How Can Utility Outsourcing Help Your Business Grow?
In today's competitive business landscape, organizations, irrespective of the industry, are constantly seeking ways to streamline their operations and improve efficiency. Similarly, utility process outsourcing is a promising approach for sustained corporate stability and growth. It offers a range of benefits for businesses from enhanced agility in dynamically shifting market conditions to improved compliance with changing regulations. Energy and utility process outsourcing has also quickly become a practical and profitable strategy because of the expanding customer requirements and customer bases.
Outsourcing enables providers to leverage business opportunities as quickly as they present themselves. Let’s understand how it can have some outstanding benefits in the utility industry and enable businesses to put their best foot forward.
Helping Businesses Respond to Changing Customer Demands through AI and Automation
As customer demands continue to evolve, businesses need to be agile and responsive to stay competitive. Utility outsourcing can help businesses achieve this by leveraging AI and automation. These technologies can streamline processes, improve customer service, and enhance overall operational efficiency. Utility providers can benefit from the latest advancements in AI and automation without the need for substantial investments in technology and infrastructure. For example, a utility business can cater to the latest market trends by launching new service lines like smart homes, connected home services, and EV charging. However, building even a single function affects the entire value chain, creating challenges like chasing tight KPIs and SLAs, operating between multiple platforms, forecasting challenges, and uplifting customer satisfaction.
With the help of utility business process outsourcing, providers can expand into these areas and leverage benefits like billing automation, customer relationship management, and meter data management, to be able to instantly cater to new market demands.
Complying with Changing Regulations
In addition to evolving customer expectations, regulatory pressure around smart deployment, customer satisfaction, and distribution networks surrounds utility providers. Further, increasing government regulations to upgrade systems can increase friction in services. For example, debt collections must be compliant with utility regulators, but offering utility services at scale can affect process compliance.
With business process services in the utility industry, processes like payroll, debt collections, and others where compliance regulation is mandatory, utility providers can rest assured.
Leveraging Utility Analytics to Outperform
Utility businesses track thousands of customer accounts with huge equipment networks. They are swimming in ‘big data’ but often face challenges in navigating through it and driving the most possible value. All of this data is indispensable in monitoring, forecasting, asset management, reporting, service improvement, fraud prevention, etc. But as companies scale, roadblocks like poor agility, lack of resources, and ineffective infrastructure present themselves. Therefore, utility providers may not often be able to serve huge customer bases. By leveraging utility outsourcing services, enterprises can be better prepared for tough storms like outages, equipment failure, and operational issues. With complete processes being outsourced, businesses can focus on innovation and building more solid relationships with their customers.
Increasing Efficiency in Warehousing
Efficient warehousing is essential for businesses that rely on inventory management and distribution. Utility outsourcing can help businesses achieve greater efficiency in their warehousing operations through the use of automation. Automated systems can optimize inventory levels, improve order accuracy, and reduce the time and effort required for manual tasks. Moreover, utility outsourcing can also address training needs through AI training programs.
Tech Mahindra’s New-Age Digital Transformation in the Utility Industry
At Tech Mahindra, we support organizations looking to grow at a fast pace by strengthening operational infrastructure on the whole and driving utility digital transformation. Our lean methodology makes utility processes more streamlined, fast, efficient, and robotic process automation (RPA)-ready. With over 16 years of experience in the utility industry, we have set benchmarks with our service and technology. Here are some of the broad benefits of Tech Mahindra’s utility services:
- Improved efficiency and sustainability
- Process mining and process modelling for continuous improvement to reduce waste
- Robotic process automation (RPA) synergistic lean techniques
- Intelligent automation (IA) supported by data-driven task and process mining
- Preparedness for new energy ecology
- Intelligent workflow management through energy and utility consulting
We enable businesses to adopt a digital-first strategy with effective solutions implemented quickly into the existing client service infrastructure. With our data and analytics services and advanced automation tech, we simplify the most complex and isolated processes to deliver optimum value for businesses across operations like meter-to-cash management, customer service management, payment and invoicing, field service management, debt collection, regulation and compliance, and more.
We offer 300+ industry use cases with brilliant feats like $10M savings with order-to-cash, a 20-30% increase in productivity, and a 12% increase in customer satisfaction.
Do check out our utility service offerings in detail on our website to understand how Tech Mahindra can drive digital transformation in your organization and accelerate growth.
