How AI And Personalization Can Prevent Utility Customers From Defecting

Widespread adoption of renewable energy and smart home technologies has empowered consumers to take greater control of their individual energy consumption. But for every home that generates power through solar, every electric vehicle (EV) charged and every battery storing excess energy, the electric grid experiences unpredictable and complex load disruptions. Coupled by consumers' general distrust of utility companies and ability to self-generate electricity through large consumer brands, these disruptions create ongoing challenges for utilities to adequately manage grid demands and protect their revenue, leaving them at a crossroads: They must either attempt to preserve their traditional business model or adapt to evolving customer needs. When a utility company decides on the latter, its job transitions from generating, distributing and selling power to also managing customer churn in ways similar to what deregulated energy retailers do where customers have a choice in energy providers. First, we must understand what consumers actually want from their utility.