Utilities Tech Outlook Weekly Brief
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Multiple, unrelated sources can lead to incorrect or missing findings, and utilities can better serve their customers by prioritizing data sources.
FREMONT, CA: Capturing the full value of today's technologies can cut costs and increase performance. Customers demand simple, predictive, seamless experiences across channels across industries. Efficient utility analytics alerts customers of higher winter bills and offers strategies to lower them. While using an airline's app, IVR, and agent, customers have a smooth experience. Advanced analytics enable great cross-channel customer service. These characteristics can increase customer satisfaction and minimize the cost to provide. Companies are improving customer service to match customers' high expectations.
Possibility of use
It is essential to have a thorough understanding of the baseline, the value at stake, the implementation costs, and the time to impact when estimating the value of a use case. When developing use cases, utilities should begin with publicly available data sources to demonstrate value. For instance, a customer journey use case would necessitate bringing together customer data from various sources, pinpointing the sites of failure, and then leveraging these findings to inform the development of intervention strategies. Once use cases have been prioritized, utilities can begin gathering the relevant data, forming cross-functional teams, and modifying their operations.
Competence in technology
Rapidly a use case can generate value depending on the organization's technical maturity, which considers factors including the availability of data and resources, deployment considerations, the possibility of adoption by end users, and scalability, among others. The utility is working to raise customer awareness of its digital channels and improve some existing digital features, such as streamlining bill formats, leveraging visuals to indicate bill trends, and cutting down on the number of steps required to begin service.
Correlation in terms of strategy
Utilities must determine which use cases are most important before they can incorporate advanced analytics. A use case's ability to increase customer happiness should align with the company's larger objectives. Numerous applications, such as "call propensity by customer segmentation," can be unlocked by integrating data from automated call distribution (ACD) and customer relationship management (CRM). Companies must learn how to combine information from numerous databases by linking individual customer records.
