Sustainability is critical for manufacturers looking to thrive in today’s market. From reducing waste and energy consumption to protecting the environment, incorporating sustainable practices into manufacturing processes is a win-win for both the planet and your revenue stream. One of the most optimal (and unexpected) methods to benefit your business and help save money is to invest in smart technology.
Mike Stevens, CBT Company’s Director of Digital Enablement, says energy monitoring software can be used for sustainability beyond environmental efforts. “There are several methods you can leverage using software and OT devices to generate financial savings. For example, the amount of energy used and peak consumption times,” Stevens explains.
“We have tools that help collect that data and let you compare, for example, your previous billing statement to your current billing statement. With that in hand you can monitor your current consumption trend and provide a prediction for what your next billing cycle will be.” Stevens says the most significant potential for savings is keeping a relentless focus on your WAGES (water, air, gas, electric, and steam) utilization, as those can be closely monitored and modified for cost savings.
“Armed with your WAGES consumption data, there are numerous actions you can take to maximize your savings. As an example, staggering your machine startups or performing an air leak audit and repair. Ultimately, both of these actions reduce your power consumption and drive to the bottom line,” Stevens explains.
The scope of sustainability extends beyond energy monitoring. Overall equipment effectiveness (OEE) and maximizing your production efficiency are crucial aspects of monetary savings. “Capabilities such as measuring machine status and job performance can enable manufacturers to monitor product quality, helping them eliminate waste,” Stevens says.
In addition to using modern technology to improve your company’s sustainability practices, considering an equipment’s energy requirements and investing in quality machine parts can help the environment and your balance sheet. Multiple studies have suggested that sustainability practices are an indicator of business growth.
“Sustainability and profitability can go hand in hand,” reads Reuters, citing a report by the Smith School of Enterprise and the Environment at the University of Oxford and Arabesque Asset Management. 90% of the studies on capital cost in the report show that sound sustainability standards lower the cost of capital for companies.
A global survey of over 1,350 manufacturers shows that over the past year, the driving factor for pursuing sustainability has shifted from fostering a collaborative environment and addressing social issues to improving efficiencies, indicating that manufacturers are rapidly becoming aware of the monetary benefits that sustainability brings.
Ready to use smart technology to save green? Contact a CBT Specialist today.
