida, obviously, they’re going to be using a lot more energy to cool than a site in New York city. And so taking those variables and being able to impact the data to remove those out of the question. And so a site manager can’t say, “Yeah, of course, I’m using more energy. I’m down here in Florida baking away.”
Ben Lack: So when you’re doing this apples-to-apples comparison, is it a weather normalization study that you guys are doing to these different locations?
Paige Janson: So we not only weather normalize the data to make sure that every KWH is comparable, but we’re also looking at other factors, client-driven variables that are driving usage. So how many covers is a restaurant, or how many plates have you sold? Or for hotels, how what is the occupancy that you’ve had month to month and what can we expect that usage to do as those numbers change over time?
Ben Lack: So talk to me about why you guys do what you do personally.
Jim Poad: Well, personally, I’ve been in the business for over thirty years. And I grew up in the energy business. Started there fresh out of the military. Worked my way through the ranks. Got out into the marketplace. And we’re passionate about what we do because we think that we help the clients reduce overall energy costs either through the use side and cost side. It’s an interesting environment to be in now with the interest of sustainability. It adds a bit more value to what the client can ultimately do. And you’re doing something great for the environment.
Paige Janson: Yeah, I think it’s really, really empowering for site managers at the site level to be able to make decisions about reducing consumption and reducing rates of cost. Not everyone’s expected to be an expert in energy. And so what we have are the tools and the reporting that will allow these site managers or energy managers to be able to look at their portfolio and make confident decisions about what they’re doing. And not only that but being able to validate that decision by watching the change in the data. So really just empowering our clients to better manage their energy.
Ben Lack: Well, Jim and Paige, thanks so much for giving us some of your time, and we wish you guys much success. And we look forward to talking to you soon.
Jim Poad: Thanks.
Paige Janson: Great, thank you.
Ben Lack: Thanks.