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Halftime check-in: The trends for energy and utilities in 2024 so far

Jul 8, 2024 | Admin, Latest News

In the United States alone, there are an estimated 3,000 electric utility companies that service over 140 million customers—it’s an unfathomable amount of energy consumption, and that’s only one channel of the common household utilities demanding production, service, and consumption. It quickly becomes a complex network between on-field servicers, in-office decision-makers, regulatory leaders, and—of course—the consumers themselves. 

For energy and utilities, that interplay between businesses, customers, and industry leaders is always shaping the landscape of operations and services. With evolving market demands and technological advancements, our three key trends for energy and utilities continue to emerge as key focal points for driving efficiency, enhancing customer experiences, and staying ahead of the curve. Firstly, the increasing adoption of Configure, Price, Quote (CPQ) solutions by energy and utility businesses underscores a proactive approach to managing the complexities of selling cycles. Secondly, customers in this sector are demanding better order management from their service providers, seeking streamlined processes and enhanced communication channels. Lastly, industry leaders are keen on improving future forecasting capabilities, recognizing the value of reliable data and innovative analytics in navigating the uncertainties of the market. Together, these trends paint a picture of an industry in transition, where adaptation and innovation are essential for sustainable growth and success.

 

CPQ is winning more and more stakeholders’ hearts

Energy and utilities decision-makers are increasingly turning to Configure, Price, Quote (CPQ) solutions to navigate the complexities of their selling cycles. Traditionally, these industries have grappled with intricate product configurations, fluctuating pricing structures, and regulatory compliance hurdles. However, with CPQ technology, companies can streamline their sales processes, optimize pricing strategies, and ensure compliance with industry standards. By leveraging CPQ platforms, energy and utilities firms can efficiently manage the entire quote-to-cash journey, from initial customer interactions to contract finalization. We’ve seen CPQ empower sales teams at our client accounts with accurate, real-time data, enabling them to swiftly respond to customer inquiries and adapt to changing market conditions. As competition intensifies and consumer demands evolve, the adoption of CPQ solutions emerges as a strategic imperative for energy and utility businesses seeking to drive growth and maintain a competitive edge in today’s dynamic marketplace.

 

Utility and energy consumers are expecting more from order management

As we check in halfway through 2024, it’s clear that energy and utilities customers are raising the bar for their service providers, demanding enhanced order management capabilities to meet their evolving needs. In an era characterized by digital transformation and heightened customer expectations, consumers are no longer satisfied with traditional approaches to order processing. They seek seamless experiences, rapid response times, and transparent communication throughout the order fulfillment journey. Whether it’s initiating new service requests, tracking the status of installations, or managing billing inquiries, customers expect a frictionless experience that mirrors the convenience of other digital interactions in their lives. Service providers must therefore prioritize investments in advanced order management systems that leverage automation, predictive analytics, and self-service portals to deliver personalized and efficient solutions. By aligning with these evolving customer expectations, energy and utility companies can foster loyalty, drive customer satisfaction, and position themselves as trusted partners in the journey toward a more connected and sustainable future.

 

Future forecasting remains a top priority—and better data is the fuel

Business leaders are increasingly recognizing the pivotal role of accurate future forecasting in navigating the complexities of the energy and utilities marketplaces. With the landscape continually shaped by regulatory changes, technological advancements, and evolving consumer behaviors, the ability to anticipate future trends and challenges has become paramount for success. Consequently, we’ve seen a growing appetite among our clients and industry leaders for more reliable data sources and advanced analytics tools to fuel forecasting innovation. By investing in Data Cloud to harness the power of big data, machine learning, and predictive modeling, energy and utility companies can gain deeper insights into market dynamics, demand patterns, and operational risks, enabling them to make more informed decisions and proactively adapt their strategies. Moreover, as the industry continues to embrace digital transformation, the integration of real-time data streams from IoT devices, smart meters, and other sources promises to further enhance the accuracy and agility of future forecasting efforts. By staying ahead of the curve with robust forecasting capabilities, energy and utility businesses can not only mitigate risks and optimize resource allocation but also seize new opportunities for growth and sustainability in an increasingly dynamic landscape.

The convergence of technological innovation and evolving consumer expectations is reshaping the landscape of operations and services for energy and utilities. As we’ve seen our energy and utility clients increasingly leverage CPQ solutions to streamline selling cycles, customers demand better order management experiences, and industry leaders prioritize improved forecasting capabilities, the industry is poised for transformative change. By embracing these trends and investing in innovative solutions, energy and utility companies can not only meet the demands of today’s market but also pave the way for a more resilient and customer-centric future. Through collaboration, agility, and a commitment to excellence, the energy and utilities sector can navigate the complexities of the modern landscape and emerge stronger, more efficient, and better equipped to drive sustainable growth in the years to come.

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