Step 19: Look out for innovation
The rising cost of energy has led to a range of new products, services and ideas that save energy and reduce the running costs of businesses.
Keeping informed of the latest innovations in energy efficiency can sometimes lead to big reductions in your energy bills. This section shows you some of the fields where innovation is taking place and the developments some companies are putting into place to save on their energy bills.
Innovation can come via new technology, as well as through changes to systems and processes. Some of the most innovative ideas might come from your own staff or stakeholders, so make sure that you involve them in your efforts to reduce energy use.
Pursuit of innovation increases productivity
A report released in September 2013 by the Australian Bureau of Statistics found that businesses that sought out innovation were more than twice as likely to improve their productivity than those that did not.
“Productivity increased for a third of businesses that took steps to innovate during 2011–12,” said Andrew Puljic from the Australian Bureau of Statistics, “while only 14% of non innovation-active businesses reported any increase in productivity.”