Data Improves Utility Operations

Data Improves Utility Operations

The explosion of data available today has made a tremendous difference in energy distribution, consumption trends and pricing.

Utility companies harnessing data to improve their operations are also learning the power of gathering, analyzing and applying data to communicate with their customers, more quickly resolve issues and improve their billing cycle to maximize cash flow. Utility providers will see benefits and improvements to utility operations when they use solid data strategies, both in-house and through outsourced partners, such as collection agencies. Some crucial applications of data include:

  • Communicating with customers in their chosen medium: Customers don’t all respond well to telephone calls or mail. Their electronic preferences can span from web sites to text messaging to chat applications. Gathering consumer preferences — and permission to use those channels — builds better relationships.
  • Updating customer demographics and contact: Quickly updating customer contact information, whether it be from the customer themselves or through skip tracing to find those who have moved on, reduces wasted efforts and, in turn, cost. The focus should be on obtaining quality data.
  • Identifying trends: Tracking customer data can apply to the whole gamut of a utility’s operation. It can help in forecasting demand. It can identify customers who are likely to get behind on payments. Managing data effectively can benefit the entire enterprise.

Here at CBE Companies, we have the infrastructure and data management strategies in place to help utility companies manage debt collection at any point in the billing cycle. For questions or to learn more about our utility collection and customer service solutions contact us here