For modern utility companies, successful digital transformation has never been more critical. Between rising consumer expectations, opportunities provided by technologies like the Internet of Things (IoT) and cloud computing, and the always-growing complexities of regulatory compliance, utilities must evolve their processes or lose business to competitors that do.
Transformation is easier said than done. Utilities rely on refining meter-to-cash processes to drive revenue generation, increase cash flow, and lower operating costs. But, those processes typically include hundreds of steps and systems. Smart meters remove some of the manual effort involved in meter-to-cash, but also introduce new data streams that add to existing complexity. Add that data influx to the difficulties of integrating systems across legacy and cloud solutions and containerized environments, and it’s no surprise optimizing meter-to-cash processes continues to be a challenge.
While the change required may appear daunting, the ROI from strategic investments to streamline meter-to-cash processes justify the effort. Upgrading billing and payment processes minimizes billing errors, accelerates cash flow and enables the business to boost profits through strategic purchasing. Successful transformation efforts also improve customer service, providing key competitive differentiation in highly commoditized markets. From a staff perspective, resources are freed up to spend less time babysitting billing processes and more time on engaging, high-value projects.
Why Redwood is Where Automation Happens for utilities
Redwood Business Process Automation connects and coordinates every process across any application to mitigate risks in invoicing, billing, payment, and debt management processes. This unique, cloud-native automation and orchestration platform replaces outdated and/or limited automation, like that found within ERP systems or traditional RPA. Its end-to-end process provides a comprehensive chain of ownership from the moment a meter is read to when the invoice is delivered.
Utilities gain a single horizontal process flow that runs across existing vertical integrations, eliminating cross-referencing of data across systems and manual calculations and reconciliations. Redwood removes the risk of human error while minimizing business disruption. Processes are successfully managed and executed without upending your current technology stack and customers are billed as soon as the necessary steps are completed.
Modern utilities trust Redwood to optimize meter-to-cash
What makes Redwood different? As the industry’s first and only cloud-native solution, Redwood Business Process Automation can automate anything, anywhere. It empowers utilities to streamline business operations, monitor and visualize processes, and orchestrate processes across hybrid environments. Using Redwood, utility companies can seamlessly coordinate and integrate legacy operations, data, OS activity, and web API interactions to integrate with any system, application, and technology.
How are leading utilities using Redwood to run their businesses more effectively?
FortisBC, Canada’s largest public utility company, depends on Redwood to consistently deliver accurate bills to millions of customers. Redwood enabled FortisBC to reconcile 65+ internal and external interfaces into a single enterprise solution, connecting and managing information flow end-to-end. The very first day Redwood Business Process Automation went live at FortisBC, they produced 50,000 bills, each accurate and on time. Read the complete case study.
Anglian Water, a UK water service provider employing 5,000 people and producing 16,000 invoices every day, also turned to Redwood to modernize meter-to-cash. Before adopting Redwood, Anglian Water struggled with both monitoring issues in real time and mitigating the resulting operational errors — plus high call center volume from unhappy affected customers.
Anglian Water chose Redwood to solve these challenges, connecting their processes and providing the visibility necessary to improve operations. Redwood dashboards display real-time status of every business process, providing alerts and notifications if something goes wrong. A predictive SLA notifies Anglian of any errors before deadlines are missed, so they can be resolved before service is impacted. As a result, Anglian Water is now ranked number one in a regional evaluation of water service providers, a significant competitive advantage. Read the complete case study.
With Redwood, utility organizations like these optimized their revenue flow to turn invoices into cash more quickly, effectively, and accurately. The result: greater cash flow, more market power, and better customer service. That’s the power of Redwood Business Process Automation.