Background
Our client was a growing player in the UK’s energy sector but faced a significant challenge with managing and tracking its meter assets effectively. The company was losing a considerable number of assets annually due to mismanagement during transportation and installation processes. This led to financial losses and hampered service delivery and client relationships.
Challenge
The primary challenge for our client was to minimise the loss of assets and efficiently manage the financial implications of such losses. The company needed a solution that could not only track the movement and installation of assets in real-time, but also streamline the process of billing energy providers for lost assets, thereby recovering costs and mitigating financial impact.
Solution
Our client chose Vision by Beboc because of its comprehensive asset-tracking capabilities and advanced billing features. Vision’s implementation involved setting up a robust tracking system that provided end-to-end visibility of meter assets from the warehouse through to installation. Additionally, Vision facilitated the automation of billing for lost assets, ensuring that energy providers were accurately billed for such losses.
Outcome
- Significant Reduction in Asset Losses: The introduction of Vision led to a 50% reduction in asset losses within the first six months. Real-time tracking and alerts helped our client quickly identify and rectify issues before they resulted in asset loss.
- Full Recovery of Costs Associated with Lost Meters: The automated billing feature for lost assets ensured that our client recovered 100% of the costs associated with lost meters. This had a direct positive impact on the company’s bottom line.
- Improved Operational Efficiency: With a more streamlined process for tracking and billing, our client experienced a marked improvement in operational efficiency. The company was able to allocate resources more effectively and focus on core business activities.
- Enhanced Customer Trust: By addressing the issue of asset losses and improving service reliability, our client significantly enhanced trust among its energy provider clients. This trust translated into stronger business relationships and increased customer retention.
- Strategic Decision Making: The data and insights provided by Vision enabled our client to make informed strategic decisions about asset procurement, deployment, and management, further optimising their operations and improving service delivery.
Conclusion
By implementing Vision, our client transformed a critical challenge into a strategic advantage. The solution not only addressed the immediate issue of asset losses and provided a platform for our clients to enhance operational efficiencies, improve financial health, and build stronger relationships with clients. Vision proved to be a pivotal tool in our client's journey towards becoming a more resilient, efficient, and customer-focused MAP in the UK’s competitive energy sector.
