Analytics can help with forecasts on customer behaviour, the purchase rate of a specific product or service at a certain tarif….
Volumes of disintegrated data available with utilities, is a reservoir that remains unexplored for its potential, it also prohibits cohesive planning and strategizing. Analytics helps with real time insights to streamline redundant and conflicting operations with effective and predictive information system in an analytic structure that identifies patterns, accurately integrates databases for consistent insights and validation.
Performance based budgeting (PBB)
With large teams, long term projects and multiple services, quality in delivery becomes crucial. Government funded programs often exceed timelines; overshoot budgets with losses to exchequer and stakeholders. Analytics helps with customized approach to PBB to integrate outcomes with performance for all decision making, linking goals to resources with unbiased tools and services, enabling accurate information flow on achievements for evaluation and action. This leads to greater transparency and accountability.
As governments & utilities departments face pressures of prioritization, performance, transparency, costs and results, performance audits and communication has to be regular and factual. Analytics helps assess tangible outcomes on stated objectives and allocated resources with performance management methodologies. This provides opportunities for improvements, increased value and performance optimization with enhanced and accelerated planning for cost savings and productivity.
Acquiring customers may not be so much of a challenge for utilities, but serving them as per regulatory specifications and policies surely is. To minimise losses on non performing schemes and programs, to keep a tab on funds allocated and returns on each is not easy either. Delinquencies are high in large multi product companies, analytics helps in automation with accuracy on potential value, risks involved, and opportunities available with customers, enabling proactive customer relationship management
Utilities often face challenges of recovering dues from customers on time, leading to discrepancies and deficiencies in accounts. Analytics helps in reviewing and establishing cross functional processes for revenue assessment and collections using mathematical methods with enterprise wide business intelligence
Work force management
Workforce demographics changes fast with aging and retiring work force, creating challenges of hiring, replacements, entitlements, settlements, outsourcing, training & leadership. Analytics helps large utilities handle these vulnerabilities more holistically and strategically with well defined plans and insights, measurement of implications, risk mitigation and improvements to achieve organizational goals despite skill gaps and human capital churn complications
The effective functioning and auditing of utilities, control and monitoring on funds usage and dissemination is important for reasons of compliance and accountability. Analytics can help prioritize, assess allocations and misappropriations for early detection and retrievals. Corrective analytics helps assess performance, detect errors or trends that lead to them for proactive financial management. This helps in combating frauds, controlling wastes for effective fund utilization