The Utility sector is experiencing very complex and delicate phases: the conflict in Ukraine and the international tensions that have arisen have led to a lack of energy supply and a consequent increase in market prices which has affected both individuals and businesses.
Thus, each Utility has seen churn rates increase exponentially, triggering a race for the lowest price, sometimes even to the detriment of quality, but above all resulting in a dizzying increase in the number of outstanding debts and the default rate.
In order to be able to respond effectively to this difficult situation, Utilities need to completely reorganise their credit management, opting for an increasingly integrated approach that optimises collection services through the digitilisation and customisation of processes to individual cases, so as to be able to increase the chances of recovering the credit accrued from the consumer and, at the same time, providing the best possible service.
All this is only possible by embracing new classes of technology such as Artificial Intelligence, the only methods able to provide companies in the energy sector with the possibility to:
- Automate processes and streamline procedures, eliminating time-consuming manual calculations.
- Analyse large amounts of data and learn from them, to set the best strategies for each situation.
- Identify the segments of spontaneous repayers present in the lists of debtors.
- Customise the action towards defaulters to obtain the best result both in terms of the number of recoveries made and the total recovered value.
- Assign the most experienced operators to the most complex practices, so as to maximise the chances of recovery.
The implementation of Artificial Intelligence within credit management by Utilities creates a more sustainable debt management process for both parties, thanks to the possibility of taking into consideration the particular needs of each case every time. At the same time, debt collection is still a part of the Customer Experience and, as such, to obtain better results, it needs certain processes capable of ensuring, on the one hand, a satisfactory experience for the customer, personalized and managed in best possible way by the best possible operator, and on the other hand, cost reduction and maximisation of recovery rates for businesses.
How is it possible to implement Artificial Intelligence within credit management?
Thanks to its multiple integrations and connectors, BigProfiles Artificial Intelligence is extremely fast at connecting to most CRMs and has API keys to be able to integrate even with custom systems. With our Artificial Intelligence designed for Debt Collection, it is possible to introduce Machine Learning into your business models and analyse the list of debtors to set up data-driven strategies that allow you to achieve your business objectives both easily and quickly.