A new report from Navigant Research states that while legacy customer information systems (CISs) have performed as cash registers for the utility industry, there is increasing pressure to upgrade these vital systems to perform additional functions.
At many utilities, current CISs are out of date and in need of upgrades to meet the requirements of more demanding consumers and engaged regulators.
In the increasingly competitive environment in which utilities operate, many will be forced to consider upgrading these vital systems. Additionally, utilities’ increasing needs for effective customer engagement and the desire for integration with digital platforms, such as mobile devices, web portals, and social media, are placing a revived focus around relationship management.
“Billing and CIS solutions are some of the most complicated and expensive IT applications needed by utilities,” says Michael Kelly, research analyst at Navigant Research.
“To keep up with the demand for upgraded systems, vendors are responding with increased development of customer management solutions and should expect strong adoption over the forecast period.”
According to the report, increasing investment is expected across Eastern Europe, Latin America, and the Middle East & Africa. In North America and Western Europe, improvements to upgrade older systems are being driven by customer demands for more engagement, integration with mobile devices, and opportunities for increased reliability.
The report, Market Data: Utility Customer Information and Relationship Management Systems, analyses the global market for major utility customer management systems: CISs and CRM, as well as customer operations analytics.
The study provides an analysis of the market issues, including definitions, drivers, and barriers, associated with customer management solutions.
Global market forecasts, segmented by region, application, and segment, extend through 2027. The report also examines the key global market trends related to utility CIS, CRM, and customer analytics solutions.