Requiring considerable physical infrastructure, water companies are typically restricted to specific regions within a country from a consumer perspective and continue to be so. This has resulted in lower levels of competition in the marketplace, with a high degree of regulatory oversight in order to control many areas including pricing.
The advantage of this infrastructure is consistent revenue for investment, however with a disadvantage of mandatory service provision and heavy restrictions on any disconnection. The end result is a squeeze on profitability.
Nonetheless, times are changing, and market forces being introduced are creating a sea of change for the industry, with new a focus on optimal processes to ensure market competitiveness to ensure profitable customer retention.
Transformational help from QUALCO:
A persistent problem in the water industry has been usage and billing accuracy. Water usage is routinely estimated and accurately determining responsibility for exact volumes can be a challenge. This presents difficulty in maintaining traction in collections and recoveries strategy, generating complaints, and revenue loss.
Restrictions on water providers such as the inability to disconnect customers in arrears represent a unique issue as customers continue to incur debts even with extended periods of non-payment. The issue is further compounded if customers then move, requiring specialist change of tenancy/occupier or resulting in unoccupied properties, with additional processes to attempt to collect funds due.
These have both led to a rising portfolio of aged debt, uncollected revenue that represents an opportunity for in year bottom-line improvement in profitability.
QUALCO can help with your aged debt strategy:
With controlled pricing, cost efficiency remains a focus across the industry. Process re-design, the use of technology, automation and a focus on digital strategy is a key element within this.
Self-serve, the ability to capture and use of data is enabling enhanced higher levels of service, especially when integrated with technologies such as omni contact channels. Enhanced data allows for additional segmentation, risk modelling and collections strategies all to be tailored to a customer’s situation, including trace strategies to determine who is occupying the property, improving collections effectiveness. The use of and handling of Credit Bureau reporting is also becoming more widely used.
These techniques are also extending into the recoveries processes, including integration with field agents and across the legal process. Automated workflows are being used to streamline processes, control workflow and optimise performance.
QUALCO help in process transformation:
Managing on premise and third parties with QUALCO expertise:
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 THE WATER MARKET TO:
ENABLES THE WATER MARKET TO:
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