Warren Buffett, one of the business world’s most successful investors, entrepreneurs, and philanthropists, has never been short on words when it comes to running a business. Among the many quotes attributed to Buffett, perhaps the most frequently recited relates to the reputation of a business. “It takes 20 years to build a reputation and five minutes to ruin it,” Buffett said. “If you think about that, you’ll do things differently.”

Buffett has long led Berkshire Hathaway, a holding company for many businesses across a spectrum of industries. Because of diversity, it should come as no surprise that the advice is applicable for nearly every business including utilities. Maintaining a sparkling reputation has proven to be a challenge for some utilities. We’re here today to talk about one shift in mindset that can pay big dividends toward improving your reputational standing.

Keep reading to find out why utilities should take customer complaints and recommendations seriously. (more…)

There once was a time when utility customers had very simple requests. They wanted the company to deliver a service that was safe to use, reliable, and priced fairly. And while those requests remain in play, customers’ wish lists and demands have also grown considerably. For instance, modern-day customers are more environmentally conscious than ever before, and they expect utilities to follow suit. Today, there are even more choices that simply didn’t exist in years past. This forces utilities to be innovative and tactical to gain and retain customers among a crowding marketplace.

Customer retention strategies should be robust, wide-reaching plans that encompass a multitude of initiatives specific to the utility. However, there is one move a utility can make that should be part of everyone’s approach: a shift to digital. Here are five reasons why utilities need to upgrade old infrastructure and embrace a digital work environment. (more…)

The utility industry is unique in that a provider may have little to no competition for their services. This is especially true in states where utilities are regulated. In industries flush with brands and options, higher competition benefits the customer. Generally, competition prompts providers to strive for better products at lower prices to maintain market share.

The savviest utility companies recognize the importance of sound customer engagement. They have the strategy and know-how to respond when something goes wrong. These companies encourage transparency and communication and are receptive to criticisms. They also identify that customer engagement involves more than just customer service. Here are some ideas for strategies you can put in place to improve your utility’s customer engagement efforts.

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Smart and automated technologies have revolutionized the way we live our lives. From how we consume content like television and music to the ways in which we exercise and operate kitchen appliances. But with these fresh advancements comes new complexities, including vulnerabilities around consumers’ personal data. On an individual level, vigilance around protecting sensitive information certainly plays a role. But what about the companies who act as gatekeepers of that data? What are the steps they should be taking to protect sensitive information?

Utility companies have the added responsibility of overseeing data that can impact the masses. Fortunately, maintaining excellent cybersecurity and protecting customer data is possible through a few proven tactics that keep data safe and secure. We’re going to share a few of them below. (more…)

The American Society of Civil Engineers (ASCE) is the oldest engineering society in the U.S. that includes the country’s foremost experts on the built environment. For years, ASCE has fervently advocated for updates to aging utility infrastructure, and its most recent report is no different. As published in March 2021, the report focuses specifically on progress made in infrastructure development, saying that “although much work remains to be done, the progress indicates the benefits that can result from increased funding, better asset management, and technological improvements.”

Upgrading infrastructure and expending the necessary capital needed to make that happen can be a daunting proposition for utilities.  They may already be balancing an exceedingly tight budget. Today, we’ll look at the positives of that investment and explore the real impacts of upgrading aging infrastructure. We’ll also look at digitization and securing the grid against natural and manmade disasters. (more…)

The country’s utility infrastructure, the foundation of American livelihood, is a rapidly aging asset. Just how close to end-of-life are many of our infrastructure’s critical components? Here’s a snapshot: Citing a 2015 study from the U.S. Department of Energy, reports show that 70% of power transformers are at least 25 years old, more than 60% of circuit breakers are a minimum of 30 years old and about 70% of transmission lines are 25 years or older.

Of course, the maturity of our infrastructure is hardly news to industry leaders. Around the time of that U.S. Department of Energy study, Utility Dive surveyed a collection of executives on the top challenges facing the electric industry. Aging infrastructure topped the list of all answers given.  Updating infrastructure will certainly require a significant financial investment.  Wise utility companies understand that some moves are more important than others. If your utility company is striving for improvement, here are a few ideas for strategies to upgrade the nation’s aging infrastructure. And also to improve vulnerabilities. (more…)

“Water covers roughly 70% of the Earth’s surface” is a quirky stat that most people learn at a young age. The much lesser-known truth about the world’s water source is that only about 2.5% of it is freshwater. And to make matters worse, reports indicate that the United States relies on freshwater for about 90% of withdrawals for public and industrial use.

It might seem like the importance of water in the utility industry would center solely on companies providing drinking water and wastewater services. Actually, water plays a much larger role across the spectrum of utilities.  Dependence on water for the production and delivery of services like electricity, oil, and gas, scarcity has become a concern. In response, utilities have developed clean water initiatives to make the most of accessible water. (more…)