Report Code: A14559 | Nov 2023 | Pages: NA | ||
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Request Now !Utility billing software helps in managing the utility operations, customer information, and billing functions for water, sewer, gas, electric, waste management, and sub-metering companies. To increase the productivity and profitability through the integration of service orders, meter maintenance history, and scheduling in addition to customer management and billing processes organizations use utility billing systems. It is used to provide an effective billing solution that helps municipalities and officials to manage their daily operations. Water, electricity, and gas bills are usually known as utility bills.
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Electricity billing had evolved from the days when utilities gathered monthly energy consumption data to produce a paper invoice that they sent to customers via mail. The use of smart meters, such as two communicating meters, makes it more readily adaptable to streamline the process. For instance, Starnik, which is a software company for utility billing, provides cloud-based electricity billing software for the modern-day utility industry. The incredibly innovative electricity billing software of the company has helped to revolutionize the way utilities collect and process daily usage and billing data. With the electricity billing software developed by the company, it is easy to receive and store 15-minute interval reading from smart grid-enabled devices.
DataWest, which provides software products for the needs of the utility industry, has its own electric utility billing software BillMaster. This electric utility billing software is crafted with the needs of electric clients firmly in mind. The company has extensive experience in the electricity industry and has provided practical, real-world knowledge of electric utility needs, processes, and practices necessary to pack BillMaster with precisely the features and functions that the utility needs.
Utility businesses in this region are also focused on effective consumer services to stay ahead of the increasing competition. Advanced billing software is also a norm in the utility industry in this region, owing to the high integration of digital platforms like social media, mobile devices, web portals, and the presence of digitally literate consumers.
The utility billing software market is neither fragmented nor consolidated, allowing to have multiple vendors present in the market. The lack of control of any player on the supply chain has helped in creating such a market. There are various mergers and acquisitions taking place in this market, and new innovations in terms of technology are expected to propel the growth of the utility billing software market.
Highly scalable utility billing software also has the capability of managing customer information and helps to improve customer services by allowing utilities to more effectively serve the consumers and stay ahead of the competition. All these factors are responsible for aiding the increasing demand for a variety of utility billing software. There is an increasing improvement in legacy billing systems, one of the crucial factors driving the global utility billing software market. The rising adoption of smart grid technology such as smart meters in the electrical power supply industry has increased the complexity level in the billing and collection infrastructure for utilities. Many services are switching to more flexible and scalable utility billing software due to the changing business dynamics. This particular trend is expected to increase in the upcoming years, and a large number of utilities will begin to adopt utility billing software.Â
However, the presence of digitally advanced consumers and the convergence of digital devices & technologies and traditional business processes are increasingly making it complex for the utility industry. To deliver services at par to match the rising expectations for effective services, the customer information systems and current legacy billing systems are not suitable in the long term.
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Utility Billing Software Market Report Highlights
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Key Market Players | Utilitybilling.com, SmartGridCIS, SkyBill SIA, Intedata Systems, Creative Technologies, Oracle, Nobel Systems, Snappii Apps, Banyon Data Systems, Energy Hippo, Redline Data Systems, Oak Bay Technologies, Fund Accounting Solution Technologies, Cogsdale, Starnik, Continental Utility Solutions, TAK Technology, Link Computer Corporation, ABIS., United Systems Technology, SilverBlaze, Enghouse Networks, Crestline Software |
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