The Utility Analytics Institute’s Customer Analytics Report published last year reports that improving customer engagement is consistently at or near the top of how these analytics leaders are ranking the importance of improvements via customer analytics.
Drilling down into this a bit more provides additional insights. Looking at one area that has some real costs associated with it sheds some light on the value that analytics brings to the table: credit and collections. Utilities typically write off millions each year, and this is done almost as a cost of doing business. In other words, it’s like, “Well, we wish we didn’t have to write this off, but it’s always been this way and probably always will be.”