09 Jul The Advantages of Outsourcing Utility Back Office Services
As the utility industry is dealing with rising challenges, due to lack of control and increasing competition, it has become essential to re-define its technology and business capabilities.
New models of value addition are changing the business processes and applying strict regulations from local and central authorities to transform the traditional utility sector into an energy-efficient business. Organizations are facing price fluctuations and other uncertainties of the competitive market. This has forced entrepreneurs to abide by the ever changing regulations and reporting requirements. Also, entrepreneurs want to reduce business costs and achieve operational excellence.
How outsourcing can help?
Utility organizations are turning to outsourcing as a strategic initiative to improve their working efficiency.
Entrepreneurs are opting to outsource some or most of their utility functions in order to keep up with the competition, regulatory pressure and customer expectations. Given below are some of the updated facts of the utility industry:
- Utility enterprises are the active buyers of multifunction BPO (Business Process Outsourcing) – IDC (International Data Corporation) service
- Implementation of process centric consumer service is the main strategy for utility organizations to beat regulatory challenges and differentiate their business
- Almost 60% percent of the water utility organizations have outsourced or are planning to outsource their processes to reputed service providers
The advantages of outsourcing
- BPO practice across the utility sector allows an organization to achieve its objectives through:
- Process improvement
- Technology innovation
- Labor arbitrage
- Service providers have a strong knowledge of handling or keeping up with the regulatory constraints
- The outsourced utility center brings noticeable benefits to a business with:
- Reducing Daily Sales Outstanding
- Ensuring Quality and Accuracy
- Reducing Customer Disputes
- Increasing Collection Amount
- Reducing On Account Receipts
- Meeting Cycle Time Adherence
- Service providers allow entrepreneurs to leverage enriched processes and years of rich experience in utility management
- By offering proven utility back office solutions and asset management assistance, these service providers offer a competitive edge to the organizations
The service offerings
- Offering complete customer support
- Providing dedicated platforms and enhanced processes to forecast ever fluctuating utility transactions
- Standardizing billing processes to manage transactions as per the latest regulations
- Access to certified collection experts to handle debt collections
- Having proven business compliance and process understanding
- Managing disputes
An outsourcing firm delivers a comprehensive suite of utility services for global clients, understand the challenges and opportunities of this sector. Service providers create greater efficiencies and adaptability for enterprises by providing an entitlement gamut of front office and back office services related to the utility sector.
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