Utilities 2024: Navigating changes for a customer-led future

February 5, 2024

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In 2024, the power and utilities sector is going through big changes due to economic shifts and technological advances.

In this post, we explore the key trends and challenges, focusing on how AI-driven voice assistants can enhance the customer experience.

The economic landscape

Although fuel costs are decreasing and wholesale electricity prices are declining, the average price of electricity for homes could increase by almost 5% as utility providers recover from the impact of milder winters on profits, grapple with higher interest rates, and invest in enhancing the power grid’s environmental friendliness

As a result, customers are likely to see higher bills, and utility companies will see an increase in customer support inquiries.

To create a competitive customer experience, utility companies will need to scale their customer service organizations to effectively communicate the changes and adjustments happening in response to the evolving energy landscape, on a massive scale.

Navigating the grid

Climate change has introduced challenges to the energy grid, and the demand for electrification is expected to triple by 2050.

Managing this surge requires strategic planning and a focus on customer needs. Utility companies will need to predict and respond to increased questions about grid stability and potential disruptions.

To create a competitive customer experience, utility companies will create personalized experiences, using customer location information to provide tailored updates proactively.

Modernizing customer intelligence

Incentives like tax credits encourage the industry to modernize from both climate and technological standpoints. Customer support teams will require ongoing education around these initiatives in order to meet regulatory requirements.

To create a competitive customer experience, utility companies will invest further in automated solutions for operational and customer support and intelligence.

Navigating policy changes with AI-driven support

The sector’s commitment to initiatives like building codes and clean vehicle standards is crucial for providing reliable, affordable, and clean electricity. As policies evolve, energy providers must transparently communicate these changes to customers.

AI-driven voice assistants are well-equipped to keep up with industry regulations and respond to customer FAQs and complex questions from day one of deployment.

Recognizing the diversity of customers is vital, and deploying multilingual voice assistants enables scalable and personalized customer support.

Conclusion

With significant changes on the horizon for the power and utilities sector in 2024, including economic challenges, grid complexities, operational efficiency, and policy shifts, innovative solutions are more critical than ever.

Embracing AI-driven voice assistants is a crucial strategy for organizations to improve customer support, adapt to industry changes, and create a more customer-led future for the sector.

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