Perspectives
Date
Author(s)
Nikhil Desai
Director – Data Science, Energy and Utilities
The energy and utility sector faces increasing financial pressure due to economic challenges, rising customer defaults and inefficient debt management practices. Predictive analytics offers a powerful solution to address these issues by revolutionizing the collection process. The right analytics models, well deployed, can halve a company’s bad debt write-offs in a short period while improving customer retention, minimizing operational costs and enhancing compliance.
This paper outlines a three-pillar framework that leverages predictive analytics, Generative AI (Gen AI), speech analytics and income-qualified customer strategies to enable utility firms to:
It further illustrates the framework’s real-life application with a case study of a Fortune 500 utility firm that saw significant improvements across the board – in collection rates, delinquency and customer engagement.
Predictive analytics and Gen AI not only safeguard revenue but also foster better customer relationships by offering more personalized interactions and improving service quality. As utility companies brace for future challenges, including rising demand, this whitepaper offers an actionable strategy to safeguard profitability and ensure resilience.
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Predictive Analytics
13 December 2021
Energy & Utilities
23 December 2024
23 October 2024