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Wednesday, June 19, 2024

Expert Tips on Selecting the Best Energy Billing Software for Your Business

The way energy companies manage billing impacts consumer experience and the balance between energy supply and revenue generation. An effective energy billing system eliminates revenue leakages and helps reduce consumer debt. This is vital in the context of increasing competition in the energy sector.

New companies are entering the market with innovative digital solutions that make them more efficient and attractive to consumers. Therefore, traditional energy suppliers working in this sector for a long time are forced to accept market challenges and modernize their billing solutions. The advanced all-in-one software from MaxBill significantly enhances their billing management and reduces the time and labor required to perform this essential function.

What Is an Energy Billing System?

An energy billing system is a special software that automates the billing operations of energy providers and allows them to optimize the workflow of financial departments and interaction with consumers. Energy billing software from MaxBill is a comprehensive multifunctional solution that fully provides all actions related to billing:

  • Estimation and validation of readings;
  • Formation and distribution of bills to consumers;
  • Centralized storage of all consumer data in the CRM system;
  • Initiation of service, its suspension or termination for each specific client;
  • Accounts receivable and debt management.

MaxBill system includes a self-care portal where consumers can track their energy consumption history and receive feedback on their inquiries and other information.

In addition to billing capabilities, the company provides AI-based debt risk and customer churn predictive models. Business cases with predictive modelling expand to price forecasting, anomalies prediction, virtual assistants that contribute to the overall company’s performance, healthier cash-flow, and revenue protection.

Core Features of MaxBill’s Energy Billing Software

To ensure that the energy billing solution had all the features of an all-in-one platform, MaxBill developed an original digital architecture and presented it modules. Each module is responsible for a group of interrelated functions, and together, they form a comprehensive solution for billing processes.

  • Billing & Product Management: The main task of this module is to automate billing operations to eliminate errors that occur during manual billing. All steps of the invoicing process are fully automated. At the same time, energy billing software provides ample opportunities for customizing invoicing workflows.
  • Customer Management (CRM): CRM service performs two main functions. On the one hand, it centralizes the storage of all information for each specific consumer. Based on this information, providers can make personalized offers to their customers. On the other hand, it creates a platform for fast and effective communication between consumers and energy companies. This improves the user experience and promotes customer retention.
  • Order Management: This module is designed to smoothly connect consumers to the company’s products or services, as well as suspend or terminate the energy supply if necessary.
  • Revenue Management: You can easily create a tailored payment plan for each consumer and manage accounts receivable. Also, using ML, you can predict customer behavior and debt risks. Thanks to this, you will be able to mitigate them by switching to prepaid energy supplies.
  • Partner Management: This module facilitates partner relationships thanks to precise partner billing and fund distribution. It streamlines financial settlements and promotes mutually beneficial cooperation.

AI- and ML- enhanced capacities energy service providers get allow them solve such pressing problems as bad debts and are crucial for utility companies. Based on the Business Process Management (BPM) approach, MaxBill creates an open ecosystem. Thanks to this, you can customize it to suit your energy business conditions. It supports various business models, including B2B, B2C, and B2B2X, and allows you to integrate new partners. When working with energy billing software from MaxBill, you do not have to resort to additional solutions to perform any functions — this billing software provides full-service lifecycle management in accordance with the Concept-to-Cash model.

What Are Energy Billing Challenges that Face Energy Companies

The global energy transition, which is actively promoted and managed by government agencies and non-governmental organizations, outlines new goals for environmental protection and sustainable growth. But at the same time, it also creates certain challenges for the energy sector:

  • The shift towards renewable energy sources increases the importance of weather conditions, which affect production levels.
  • This raises the issue of storing energy reserves to provide services to consumers promptly when there are fluctuations in energy production.
  • Since citizens tend to switch to various models of obtaining energy from renewable sources, demand-supply imbalances can arise during peak loads.
  • Consumption from traditional energy sources is also becoming very volatile, which can create billing confusion.

But thanks to the modern energy billing system, companies will be able to accurately account for all energy consumed and issue correct bills to consumers.

Even more extensive challenges arise for multi-service providers that diversify their offerings to consumers. They face the problem of managing diverse services, where each client has their unique tariff plan and billing. Due to the need to consider many factors when calculating bills, employees often make mistakes. An automated energy billing platform eliminates these and other problems since all meter readings are very accurately converted into costs and included in bills for consumers. MaxBill software allows you to easily integrate data from any number of sources. Therefore, you will be able to offer your clients new services and scale your business.

Why Should You Choose MaxBill as Energy Billing Software?

MaxBill is a leader in the development of billing software for the energy market. Previously, the company worked for different verticals, thanks to which it gained invaluable experience and created an excellent configurable billing system.

Energy billing solutions from MaxBill go beyond traditional calculating energy consumption. That is why this software is ideal for multi-utility providers. You can easily add new services or partners to the digital ecosystem. This means that nothing will interfere with the further development of your business.

The billing solution from MaxBill is not demanding on your computer and network infrastructure, since it is offered both as an on-premise and cloud model. So, you don’t need to invest in expensive equipment to enjoy the most advanced billing system. With the cloud model, you can choose to host on a private, hybrid, or public cloud. This will further minimize costs and increase revenue from an optimized billing system.

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