Cloud adoption is at an all-time high. The global cloud computing market is expected to grow from $445.3 billion in 2021 to $947.3 billion by 2026. And although almost every industry is reaping the benefits of cloud technologies, the paybacks utilities can achieve by embracing cloud are far too many.
At the 2021 Digital + Cloud Summit, RIA Advisory was a platinum sponsor at the event, and the CEO and founder of RIA, Mr. Saket Pabby, was interviewed by conference organizers on the doors cloud opens for the utility sector. Here’s what Saket talked about in the interview:
The challenges being faced by utility companies are constantly growing
Every business constantly faces challenges in the areas of revenue management. For utilities, these challenges are multifold, given the growing focus on enhancing energy efficiency. With climate change and green energy discussions dominating the headlines, utilities are constantly pressurized to ensure future energy demand does not outstrip supply.
With shutdowns and severe weather constantly wreaking havoc on the industry, utility companies have to constantly drive efforts towards reducing the impact of such shutdowns while striking the right balance between supply and demand. At the same time, they also have to keep up with the shift towards decentralized energy generation.
The opportunities the cloud provides to enhance outcomes
Since utilities need to constantly monitor, process, and manage power for millions of customers, the only way they can survive these frequent and complex changes is through the adoption of the right technology that enables efficient and timely revenue management and protection.
Cloud opens doors to an array of features and capabilities for utility customers, allowing them to process a huge volume of transactions in just a couple of hours. Using Cloud, companies can calculate bills for millions of customers, track accruals, and document discussions – thus transforming pain points into opportunities and making way for constant and sustained innovations.
With Cloud, utilities can leverage tools to accelerate their journey to the digital world while enhancing test automation, data migration, and reporting and analytics. Companies can use modern technology systems to discover insights into equipment performance, grid efficiency, and client needs while also making the most of digital self-service tools to address simple revenue management challenges.
RIA can help utilities face their challenges head-on and capitalize on opportunities
As a business and technology advisory consultancy specializing in building revenue management, customer information systems (CIS), billing, and pricing solutions for multiple industries, RIA’s core business strategy is to make daily operations easier for customers. By understanding customer pain points and offering products and services that nip these issues in the bud, RIA empowers utilities to turbocharge their digitization efforts.
Timely and accurate insights in power consumption, resource usage, and process efficiency, RIA constantly takes financial industry learnings and applies them to the utility sector via a comprehensive range of IT consulting services: from project planning and implementation to post-production support for CIS and billing systems – to deliver better results and maximize the investments utilities make in CIS applications.
Built either on Oracle technologies or offering seamless integration with Oracle CC&B and MDM applications, RIA’s cloud-based solutions help in the digitization of CIS and billing management processes while helping companies make better decisions. Being open-source, these solutions help in driving investment down for utility companies and allow them to make the most of modern technology innovations – without messing up with their existing legacy application stack.
RIA is uniquely positioned in the utility market, thanks to its rich industry experience
When asked what sets RIA apart in the extremely crowded and competitive revenue management and CIS market, Saket stated how all of RIA’s managing partners bring with them over 20 years of multiple industry experience, giving the company a unique edge in the market. Being the only firm that delivers billing and revenue management services for multiple industry verticals, RIA constantly takes learnings from one industry and applies them to another – paving the way for high-performance outcomes that invariably get a great response from prospects and customers alike.
If you find yourself in the midst of a deluge of challenges and want to solve revenue management problems in a unique and uniform way, you can get in touch with us today! As a consultancy firm with rich experience in the realm of revenue management and billing for the utility sector, we can deliver a high level of expertise and world-class support, so you can resolve even the most difficult issues with the highest efficiency and in the least possible time.
You can watch the full interview here
