Entice Energy (www.enticeenergy.com) is a new gas retailer based in Central Derby, UK. Typically new and small scale suppliers spend about £1 to 1.5 million towards supplier license and the IT systems, mostly on premise, for administering the customer data such as billing information, personal data, and payment collections. These numbers can grow big if the retailer has large scale ambitions. Out of this, roughly 30% of the cost goes towards initial setup and implementation, and retailers are required to have good capital in hand to start the business.
Entice Energy has chosen Fluentgrid’s NXTER cloud solution to overcome these challenges and save the much needed capital to grow their business.
- High capital needs to start the business as gas supplier
- Coping up with regulatory compliance and integrations with a slew of market participants (Shipper, MAMs, MRAs, and other suppliers) and upcoming industry changes in the form of NEXUS compliance and Smart meter rollouts
- Complex billing needs, with estimates when there is no meter read, and reconciliation when the actual reads are available
- Absence of a single solution that takes care of back office operations and consumer engagement
- Lack of knowledge and capacity to handle IT systems that run back office operations and consumer engagement
Fluentgrid’s cloud hosted NXTER solution has been deployed to handle operations (Back office portal – tariffs, billing, customer support, collections, payments/refunds, reports) and consumer engagement (self service portal) with market ready integrations and support for upcoming changes. The solution facilitates easy exception management to handle exceptions/errors coming from market participants (via integrations), direct debit review and payments collection.
- NXTER solution saved 80-85% of initial setup costs, and the monthly subscription model allows the retail energy players to spend money only when they grow
- Overall the cost of business operations is reduced by about 50% and customer engagement costs fell by one third
- Simplified operations, with exception management, for the areas that require attention
- Secured future with NXTER cloud that continues to include upcoming changes from market and evolve to manage new age energy consumer expectations