Data Does Not Lie
Identifying uncertainty is the only certainty in Businesses today!!
Businesses deal with uncertainty everyday. Indeed, the only certain thing in running a business is managing uncertainty. Utility companies also face such uncertainty in the face of adapting to changing technologies and changing customer demands. In this state of uncertainty, the use of predictive analytics offers Businesses a critical tool that provides them insight to mitigate the risks of such uncertainty. Industries worldwide are using predictive analytics to produce better outcomes, lower their cost to serve, and achieve higher customer satisfaction. Utilities have also realized in an era of “big data”, the application of predictive analytics will serve their long term business needs.
A research report by Forrester on “Predictive Analytics” stated that predictive analytics is within reach of all enterpriSEW if they choose the right solution. With utility companies expected to understand their customer base better and use resources more efficiently, predictive analytics can help these companies to drive to more positive customer and business outcomes. This happens by data being acquired by the utilities from smart data meters, but also from platforms that help report outages, theft and leakage empowering usage forecasting, managing loads on the grid and water conservation by the utilities.
As a customer, when you turn on and off the lights, turn on the air conditioning or plug in an electric vehicle, it generates data that the utilities collect. However, the collection of data does not mean such data is used. Thus to be successful, utilities need to bring this data to life. As the push for more services and customer satisfaction puts pressure on utilities to innovate their business models, “big data” will provide the insight to deliver a personalized customer experience. At scale, this will allow automatic delivery of timely, interactive, and relevant communications that will serve consumers and drive business outcomes.
Many other industries have raised the bar on customer service. With the use of predicitive analytics, the personalized experience is the minimum expectation that consumers are driving to. With the data accumulated by utilities through smart readers, call centers and customer data at their doorsteps, utilities can deliver this same customer experience.
At Smart Utility Systems, we build the #1 SaaS customer engagement platform that captures and amazing amount of information from meter reads, customer behavioral patterns and many other data streams. Our platform also provides to customers the ability to:
- Manage electricity and water and pay less
- Predict your usage and bills
- Get connected with your service provider in real time.
- Pay on the go! Get rid of endless billing queue
- Budget for your high usage and get notified if you reach the limit.
- Self-regulate your home & control home temperature.
- Get to know about several EE&DR Programs.
As we analyze this data through our unified analytics engine, we are then able to generate personalized insights that our utility partners can push to consumers whether on web, mobile, or paper. Our customer engagement platform has already begun to change the utility landscape as we have seen our utility partners realize. This has not only helped their business but will also have appositive effect on the environment and water conservation.
It is time to continue the transformation.