Digitally Powered Utility : Digitally Powered Utility
"There's a general theme about the 'prosumer' --- customers who are now absolutely in control of their customer experience and have the channels to be able to tell these larger corporations that they don't like what they're doing, they don't like their customer service, they don't like their values. And that's very powerful." Penny Gray, Group Manager --- Product Development and Delivery, Origin Energy 45% of customers said that frms that fail to offer a quality digital experience run the risk of losing them5 6 Building the digitally powered utility of the future An Australian perspective | Redefne the customer relationship Imagine if utilities could deepen their engagement with customers to better meet their needs, lower costs and dramatically increase business performance. The customer is fast becoming more energy conscious, connected and demanding. The digitisation of almost all facets of everyday life has redefned expectations around how people buy, use and control services including energy. They expect fast, accurate and personalised service wherever and however they want and new technologies enable these interactions. Those days of passively waiting for the energy bill to arrive in the letterbox are long over. In fact, more and more consumers are becoming "prosumers" --- becoming an integrated participant in the market --- by generating their own energy to save money and taking control of their energy management. "The future will be here faster than we expect. Digital innovation is already allowing us to re-imagine how to respond to these types of challenges in many other industries --- and we believe that it's about to change the energy industry as well." Jenny Young, Oceania Customer Leader, EY Customers have made it clear that, while they are increasingly cost-conscious --- and better informed of the best deals --- winning their business requires far more than just offering the lowest price. In fact, energy customers are willing to pay more to get the right services delivered in the right way, with the right advice about usage, disruptions and service. Attracting and retaining these domestic and business customers presents a more complex proposition. The implication for utilities is that forming a better relationship with customers and understanding their "moments that matter" must become a core underlying capability. That relationship needs to be built on applying understanding and insight to generate value to the customer so that the customer is encouraged to engage --- otherwise it is just a transaction. And a key element of building that relationship will be the ability to deliver a high quality, interactive and agile digital experience. Almost half (45%)5 of those customers we surveyed said that frms that fail to offer quality digital experience run the risk of losing them as a customer. As more and more digitally savvy competitors enter the energy market, this is a clarion call to utilities. 5. EY Digital Australia: State of the Nation Report 2015-2016, EY, 2016.