Just over four months have passed since Ecova acquired Prenova and we wanted to share with you an update on the status of our integration efforts, what you can expect from our newly combined entity, and how we are working to bring greater value to our clients as we come together. As a reminder, we acquired Prenova in December of 2011 with a goal of solidifying our leadership position in the energy and sustainability market, and expanding our real-time building management and software-as-a-service (SaaS) capabilities.
At the time of the Prenova acquisition, we immediately began working to identify best practices from both companies. Our goal is to focus on the best from across both companies – the products, processes, people, and operations for each service area. Our initial work is complete, and we are moving ahead with changes in each area that we believe will benefit our clients. The updates include:
Our new Ecova employees have completed their transition to becoming Ecova employees. We have made some changes in our client service organization and staffing to better accommodate the teams’ strengths. These changes are complete and the new teams are working together.
EXPENSE AND DATA MANAGEMENT
Expense and Data Management services are a foundation for many of our offerings. Insight into energy usage and expense data is critical to the ability to deliver actionable insight and value to our clients. Planned service enhancements include:
- We are integrating utility invoice data, from our clients’ bill pay provider, for Prenova clients into Ecova’s platforms. This will allow the advanced analytical tools we have developed to expediently deliver more value from rich data sets. We expect this will improve data quality and allow for future enhancements to reporting capabilities.
- We are consolidating our auditing systems and processes and this work will be complete by the end of the year. The new system will provide the most robust invoice auditing available in the market.
ENERGY SUPPLY MANAGEMENT
Our Energy Supply Management (ESM) and procurement services can provide significant savings opportunities for clients looking to save costs and lower risks.
- We are building a reporting platform which will improve hedge data management, workflow, budget support, market information, and user dashboards.
- We are also making improvements in the availability of supply market intelligence, online contract management, and reporting consistency.
RESPONSE CENTER AND FACILITY OPTIMIZATION
One of the key drivers for the acquisition was Prenova’s leadership in remote monitoring with services such as Responsive Monitoring. A properly designed and executed monitoring program can significantly reduce energy spend, prolong equipment asset life, increase visibility to future cost reduction programs and improve the allocation of a business’s resources.
- We will provide a new, online client value reporting tool. This new tool will deliver greater visibility for call center monitoring activities including alarm tracking, dispatch activity, remote operational support and metrics performance. We expect to have our first release this summer.
- In several areas we are already working with many of our clients to deliver additional capabilities in “beta” format. Later this year we expect to have full versions available for upgrades that will:
- Improve the work order management database to support enhanced issue tracking and reporting specific to the equipment asset level.
- Improve the collection of energy management system data and archiving. This work will improve analytics and reporting and provide better direct asset performance information.
- Better integrate systems to support enhanced fault detection and diagnostics of facility data including energy management system and meter-level data.
As we continue our integration and development efforts and move forward with the projects listed above, we will provide you with updates on timing and on what these changes mean. Our goal is to continue to invest in the good work that Prenova started. This doesn’t happen overnight, but we are committed to making an impact for our clients’ business through our efforts.