Impact of Energy Management Systems on Cost Management: with Mediating role of Technological Advancements in Renewable Energy Sector
DOI:
https://doi.org/10.54489/ijcim.v4i2.504Keywords:
Energy Management Systems, Cost Management, Technological Advancements, Renewable Energy, Energy Monitoring, Automation, Data Integration, Budgeting, Cost Optimization, Expense Tracking, ENMSAbstract
Impact of Energy Management Systems on cost management within the renewable energy sector is examined in this research, while focusing on technological advancements as the mediating role.
Quantitative research design is applied by using secondary data analysis and structured questionnaires from renewable energy organizations, implementing ENMS. Data is collected from 67 organization with 200 energy management professionals/managers and analyzed to examine the relationships between technological advancements, cost management and Energy Management Systems.
The research findings suggest that Energy Management Systems improve cost management significantly by enhancing budgeting accuracy, facilitating effective expense tracking and optimizing energy usage. Technological advancements further amplify aforesaid benefits by serving as a crucial mediator which enhances effectiveness and efficiency of ENMS.
Organizations are recommended to invest in Energy Management Systems to achieve operational efficiency and substantial cost savings. Continuous workforce training and investment in research and development are key to boosting benefits of ENMS as well as in maintaining a competitive edge within the renewable energy sector.
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