Severe unpredictable weather, unprecedented power draw from cutting-edge technologies, and intensifying governmental and regulatory pressures have created a turbulent landscape for power and utilities providers. There is now significant concern regarding grid reliability, from resiliency to keeping up with energy consumption. Coupled with aging information technology systems and shifting consumer expectations, many utilities companies are scrambling to keep up with the fast-paced changes impacting their operations and growth.
At Perficient, we help these organizations not only pick up the pace but gain a competitive advantage. Our experts are well-versed in the many challenges facing the energy and utilities industry due to years of client-side experience, first-party research, memberships at industry associations, and being trusted advisors at many leading utilities companies. Whether it’s grid and IT modernization or grappling with the evolution of utilities customer experience, we have been at the forefront of strategy development for award-winning digital transformations. Because of this expertise, Perficient was recently recognized in a leading global technology research and advisory firm’s report featuring notable digital solutions consultancies partnering with power and utilities companies across North America and Europe.
An Unexpected Twist on Industry-First Approach
Perficient’s experts dive deep into the specifics of each industry’s trends, drivers, and disruptors to ensure their advisory and solutions are tailored and relevant, but more than ever, organizations are being challenged to look outside of their industry and capitalize on solutions from other markets. The power and utilities industry is the perfect example.
Electrification Ripple Effect
Not many factors significantly affect multiple industries, quite like the adoption of and governmental policies surrounding electric vehicles. At first glance, this sweeping development has the most impact on the automotive industry. It did not take long, however, for most to realize just how much electric vehicle adoption would rely on the capabilities of utilities providers.
Automobile companies’ transition to electric vehicles and society’s adoption of them – though slow-moving – are causing additional stress on the grid. Mandates to cease producing traditional internal combustion engine vehicles are further augmenting this pressure, compounded by consumer demand for more accessible and faster charging. For automotive companies to answer these demands, they now look to the utilities providers who must make it all possible.
Perficient’s deep expertise in automotive and utilities is helping organizations in both industries to improve their capabilities and offerings in the electric vehicle charging space and collaborate to scale rapid charging, improve electric vehicle ownership and charging experience, and ensure resiliency in the face of increased energy demand.
Transformation From Rate Payer to Customer, Provider to Advisor
The automotive industry is not the only market introducing new challenges for utilities providers. Utilities companies have experienced larger-than-average debt collection deficits, as indicated in their 10K financial reports. Consumers are coming to expect from their utilities providers the experiences that other industries are innovating, such as retail and financial services. Historically, utilities customers have been thought of rate payers, but stellar customer experiences such as through mobile apps, loyalty and rewards programs, immersive virtual experiences, and intuitive virtual assistants have challenged the industry to rethink their interface with customers.
To tackle this change, energy companies are looking outside their industry, such as to big box retail stores and successful financial institutions, for answers. Many are adopting a digital experience mindset to develop major applications, customer-facing portals, and consumer-first programs. In response, Perficient approaches collaboration with these organizations with cross-industry solutions.
We were able to replicate and apply the compassion-based debt collection strategy within utilities, greatly assisting where their income was suffering. By reaching out to late accounts in humane ways, such as text messages, these utilities companies saw greater success in attaining timely payments and collections.
“The shift towards digital-first utilities requires cross-industry solutioning. This sector looks to Perficient for our ability to digitally transform and share solutions across our entire industry portfolio.”– Sean McGrath, Principal, Energy and Utilities
Our team of experts is constantly working towards the next innovative solution for the problems of tomorrow. Learn more about our energy and utilities industry expertise.
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