Navigating The Energy Transformation Journey - Step 4: Execute Strategy and Implement Projects
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Successfully navigating the energy transformation journey is increasingly critical for organizations in order to meet regulatory requirements, exceed growth and profitability objectives, satisfy stakeholder expectations and achieve competitive advantage. ?Overcoming obstacles on this journey may feel challenging, but leveraging guidance to support strategic and resource constraints can both smooth and accelerate the process. Holistically approaching the transformation and leveraging synergies, spanning energy procurement and demand management with sustainability initiatives, can unlock growth while advancing strategic goals.
The EnergyWatch series “Navigating the Energy Transformation Journey” – chronicling a journey that all organizations are traversing - has centered on exploring ways to optimize this critical five-step process for success and traction.?
The series initiated with an overall summary, offering perspective when embarking on the five-step journey, then delved into the first step, “Determine Goals and Objectives”, which can be an intensive process reliant on external data to establish internal metrics and success criteria. Step Two, “Gather Data and Measure”, offers recommendations to establish the critical foundation of collecting relevant data and conducting measurements. Moving on to Step Three, “Assess Information and Develop Strategy”, we explored how organizations must assemble and synthesize the building blocks of an energy management strategy.?
Today’s edition dives into Step Four “Execute Strategy and Implement Projects” – the culmination of the previous three steps and the juncture with activating the strategy - that brings its own unique challenges. It may be counterintuitive to learn that while a solid strategy paves the way for ease of execution and implementation, this step is often surprisingly the most challenging hurdle for organizations on the energy transformation journey.?Many organizations unexpectedly experience unanticipated delays, cost overlap and incorrect pricing as they transition to project implementation.
Actions required in this critical step on the journey span:
While these action steps seem straightforward, obstacles that often arise range from a lack of resources, knowledge, bandwidth and expertise to implement, to selecting appropriate products to navigating limited budgets. To overcome these challenges, organizations often seek out support from one or more of the below resources:
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After all the planning, reaching the point of executing the strategy may seem as though it’s a downhill ride ahead, however, it often poses unexpected challenges on the journey.?Resource constraints often reveal the need to engage partners for implementation. Sourcing partners for implementation should be initiated with a competitive procurement process, securing funding and capital and identifying the optimal third-party partners to implement key identified projects.
In addition, finding optimal products to fit the implementation of your strategy requires expertise and guidance that may be lacking in your organization, either due to experience or bandwidth or both.
Supplementing internal resources with help from skilled partners can supercharge strategy execution and implementation, paving the way for project success and bringing confidence to internal teams for intended return on investment and results. Finding and swiftly engaging reliable, qualified, and cost-effective third parties is key to successful implementation for many organizations.?
As we look ahead to Step 5, Evaluate and Maintain Strategy, it’s valuable to consider that while most of the hurdles may be in the past, the overall success relies on ongoing support.? The long-term urgency and impact of energy transformation for any organization, dictate this final and ongoing stage of the journey often needs to be more appreciated and resourced.
This is the fifth edition in a series of “Transformation Journey” newsletters dedicated to helping energy transformation executives identify obstacles and clear the path on their journey to energy transformation. In subsequent editions, we’ll continue to unpack each step of the journey in detail and provide insights to overcome obstacles you may encounter.? We’ll tackle Step 5, Evaluate and Maintain Strategy in our next edition.
Let’s continue the conversation about your journey!?To schedule an initial discussion,?click here.?