Current trends justify utilities gaining every cash flow improvement option available, including setting a framework for the use of smart meter data to improve collections. By identifying and predicting the conditions when a customer may have trouble paying their bills and then developing plans for helping those customers using the tremendous data already present, utilities can create advanced, customised bill payment plans.
This white paper intends to describe how utilities can use predictive analytics to optimise their bad debt collections by:
- Enabling the company to understand which customers are more or less likely to pay in a timely manner.
- Identifying situations and scenarios where particular customers might have problems paying.
- Developing plans to mitigate the impact those conditions may impose.
- Focusing primarily on residential customers for these types of business analytics, and also applying the same logic and business rules to industrial and commercial customers.
- Developing systems that identify a theft of service (fraud) model and profile usage patterns to identify abnormal data for further investigation.
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