How Can Fintech Benefit Utilities?
- Jul 7, 2022 3:27 pm GMT
There are five areas where fintech can potentially improve the digital services and products the typical utility uses.
Intelligent Business Process Management Services
Business Process Management (BPM) services are tasked to improve utility operations, especially through automation and analytics. BPM services can increase a utility’s efficiency and productivity across all areas, including customer service, human resources, finance and accounting, regulatory and compliance, field workforce services, network operations and supply chain management. They merge IoT, AI cybersecurity, cloud and blockchain. Improved information improves decision-making by management.
Next-Gen IT Services
By improving the provision of ICT services, the power and utilities industry can improve efficiency, compliance, cost control, asset optimization and ultimately customer satisfaction. Advanced technology including AI and digital twins can predict failures and ensure that maintenance is effective in preventing issues becoming problems. Streamlined payment systems will ensure customer satisfaction and keep transaction costs to a minimum.
Grid modernization programs need to prioritize a more reliable and optimized grid infrastructure. Some new services available include grid modeling, grid resiliency, demand planning and forecasting, distributed energy resources management systems (DERMS), advanced distribution management systems (ADMS) and integration. Microgrids, storage and renewables are also part of the need for improved infrastructure.
Enterprise Asset Management
This is dealing with improved asset performance: including longer useful life and lower operational costs. Essentially this is using technology to improve the return from the many and diverse assets that utilities own. Application maintenance and support, supply chain solutions and cloud services are also part of the optimization of the asset and its management.
Customer Information Systems
This is the streamlining of systems to enable a better customer experience, including including relationship management, account management, order processing, data management, rate setting, billing, payment processing, call center services, interactive voice response and others. Businesses need to apply next-generation technologies to the field, and demonstrate the ability to adapt to changing regulations, rate structures as well as complex billing and retail needs.
Fintech is an essential part of the transition future for utilities.
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