has been little competition within the Utilities Industry for a long time, so,
historically they have operated in that relatively uncompetitive sector. While competition can sometimes be a pain, it
also serves as an innovation driver, as a decision base for management teams, and
generally as a pressure generator.
The result of low levels of competition - especially in the industry in question - is that for a long time, management teams did not see any real value in prioritising customer experience or innovation in the CX field.
This is no longer an option!
Today, we have to realise that customer experience is no longer an option but a necessity. It serves as an opportunity to increase customer satisfaction, to bind customers to the company, and it can even help to reduce the costs of doing business.
With that in mind, let’s have a look at some innovations that can drive your business to the next level:
1. Real-time data
Getting real visibility and control over ever-increasing service demands is mandatory to get a grip on modernisation projects and to lay the foundation for future growth. For example, by adding line sensors to the distribution grid you can be provided with direct and real-time feedback about power usage, patterns, disturbances or stability, and you can react accordingly and improve the grid to gain a real edge in the market. Smart meters, or even entire smart cities, are other examples of real time data that can be put to good use not only internally, but also customer facing.
Self-Service Customers want information. And basically, they want it immediately. Standard operations like changing account information, viewing invoices, perhaps even getting insights on their usage - these have shifted from being exceptional services to being basic needs of customers. With self-service portals that also display the customers’ actions in your operative systems you get a double benefit. On the one hand you are making your customers happy, and on the other hand you get valuable insights into what is happening with your customer base!
3. Artificial Intelligence
AI has been hyped for years now, but previously whenever you looked deeper, you either found a basic algorithm or one could see the potential but not the maturity. Meanwhile, as AI has developed, you should start seeing the potential benefits. Forecasting and Optimising inspections of your assets might be a great start in the world of AI. However, providing insights into churn rates, customer satisfaction or usage predictions can also be extremely exciting fields for implementing Artificial Intelligence in your Business and getting instant value out of it!
Yes, Automation in the utilities and energy supplier sector has been a hot topic for years and one would think that we are beyond this already. However, this is not the case. This situation is difficult to understand as process automation is basically where you can get the most direct and measurable ROI. Instead of automation we can still see many paper-based, manual processes in the industry - even ones directly impacting customer experience and therefore satisfaction.
Of course, I could go on with that list forever, but let us all focus on what is important. If any of these topics or others regarding digitalisation are of interest to you, please visit our booth at E-World, or enter our prize draw to win a bespoke Digitalisation Package for your company at our virtual booth :