Acquiring an Energy Company: Updates to Legacy Systems and Other Considerations for New Managers

There are few things you can invest in that can pay off as well as energy. Simply put, energy is always in demand, and the market is only looking to grow as global oil and electricity demand is certain to increase. Energy is also a particularly diverse market, especially as alternative energy sources like solar and wind power rise in popularity, not to mention bio-fuels. An investment in energy is also an investment in technology, agriculture, and water.

If you’re planning on acquiring an energy company, you could learn a great deal from Prabir Purohit. He’s currently the Vice President of Finance at Dominion Energy and has held the position since 2016. He studied aerospace engineering in India before emigrating to the United States, where he received his Master’s in Aerospace Engineering from Iowa State University. Ever since becoming part of the energy industry, he’s made energy conservation one of his primary goals. Dominion Energy seeks to provide clean and sustainable energy in the future by following principles of safety, ethics, and excellence.

Here are some great solutions to consider for your recently acquired energy company, so you can maintain excellence as well.

Energy Management Software (EMS)

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If your company values energy conservation, then you need to start with your own buildings. Efficient energy management means conserving energy throughout your organization according to economic and environmental guidelines. It’s one of the best ways to reduce your operating costs, and it’s also great to lead by example.

Energy management requires a few basic steps. First, you’ll need to diligently meter your energy consumption and collect and analyze the data. This should help you estimate how much energy you could be saving and identify opportunities to do so. You’ll then need to continue tracking any improvements you make to see if they can be built on further. Research the best EMS systems to find one that works for you.

Call Center Software

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Your energy company likely has thousands of customers in your area, and they’re naturally your greatest resource. Offering exceptional customer service should be a top priority, and one of the best ways you can do this is with a modern contact center solution. With interactive voice response (IVR) and other intelligent routing options, you can cut down on customer wait time and connect incoming calls to the right agent for their concerns.

Even better, the modern call center isn’t limited to just voice calls. Customers can contact your agents using their preferred digital methods including text, SMS, email, live chat, or even your mobile app. With true omnichannel capabilities, customers can even switch between communication channels seamlessly for a unique, personalized, and memorable customer journey.

Modern contact centers even help boost agent productivity since your support team can use a simple unified agent desktop to keep track of all conversations across all channels as well as pull up relevant customer data during phone calls. You can even integrate your call center solution with programs you’re already using like Salesforce, Zendesk, Five9, and more. Look into call center software pricing for the best setup for your company.

Refined Litigation

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No one likes dealing with legal issues, but they’re bound to arise when you’re running a large company. You’ll inevitably have customers who default on their payments, and while you could hire collection agencies to try and get your payments, you’re more likely to have quick success with collection lawyers.

Debt collection lawyers are naturally the most legally experienced option, and law firms are free from certain exemptions imposed on other agencies, meaning they can pursue your debts in additional ways. Many services operate on a flat fee to obtain judgments, and if the job isn’t completed, they’ll continue to pursue the debt on a contingency basis.

An energy company can be an excellent investment so long as you take the proper steps to protect yourself and push your company to high standards.

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