Part 2: Breaking Down Silos – How Digitized Rates Streamline Operations

When utilities implement a new rate, the process can be resource intensive. Rate designers analyze costs and grid impacts, marketers create campaigns, billing teams update calculations, and customer service teams prepare to answer questions. However, without a shared, digitized platform, these teams often work with different data sets, causing misalignment.

For example, utilities attempting to introduce TOU rates without properly modeling the impact to customers could risk unintended financial consequences. If different teams are working with incomplete or inconsistent data, rates may be inaccurately marketed or implemented, creating customer confusion and financial instability.

The Power of an Enterprise Rate Engine

A digitized rate management platform eliminates these issues by creating a single source of rate truth across the entire organization. Here’s how:

• 🙌 Seamless Collaboration: With a centralized rate database, all teams—rate design, billing, marketing, and customer service—work from the same foundation.
• 🏃Faster Rate Deployment: Instead of years to implement new rate structures, utilities can test and launch changes within months.
• 🎯 More Accurate Billing: By integrating billing data with digitized rates, utilities reduce errors, minimize exceptions, and improve customer trust.

PSEG Long Island’s Success with Digital Rates

PSEG Long Island integrated an Enterprise Rate Engine that involved 17 different departments working in sync. The results were impressive—faster rate rollout, better customer education, and more effective marketing.

By breaking down silos and unifying rate processes, utilities can improve efficiency, reduce revenue risks, and ensure customers receive accurate, personalized rate options.

Download the eBook: The Digitial Transformation of Utility Ratemaking or read Part 1: The Case for Digital Rates.

Stay tuned for Part 3: Future Ready Utilities.