The energy industry is undergoing significant transformation, with a growing emphasis on sustainability and renewable energy sources. Businesses and providers want to modernize their infrastructure, processes, and products for an energy-conscious future. In this changing landscape, energy billing systems are crucial in optimizing operations, reducing costs, and elevating customer experiences.
This guide discusses the types of energy billing systems, necessary features, and tips to find the right solution.
Types of Energy Billing Systems
Energy billing systems come in many shapes and sizes that mostly fit within these three categories:
- Cloud-Based Software - Often provided through a subscription-as-a-service (SaaS) model, cloud-based energy billing systems require minimal overhead and low upfront costs. The most advanced options available on the market are typically cloud-based solutions. They are appealing because they are easy to scale, update, and monitor in real time. They also feature the most up-to-date security protocols and features.
- On-Premise Software - For a more traditional approach, businesses can own and manage energy billing systems on-site. On-premise software typically requires substantial financial and infrastructure investment because the company owns the software and manages the data on-site. This model is challenging and costly to update and presents an elevated risk of physical harm or loss of data.
- Contracted Vendors - In this last model, utility companies contract out parts of the billing and payment to different vendors. This segmented approach is inefficient, increases the opportunities for errors, and leads to poor customer service.
Features to Look for in an Energy Billing System
Here are some essential features to look for in an energy billing system:
Comprehensive Billing and Payment
Many utility companies use different vendors for different parts of the billing process. One vendor produces the bill, another processes online payments, and another handles print and mail services. This fragmented, siloed approach is inefficient and diminishes the experience for both the utility company and the customers. Instead, energy providers need one high-quality system that handles everything. A comprehensive system is more efficient, lowers the risk of errors, and improves the experience for everyone involved.
Self-Service Portal
A customer can do many account activities on their own, provided the system allows. These tasks include requesting services, reporting outages, making payments, enrolling in autopay, viewing usage data, and checking service request statuses. Both customers and utility companies can benefit from comprehensive, user-friendly self-service portals. Customers enjoy the convenience of handling most tasks themselves, and utility companies benefit because they can reserve live agents for more complex service issues. Plus, having a customer self-service portal helps lower utility debt and increase revenue.
Advanced Metering Infrastructure (AMI)
AMI allows energy companies to remotely and automatically measure utility consumption, connect and disconnect services, detect tampering, and identify outages. This is essential to conducting business, and it improves billing accuracy, reduces labor costs, and allows for faster issue resolution.
Tips for Finding an Energy Billing Solution
Follow these tips to find a quality energy billing solution:
- Assess the needs and objectives of the energy company. Examine the current billing solution, its advantages, and drawbacks. Keep these observations and goals in mind when reviewing available options.
- Gather customer feedback about features, design, and user experience. What are their preferences and expectations? What are the most effective and efficient ways to meet those expectations?
- Look for a system that can adhere to regulatory and compliance standards without stress and complication.
- Review security offerings and built-in protocols to ensure the solution is designed to meet the unique needs of the energy industry.
- Look for a system that is interoperable with the other existing business solutions. Opt for a solution that enhances existing infrastructure.
- Choose a system that is future-proofed. Prioritize scalability, flexibility, and advanced security measures.
- Partner with a company that can lead digital transformation, customize the solution as needed, and provide 24/7 monitoring and support.
Encora’s Energy Billing System
By enabling the integration of cutting-edge technologies such as IoT sensors, machine learning, and data analytics, we help companies modernize infrastructure, develop smart grids, and harness the potential of renewables. Our solutions optimize operations and provide invaluable customer insights through digital transformation, leading to enhanced sustainability, cost reduction, and elevated customer experiences.
Our advanced customer information system (CIS) and smart billing platforms streamline billing, data management, and transparency. Our advanced interactive technologies help transform the customer experience, and our data-driven insights help companies enhance energy efficiency and operational effectiveness.
Fast-growing tech companies partner with Encora to outsource product development and drive growth. We are deeply expert in the various disciplines, tools, and technologies that power the emerging economy, and this is one of the primary reasons that clients choose Encora over the many strategic alternatives that they have.
Contact us to learn more about omnichannel CX.
