Energy providers are facing unprecedented pressures from a rapidly changing marketplace. Grid modernization, government regulation, technological advances, cyber-security threats, rising expectations from consumers and shareholders, and the falling cost of renewable energy sources are just some of the issues that are converging to disrupt decades-old systems and business models.
Customer-centricity has become a key factor transforming the landscape for energy providers, whether they’re operating in a regulated or deregulated market. Business and residential customers alike are demanding smart solutions to manage energy consumption and cut costs, thereby expanding the customer service model from transactional to relationship-oriented. Utility companies are finding that the road to success in the digital age calls for a strategic data-driven approach in which innovation and improvements are directed by customer insights and analytics.
In recent years, the retailization of the energy sector has spread across deregulated and regulated markets. Consumers have come to expect the same type of personalized experience from their utility company as they would receive from world-class service providers, including a transparent billing process, mobile apps, digital self-service, real-time communication and proactive notifications, among others.
For utility companies, investments in updating the power grid infrastructure and digital transformation must be balanced by optimizing operational efficiencies and cutting costs. Consumers want utilities to provide advanced technology and smart grids, but without raising their rates. Even as utility companies take steps to make the grid more resilient, they often find themselves under increased public scrutiny in the wake of severe weather events that cause widespread outages.
Consumerism has infiltrated the energy sector and is transforming the service delivery models for both regulated and deregulated utility companies. Energy providers are expected to deliver a customer experience that rivals the likes of best-in-class service providers like Amazon and Apple, while operating with extreme efficiency to keep costs down and pricing in line with new competitors on the market. The following are key service-related challenges facing utility companies:
To optimize efficiencies, utility companies turn to call center outsourcing providers for customer engagement. CustomerServ excels in both regulated and deregulated utility marketplaces, understanding the unique customer service and revenue-generation mandates for each. CustomerServ has already hand-selected best-in-class call center outsourcing vendors with expertise in the following regulated and deregulated areas:
1 The smart home market is expected to reach $138 billion by 2023, with smart meters holding a major share of the pie, according to research by MarketsandMarkets.