There has been rapid transformation in the energy sector over recent years. Extremely competitive with increasing customer demands and lowering price expectations.
Historically being unable to choose its customers and deploying generic strategies, it has been transformed into a dynamic and hugely competitive marketplace, with price savvy customers repeatedly switching providers to take advantage of new customer offers and technology. Profitability has been squeezed all at a time when investment is required just to keep up. An efficient roadmap is required.
QUALCO can help the Energy Sector deliver an efficient roadmap with fully featured and flexibility functionality:
A low-cost solution, with advanced feature capability
Specialist processes for Change of Tenancy, Change of Supplier and field collections
Ease of upgrade and implementation
Strong track record and industry specific experience
Good customer journeys help with fair outcomes. A low friction process is essential in Collections as elsewhere to help manage arrears and control costs. This is being re-enforced by the regulators who continue to introduce best practices from other industries into the Energy market.
The market is responding with new services to fulfil these demands, including meeting the needs of vulnerable customers and social obligations. Great usage of data, leveraging automation, smart meters, and the ability to self-serve are all drivers for energy providers to become smarter, improve the customer experience as well as collections effectiveness.
QUALCO can help streamline your processes:
Digital platforms can be a key enabler, reducing the cost to serve and creating an enhanced data environment. Energy providers are deploying technology to use data, support new scorecards, decisioning rules, enhanced contact strategies and robust inventory controls - all with the aim of streamlining the customer journey, ensuring customers receive the best treatment at the right time. This needs to happen with complete performance visibility.
Credit Bureau reporting and data sharing play a large part in the energy lifecycle. Customer data including payment behaviour is influencing smarter decisioning and treatment strategies. The ability to influence appropriate energy packages for consumers based on risk allows providers to reduce the volume of consumers falling into arrears, focusing on those flagged with a high propensity to default (using pre-delinquency strategies and prompts) reducing the bad debt numbers and aiding retention.
Leverage your data with QUALCO:
Specific process challenges remain. The change of supplier/tenancy/occupier processes all add a degree of complexity and need to work well to prevent impacts to collections and recoveries results. Similarly, with field visits, legal and disconnection processes.
Robust process management, performance data and automated interfaces with external third parties help to ensure all accounts are processed in a timely manner, no account is left behind, and every opportunity is maximised.
QUALCO can help to manage and streamline specialist processes:
QUALCO’s technology ecosystem helps you leverage data to gain customer insights, understand account behaviours and flexibly drive effective collections strategies to stay in control. Use the latest tools and techniques to minimise losses, optimise cost whilst creating good customer journeys and outcomes.
ENABLES ENERGY COMPANIES TO:
ENABLES ENERGY COMPANIES TO:
Practical Guide Series on Covid-19: Identifying customer behaviour before and after the pandemic
Practical Guide Series on Covid-19: Upgrading from legacy collection systems to remote working, quickly