The findings of the WNS-Utility Week research show that in the era of smart meters, the role of energy companies as energy consultants is constantly evolving

Analytics and IoT can help companies provide customers with smart energy solutions

Data access, billing transparency, energy efficiency, performance and compliance are direct opportunities for smart meters

Smart meters provide exciting new opportunities for energy and utility (E&U) companies and consumers. However, even if its promotion in the UK makes progress, its business case and model still seem to be uncertain. Based on the results of our collaborative research with Utility Week, we studied the potential of smart meters, the role of customers, and how E&U companies structure their businesses to unlock immediate and future value.

Great value promise

From the perspective of the relationship between suppliers and consumers, smart meters can redefine the role of suppliers as energy consultants. From an industry perspective, it can integrate new technologies and innovations throughout the grid. To benefit users, it can reduce costs, provide transparency and flexible pricing. From a social point of view, in addition to integrating alternative supply of renewable energy, it can also improve energy conservation, grid reliability and outage management.

Most business cases for smart meters depend on convincing customers to truly change their energy usage. The positive bias of most users in energy saving (for economic and environmental reasons) is an encouraging start. During and after the release, a positive experience needs to be created.

The customer experience during deployment needs to be driven by a timely, personalized information release schedule, status updates, tariff options, potential benefits, and concerns about privacy and health.

After the release, it will turn more to consulting services. The use of analytics in conjunction with the Internet of Things (IoT) enables companies to provide smart solutions to help customers effectively manage their energy needs. Home monitors can provide real-time feedback, enabling customers to analyze their consumption patterns and maximize cost savings.

Eight out of ten smart meter users who are keen to participate will recommend it to others. This highlights the urgent need for providers to have the correct operating structure

Work hard for success

 IT, customer relationship management (CRM) and customer service are the three business areas that will see the greatest impact from the introduction of smart meters. The strategy will depend on helping customers realize benefits. Analysis can support companies to provide variable pricing plans based on consumption patterns.

All change management plans should cover team structure and operations. It involves choosing the most appropriate field team model and training the team to enhance customer service acumen. New feature development needs to be balanced with operational priorities to maintain a high level of service, because important business processes will be affected.

Unleash future potential

The immediate opportunities for smart meters lie in the areas of data access, billing transparency, energy efficiency, performance and compliance. Analysis and technology bring more exciting possibilities for the future.

The Internet of Things and big data analysis will pave the way for connecting multiple devices. For E&U, it can improve grid intelligence and provide a projection model that combines historical data and weather forecasts to integrate the supply of renewable resources. Such innovations can take the customer experience to a new level.

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