Below I have outlined some measures that companies can take to both save money and continue to earn more revenues despite high levels of competition and tariffs.
Install LED Lighting and IoT-based Light Monitoring in Your Own Offices (Don’t be Hypocritical!)
It would be hypocritical if an LED lighting company does not use LED lighting in its offices. So the first and most obvious step is to install LED lighting to reduce ongoing energy consumption and maintenance costs. Lighting firms can take this reduction in energy usage for light further with the installation of IoT-based light level monitoring, scheduling, and automatic dimming when an area is not occupied.
Install Office Usage Monitoring
LED lighting firms can take this reduction in energy consumption for lighting several steps further if they install office usage monitoring systems that examine patterns in the number of occupants in certain areas of an office to optimize office space usage. While this requires using someone else’s technology, the benefits may be worth it just from finding the right sized office space for the company’s needs. This could reduce the amount owed each month for the office space lease.
Potentially Increase Productivity by Making Employees more Comfortable Through Lighting and HVAC
Other potential improvements may result in increased productivity of employees. Although the outcomes may be less conclusive so far, the use of lighting and and HVAC settings to enhance worker productivity should be looked at. While all of these are costly at first, these improvements should pay for themselves over time.
LED Lighting Business Should Focus on Lighting as a Service
A lot of businesses including many big ones still have not adopted LED lighting as their primary light source technology. Many are still using conventional fluorescent technology over large indoor areas. One such an example that could greatly benefit from LED lighting at all of its locations around the world is Gold’s Gym. I know this because I frequently go to the gym. In fact, I go there so often that I know just about everyone who works there including the management, the custodial staff, and the maintenance man.
The gym location that I go to has relatively dim lighting that needs frequent replacement. The lights have to be on as long as the gym is open. So, you would think that LED lighting is a no-brainer. I asked both the maintenance guy and a member of the management why the company did not have LED lighting. The answer I got was the same, the initial cost was just too high, and such big decisions have to be made at the corporate level and not for individual gym locations.
The one option that they have not likely heard of is lighting and monitoring as a service. In this way, theoretically, Gold’s Gym Corporation could get LED lighting at its locations without any initial capital investment. Then the company could pay a monthly lease for LED lighting and monitoring across all of its locations. The LED lighting company could monitor the LED lighting, ensure that the interchangeable light sources are the best technology available and set up a system that increases the energy savings through selective dimming and scheduling.
Lease Cost Must Save Money From the Start
To make such a value proposition palatable, the LED lighting company would have to offer such a service such that the montly lease for lighting as a service and the electricity for the LED lighting totaled to significantly less than the current electricity usage of the third-party client, in this case Gold’s Gym. So, it would be an offer that they could not refuse.
Overall, I think that these measures would help LED lighting firms continue bringing in revenue long after most everyone has already purchased or is leasing LED lighting.
In this way, LED lighting firms could maybe act as a separate utility option for companies (water, electricity, and lighting/IoT?).