Drive your business models with Smartflex

According to a study done by the consulting firm TMG, 49% of utility providers are looking for a modern, flexible solution that effectively adapts to their needs and enables them to respond quickly to industry changes. Market-leading solutions need configurable workflows to support new products and services while contributing to the productivity of all areas of the business. In the same study, TMG mentions that 60% of utilities want solutions with the ability to be constantly updated to expand and improve current capabilities, preparing the solution for future changes to provide better customer service, always taking into account the needs of the market. Additionally, 54% of these companies are looking for better integration between customer operating systems such as their CIS, MDM, MWM, and self-management portal [1]. Based on these needs, utilities need a solution that is designed to enable the simplicity of the enterprise application architecture and therefore permit the increase of flexibility and efficiency throughout the business, guaranteeing the sustainability of the operation and aiming at an improvement in customer satisfaction. 

For Accenture, a multinational strategic consulting and technology services company, the new business models of the future are related to offerings focused on helping customers achieve sustainable, manageable, and efficient energy [2]. Consequently, the key to responding to market changes is flexible solutions that allow energy providers to take advantage of the incorporation of new technologies and their benefits, such as the interconnection of smart devices (meters, thermostats), residential and commercial energy management systems along with their data, and the creation of different business models to enhance customer satisfaction. 

Mckinsey, on the other hand, affirms that since the COVID-19 pandemic, customer expectations around digital interactions with utilities have continued to accelerate. Thus, for utility leaders to achieve excellent customer experiences and reduce costs, they must rely on a digital transformation around self-service and digital channels [3]. Digital innovation is vital for utilities because it will enable them to improve process efficiency and address unprecedented changes,  such as increased competition and industry complexity. 

According to these consulting firms,   to be competitive and stand out in the market, a utility company must have solutions and tools that allow it to achieve the necessary flexibility to respond in a suitable way to market changes and new customer needs. 

The type of solution that service providers should be looking for is a flexible, modern CIS with structured business rules, along with MDM functionalities, work management, and customer management capabilities that allow utilities to expand their functional scope to respond quickly to market changes. The solution must have the capabilities to allow for the design of new applications and modifications to existing functionalities through user-friendly interfaces. These customized applications must interact seamlessly with multiple business areas, providing operational and commercial company data to ensure that users have all the information they need. Ultimately, the system must have advanced tools  which adapt to any business. These tools also help companies design and implement new strategies autonomously. This way, the business logic is not distributed in two heterogeneous systems, and instead is on a single system that becomes a unique source of truth regarding the settlement of consumption, billing, and customer portfolios.