In an era of rapidly evolving technology, utility companies are constantly on the look-out for innovative and differentiated value propositions and strategies that can revitalize overall customer experience, boost market coverage, ward off competition, and stay relevant. Broadband over Power Line (BPL) - the ability to stream data signals over existing power line infrastructure - is one such innovation with immense potential, offering a unique transformative opportunity that promises to unlock hidden value, drive resilient growth, and enhance ROI. Players like SSE in the UK have started offering gas and electricity, as well as phone and broadband services. Similarly, Trustpower in New Zealand provides its customers with combinations of PGIP (Power, Gas, Internet and Phone) along with irrigation water.
Driving Customer Connect and Convenience
This presents an exciting opportunity for Utilities to recalibrate their customer services by leveraging change and modernization. The new collaborative framework has the innate potential to offer a variety of customized solutions at highly competitive rates, opening up new avenues for cross selling to existing customers and acquiring new ones.
With the advent of this new technology, chances are that service providers will experience a healthy and upward trend in the demand for personalized solutions. This is where Utility companies should try to take advantage of the benefits of engaging Business Process Outsourcing (BPO) options to implement and manage an effective customer lifecycle management (CLM) process, as it will become a crucial area that deserves renewed attention and focus.
The need for implementing and executing an effective CLM process
An effective CLM process empowers Utility service providers to maximize the value derived from each customer in each phase of their journey. It also helps in improving the revenue per customer. Here are some of the modern day CLM systems, their features and benefits.
- Enhanced visibility of customer lifetime value, through advanced analytics: The customer’s decision journey generates massive quantities of data from multiple sources. A deep analysis of this data from the rising number of Utility+ Telecom customers, ensures a 360 degree visibility into the actual lifetime value of the customer.
- Executing transformational changes in front line interactions: Front-line interactions are crucial in executing an effective user lifecycle management program. Analysis of Utility+ Telecom customer data should provide the basis for transformation initiatives that helps those on the fore-front of customer interactions to redefine their interactions with customers and other stakeholders. A good CLM program would therefore help in achieving an optimal amount of in-depth analysis-led on-the-ground changes.
- Optimizing loyalty programs: Loyalty programs can be a major customer engagement tool. An effective CLM process can be leveraged to create and monetize loyalty programs and relevant program data. This will help fine-tune the programs and maximize returns, going forward.
- Enhancing the overall customer experience across all touch points: A competitive and cost-effective customer experience strategy linked with business objectives, can generate significant value for companies operating in this space. Leveraging an effective CLM can help you enable seamless customer experience – one that is closely linked to a combination of expectations and cultural aspirations.
Why partner with HCL?
HCL has deep expertise in the Utilities space, with significant experience in executing effective CLM initiatives across best-in-class retailers across the globe. Partnering with us helps you realize maximum value from each of your customers while still being able to deliver the highest quality service.
HCL leverages its extensive domain expertise and BPO service excellence to address the challenges faced by Utility majors worldwide. Very recently, we helped a leading telecom services provider in the UK address challenges of poor CSAT scores, misaligned structures, outdated legacy systems, and funding constraints for transformational activities. We helped them execute transformational business processes, and redesigned their business model into one that is both scalable and comprehensive, reduced the cost to serve by 40%, improved CSAT by 20% on an average, and raised FCR by over 15%.
In another instance, we helped one of North America’s biggest suppliers of electricity, natural gas and related services, implement a comprehensive solution to support its daily operations while providing additional flexibility to meet ever-changing demands.
The Road Ahead
This model is a low infrastructural investment platform; however, as mentioned, its true challenge lies in providing seamless and undisrupted customer service at the highest level. The future is as uncertain as it is limitless in capacity. Utility+ Telecom service is the obvious next step, and HCL is committed to being a steady partner in helping you realize your full potential while treading this unchartered territory.