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Why is Energy Management a Crucial Factor in a Company’s Growth?

Energy is among the factors which hold a grave importance as a resources & tool in maintaining the sustainability in our lives. Traditional energy sources still depend a lot on fossil fuels and other kinds of non-renewable energy sources. Non-conventional energy sources like solar energy, wind energy, hydro energy, etc. are still going through modifications and need more time to develop enough technologically. Predictions put such a time when the non-conventional energy sources will predominantly drive the energy sector a bit far further. In this situation Energy Management is the critical need in setting or corporate organization in the world. The importance of energy is unparalleled which makes it one of the management resources of a company. It is imperative that it should be managed and controlled by a systematic method in harmony. Nowadays, the private sector has especially become more sensitive towards energy costs and management. It is understandable that it directly affects their profitability and even their viability in many cases, which is why the demand for individuals with a degree in MBA in energy management in India has skyrocketed.

Energy Management is the practice of managing all kinds of energy used in the company by ensuring an optimum program of purchasing, generating and consuming it. While drawing up the short-term and long-term management programs companies consider the costs, availability, economic factors, and several other factors. Especially manufacturing factories are of much concern, as reduced costs by Energy Conservation leads to more competitive product prices.

The need of Energy Management:

Energy Management is essential as it influences a number of aspects of company operations and activities. Aspects like energy costs which affect the company profitability, the competitiveness in the world market, balance between energy supply and demand, national trade and financial balance and several other factors which play a pivotal role in the sustainability of an enterprise are dependent on the energy management. Contemporary corporate decision making and action taking processes are carried out on the basis of strategic approach towards energy management. Several dexterous individuals who possess degrees in disciplines like MBA in International Business are hired to understand the global stature of energy conservation and formulate suitable strategies for their organizations.

Energy efficiency can simply be defined as using less energy for the same or even increased output. In modern business world, management of energy is increasingly being recognized to be among the most important and cost-effective solutions. It not only helps the enterprises in reducing their costs and enhance the productivity resources, but it also diminishes greenhouse gas (GHG) emissions. Aside the environment protection, efficiently managed energy resources also improve a company’s overall efficiency. Even though from the surface, this may not seem to be an aspect which makes a lot of difference, but in long term efficient energy management protocols dictate the sustainability of a company.

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Symbiosis Institute of International Business (SIIB) was established in 1992 as an autonomous Institute. Today, SIIB is a constituent of Symbiosis International University (SIU) and is one of the highly acclaimed business schools in the country.

Stories by Naamdev Allapure