The intense competition in the utility industry is placing great pressure on firms to improve their processes and technologies. By doing so, firms are able to reduce costs, deliver personalised services and offer self-service solutions. In turn these internal innovations are ensuring customer experiences are enhanced and ultimately satisfying.
The expectations of customers are ever changing and increasing. New and improved alternatives are constantly being presented to consumers, enticing them to switch providers if they are unsatisfied with their current providers.
Because of this, utility providers are seeking new strategies to gain competitive advantages over their competitors. Some note-worthy innovations and trends in the industry include:
Utility companies are benefitting from the development of apps which enable customers to control their own energy usage, monitor bills and receive personalised alerts.
These inbound self-service customer interactions increase customer satisfaction as utility providers are perceived as more transparent and technologically superior in the eyes of the consumer.
Utility companies are developing new technologies and start-ups via venture capital initiatives and establishing partnerships with technology firms to introduce innovative services and offerings such as community energy projects and new home owner options such as rooftop solar and battery storage.
Changing the nature of relationships with customers
Focusing on customer feedback and surveys, utility companies are offering subscription-based electricity services. This involves customers paying a fixed monthly subscription price and choosing the corresponding level of utility provided products and services.
Utility providers are also implementing more sophisticated metering infrastructure in effort to improve the process of communication with consumers. Renewable integration, demand response and distributed generation are programs being accelerated to engage customers and improve grid operations.
Utility providers currently have the opportunity to offer more value to customers, at lower costs with greater personalisation than ever before. In order to retain customers and market share, companies must invest resources to innovate their processes to maximise customer satisfaction and experience if they wish to survive and differentiate themselves in the industry.
If you are looking to improve your business’ operations, our team of consultants at Utility Software Services provide a range of services and solutions designed to be customer-focused and simultaneously deliver high quality outcomes. Get in contact with us today to learn more.