<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=414098312259560&amp;ev=PageView&amp;noscript=1">

What's the ROI of Utility Smart Technology?

Posted on Jan 9, 2018 10:00:00 AM

When you think about Smart Technology you may first think of consumer products, but Smart Technology is part of a much larger evolutionary change - a catalyst to re-thinking all sorts of business services and equipment.

Smart Technology is becoming more and more prevalent in the marketplace, yet despite this, a large percentage of companies are yet to adopt it and obtain the positive Return On Investment (ROI) that is generated from the implementation of Smart Technologies.

Harnessing the power of Smart Technology is imperative to Utility providers, and companies should look to improve the areas where the largest ROI can be generated (HBR, 2016).

Smart Technology can significantly help reduce costs, operational expenditures, and free up more time for your staff to do other tasks (Procter & Gamble, 2013).

Understanding how Smart Technology will impact the utility industry is imperative. Smart Technology can help reduce customer’s utility bills, help them manage their carbon footprint and boosts your company’s operational efficiency.

Because cost is always a factor, it’s important to ensure you’re receiving the most value possible for any technology investment. The Smart Technology solution that works for you, will be one that is not only feature rich relative to cost, but also ensures a quick ROI.

The expanding influence of technology in the day-to-day lives of consumers has changed the way they interact with the world. Today, consumers prefer to manage their accounts online through their phone, laptop, or desktop computer.

With the rise of self-service and customer engagement technology, consumers expect—and demand—access to their utility providers 24 hours a day, seven days a week. As mobile access continues to expand, this demand will only continue to grow.

New call-to-action

Benefits of Smart Technology Implementation for Utilities

 Smart Technology allows utilities to provide customers with an opportunity to sign up for e-billing, online payment, and other paperless initiatives—immediately reducing costs associated with paper, printing costs, and postage.

Enabling customers to conduct self-service via web portal will also allow your call centre and customer service staff to better allocate resources.

With Smart Technology and online billing, utility providers can send notifications to customers ahead of payment due dates, or reminders once due dates have passed.

Consumption data from Smart Meters (and traditional meters) can be used to provide Utility consumers with better insight into how much water, electricity, gas or other utility they are using. Patterns and trends provide input into predictive billing which can be helpful to consumers wishing to regulate their monthly billing amount.

Consumption data presented graphically in interactive charts is well received by customers because it is much easier to interpret. Consumers also appreciate automatic push alerts and notifications about high usage so that they can take action accordingly.

Many consumers are interested in reducing their footprint for ecological reasons and to save energy costs, and Smart technology is the way forward because it provides information and analysis directly to the user.

To read the full ‘Customer Satisfaction & ROI with Smart Technology’ guide click the below button:

Download Now

SilverBlaze is a leader in customer engagement and collaboration, we specialize in providing self-service portal and intelligent form software to electric, water, and other utility companies.

Over the past 17 years, SilverBlaze has successfully empowered clients throughout the United States, Canada, and the Caribbean to maximize customer engagement. Learn more about the diverse roster of clients SilverBlaze has helped succeed

Topics: Smart Metering, Utilities Trends, Customer Service