Master your data. 1 Master your data
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1 Master your data 1 Master your data
2 Master your data While driving top-line growth is becoming difficult for cash-strapped utilities, unlocking new value is possible. EY recently worked with a major US utility to use analytics to identify how to improve satisfaction levels among a key customer segment. Mike Juchno and Derek Huffman report. Challenging conditions are making it harder for utilities to generate top-line, or revenue, growth. Leading power and utilities (P&U) companies are adopting nontraditional strategies to unlock value in today s economic and regulatory environment. By strategically applying analytics to develop new insights into the customer, assets and the regulatory function, P&U companies can improve their rate case results and uncover innovative growth opportunities. The results can be significant: A 1% increase in authorized rate base equates to US$10 million in earnings for the average US investor-owned utility. Moving from the third quartile to the first quartile in revenue collection equates to US$12 million. Higher customer satisfaction rates are linked to higher returns. See the big picture The technology transformation taking place in the energy sector is adding to the cost pressures facing P&U companies. But these technological changes, notably that of smart metering, are generating huge amounts of data that present unprecedented opportunities for utilities. Analytics allows utilities to: Demonstrate the need to invest in a new infrastructure asset base Win cost recovery for critical assets and system components Solve service, rate and cost allocation concerns across customer segments Accelerate revenue and cost recovery through improved customer benefit realization Develop strategies to improve customer satisfaction Using analytics to improve satisfaction Faced with less-than-desirable J.D. Power scores in customer satisfaction levels and a slow return to pre-recession demand levels, a Fortune 500 utility in the Midwest United States turned to targeted analytics to uncover insights and actions that may improve the satisfaction of its approximately 165,000 small and medium business (SMB) customers. Specifically, the company wanted to: Improve the targeting of existing marketing programs Offer new products and services Develop customized communications Increase awareness of programs Create awareness across the organization of tactics and strategies that can drive satisfaction improvements (rather than relying on assumptions or general guidelines) Our teams worked with the utility to identify nine primary stakeholder groups (see graphic on next page) and met regularly with each to gather perspectives across a wide range of relevant topics. These perspectives were critical as no one group had a complete perspective on SMB customers. By reaching out to all stakeholders, we were able to connect the dots across perspectives and show a bigger picture of satisfaction. We then associated each perspective to key drivers in the J.D. Power survey before we started modeling. 2 Master your data
3 Regulatory Marketing Energy efficiency Stakeholder management plans Provide updates IT Call center Stakeholders Customer service Distribution operations Solicit input and perspectives Share results Validate data with respective data owners Co-develop actions to improve customer satisfaction Identify additional stakeholders as analytics process progresses Know that IT is a key player Corporate communications Billing Working with the stakeholder groups, we then gathered and integrated the following data sets for modeling purposes. One challenge we encountered was the lack of a standard definition of customer across all corporate systems. Working with the client, we were able to develop this, using logic to link data across more than a dozen systems. Customer billing data Customer account data Billing/usage data Program participation data Secondary data Firmographic data (e.g., number of employees, business type) Business information (e.g., dwelling type, square footage) Contact history data Customers who contacted Method of contact Reason for contact Energy efficiency participation data Participation in programs Timing of participation Outage data Frequency of outages Type of outage Outage event timeline information Customer satisfaction data Mass-market survey Transaction surveys Online satisfaction survey Other customer care surveys Web survey data Using insights to improve We then used this data to develop initial models for three SMB customer types: electric only, gas only and combination (dual commodity) customers. The models, exploratory analytics and visualizations yielded more than 20 key insights into the SMB customer segment. These insights confirmed some actions that the company had been taking to improve and maintain customer satisfaction, as well as identified several new actions that could be taken to drive further improvements. The insights were used in developing the marketing plan. These insights included: Interacting with customers through preferred channels A large segment of SMB electric-only customers were up to 18% more satisfied when their interactions with the utility were via higher-than-average use of interactive voice responses, web and phone. Approximately half of customers (across all types) who had been assigned to a marketing segment were up to 10% more satisfied than others. Those customers with higher-thanaverage interactions through the company s web channels were 4% more satisfied than others. Performing deep-dives on special categories New customers within the first year of service had a noticeably higher proportion of satisfied customers. Neutral customers had unique drivers of satisfaction that can be used to drive movement into the satisfied category as well as drive insights to maintain satisfaction for those customers on the border of satisfied and neutral. Understanding the issues most important to each customer s business models Decreases in satisfaction for low-margin businesses (e.g., restaurants and coffee shops) appeared to be driven by factors related to seasonal and unexpected billing amounts. Landlords, especially those in university areas, had unique needs around reporting and turn-on/disconnect processing that are significant drivers of satisfaction. 3 Master your data
4 Participation in energy efficiency programs appeared to have a positive correlation with satisfaction. SMB customer satisfaction seemed to be most impacted by total aggregate outage time vs. number of outages or individual outage duration. Critical success factors The experience of this major utility highlights several key success factors that are critical when driving maximum value from data and analytics: 1. Start with the business questions. In our experience, many companies start an analytics project by identifying, gathering and integrating data and only then thinking about business outcomes. This approach leads to an unhelpful preponderance of databases, data marts and data cubes across the organization. It is critical to identify the business outcomes first, understand the value of advancing these business outcomes and then apply the best analytics approach. 2. Culture is king. Analytic models should be regularly monitored and updated to build upon a previous model s success. It is also important to put in place the appropriate governance that can drive the necessary business change that results from these analytics insights. This governance sets in place the roles and responsibilities for analytics to continue as people come and go across the organization. At its heart, success in analytics is more about culture than data. 3. Ensure sustainability. Make sure the right resources are in place with the right skill sets to drive lasting change. A good model should be updated over time and deliver benefits far into the future. Resource needs to consider include IT, data scientists and business analysts. What s next? The lessons learned from this project have encouraged the company to introduce analytics into other business areas along the value chain. For example, we are now working with the client to use analytics to develop a propensity model to target customers most likely to enroll in a specific energy efficiency program. The utility is also considering using advanced analytics and modeling techniques in its large commercial and industrial segment to improve satisfaction and gain extra insights into this important customer segment. Do better today prepare for tomorrow Thinking differently about how to achieve sustainable top-line growth can yield real benefits for utilities in a challenging economic climate. More and more utilities are realizing that harnessing the power of data analytics can lead to business insights that improve business strategy across the asset, customer and regulatory pillars of growth. And, by improving their use of analytics, utilities can not only bolster today s top line but prepare for future opportunities. Mike Juchno Principal, Advisory Services michael.juchno@ey.com For further information, read Knowledge is Power, part of our 5 insights for executives series. Mike is a principal in the Analytics practice of EY s member firm in the US. He focuses on the P&U sector, using data to help clients manage risk and improve performance. Derek Huffman Senior Manager derek.huffman@ey.com Derek works in our Enterprise Intelligence, Analytics team, applying descriptive and advanced analytical techniques to help clients improve their processes and solve complex business problems across a variety of industries, including P&U. 4 Master your data
5 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. About EY s Global Power & Utilities Center In a world of uncertainty, changing regulatory frameworks and environmental challenges, utility companies need to maintain a secure and reliable supply, while anticipating change and reacting to it quickly. EY s Global Power & Utilities Center brings together a worldwide team of professionals to help you succeed a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant sector issues. Ultimately it enables us to help you meet your goals and compete more effectively EYGM Limited. All Rights Reserved. EYG no. DX0264 CSG/GSC2014/ ED None In line with EY s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com
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