The ulity industry has to provide dependable service, but companies can’t rely on exisng best pracces. Energy and ulity companies have been spending millions on computer systems, soſtware and business design to reduce internal costs and create new revenue opportunies - not to menon exploring greener alternaves to tradional energy sources. This parcular industry slowly started to understand that customer care and informaon are among the most important funcons they need to focus on - especially for modern audiences. Younger consumers favor convenience, so they want services delivered in a mely and efficient manner, and they’ll speak up when things go wrong. They also want informaon on affordable and eco-friendly ulity opons. As more customers pay online or with credit cards, companies must priorize consumer data security. It’s important all informaon used to perform financial transacons and record customer communicaons are secure or a company could face fines and other consequences. Today, more than any other industry, ulity companies are looking to outsource their services. These investments grow as companies wish to stay compeve and sasfy industry regulaons and current consumer demand. The ulity industry demands new customer service soluons. Customer service is a top priority for ulity companies that must comply with security standards and respond to modern consumer needs - or else lose customers to flexible and green alternaves Ulity market esmated to grow from $4.63 billion to $11.73 billion between 2015 and 2020. Between 2007 and 2015, 27% of new electricity capacity came from wind power and the largest solar energy equipment installer in the U.S. doubled its business every year between 2010 and 2015. Localized power generaon steals business away from large companies. A 5% penetraon can cost large brands 4% to 9% in earnings. With a total of $913 million spending, the industry saw a 24% increase in outsourcing engagements in 2015. Millennials are 4 mes as likely to contact an electric company if there is a service interrupon than baby boomers. Did You Know: Industry Soluon Ulies *source - Mulple Industry Reports and Online Resources
Transcript
The utility industry has to provide dependable service, but companies can’t rely on existing best practices. Energy and utility companies have been spending millions on computer systems, software and business design to reduce internal costs and create new revenue opportunities - not to mention exploring greener alternatives to traditional energy sources.
This particular industry slowly started to understand that customer care and information are among the most important functions they need to focus on - especially for modern audiences. Younger consumers favor convenience, so they want services delivered in a timely and efficient manner, and they’ll speak up when things go wrong. They also want information on affordable and eco-friendly utility options.
As more customers pay online or with credit cards, companies must prioritize consumer data security. It’s important all information used to perform financial transactions and record customer communications are secure or a company could face fines and other consequences.
Today, more than any other industry, utility companies are looking to outsource their services. These investments grow as companies wish to stay competitive and satisfy industry regulations and current consumer demand.
The utility industry demands new customer
service solutions.
Customer service is a top priority for utility companies that must comply with security standards and respond to modern consumer needs - or else lose
customers to flexible and green alternatives
Utility market estimated to grow from $4.63 billion to $11.73 billion between 2015 and 2020.
Between 2007 and 2015, 27% of new electricity capacity came from wind power and the largest solar energy equipment installer in the U.S. doubled its business every year between 2010 and 2015.
Localized power generation steals business away from large companies. A 5% penetration can cost large brands 4% to 9% in earnings.
With a total of $913 million spending, the industry saw a 24% increase in outsourcing engagements in 2015.
Millennials are 4 times as likely to contact an electric company if there is a service interruption than baby boomers.
Did You Know:
IndustrySolution Utilities
*source - Multiple Industry Reports and Online Resources
Insurance
42% of the global population owned a smartphone at the end of 2015 and businesses shift customer service departments to respond to increased SMS engagements.
Over 50% of utility companies told an industry study they plan to increase social media investments to communicate with consumers.
Millennials are more likely than baby boomers to voice satisfaction with utility companies that provide optimal care after service interruption.
Millennials prefer innovative communication channels like a live chat over phone, except when dealing with complex financial questions.
Almost 66% of customers will pay more for services that are socially conscience, so energy companies should find ways to communicate commitment to smart energy use.
Over 50% of data breaches are caused by employee error and system glitches.
Businesses facing an increasing number of customer interactions and tighter federal scrutiny turn to new solutions to provide modern audiences with the service they expect and the security they need. The utility industry will start outsourcing customer care to third parties to provide multichannel customer interaction services in multiple geographies, particularly 24/7 support for critical interactions and consistent data performance for compliance. It would be wise to find a partner with significant expertise in various intelligent automation technologies and outsource services like back-office processes, meter-to-cash, F&A and HR.
With the incongruity of rate pressures, reliability and increased reporting requirements, utilities are taking a hard look at outsourcing. Some of the major challenges facing the industry right now are cyber attacks and public perceptions on outsourcing. Some believe the practice has negative connotations, which results in increased scrutiny from customers looking for personalized service. Businesses in the industry need service partners that ensure total security and a high level of customer care which can win over skeptical consumers.
Knoah is recognized as a leading global provider of BPO and Contact Center Outsourcing Services by such bodies as International Association of Outsourcing Professionals (IAOP). We provide comparable services with the same outstanding results yet because of our size, we can offer more flexible, responsive interactions with our clients providing a much more effective partnership. As a leading provider of Business Process Outsourcing, we deliver customer facing services that include voice, email, chat and social media support as well as non-customer facing services such as data/order entry and 3rd Party Quality Assurance services.
We’ve helped clients maintain year-over-year J.D. Power & Associates Call Center Recognition for Outstanding Customer Service Experience.
Did You Know:
IndustrySolution Utilities
*source - Multiple Industry Reports and Online Resources
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About Knoah:Whether you’re a Fortune 500 company or an SMB, Knoah Solutions’ global BPO services create memorable experiences that matter to your brand. Our customizable and flexible, multichannel solutions help you meet the needs and challenges of each of your customers through voice, chat, email and social media to our award-winning TotalAssure QA third-party call monitoring solution; all powered by our proprietary WFO tool, KnoahsARK. Knoah has the adaptability that big companies can’t provide and a level of competency and scale that smaller companies can’t deliver on. Knoah’s innovative and consultative approach has repeatedly earned us awards and recognition from independent review bodies like IAOP.
