The utilities business has become increasingly competitive. As the regulatory environment pushes this industry toward greater transparency, increased efficiency and the adoption of smart grid technologies, many players are attempting to strike a balance between profitability and customer experience transformation.
As balance sheet pressures rise from both cost and revenue perspectives, utilities are pursuing alternative strategies to improve their bottom lines. One means of doing so is to identify and control customer churn and more efficiently manage new means of market expansion. This could be by improving operational efficiency or by bringing in new customers within the same geography – or a mix of both. Building a modern digital ecosystem is critical to attracting new customers and expanding the overall customer base.
A digital ecosystem is an interdependent group of enterprises, people and/or things that share standardized digital platforms for a mutually beneficial purpose – such as commercial gain, innovation or other common interests. Thus far, most utility players haven’t fully captured the benefits of a digital ecosystem to engage their customers’ interactions.
This white paper offers a viable framework that addresses the needs of both utilities and their end users. The framework also helps utility players assess their customer experience maturity.