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Smart meters set to be a challenge for the billing industry

Smart meters are something of a new concept that’s just getting ready to hit the market.

They are the new generation gas and electricity meters, with whom you can see how much energy you're using and what you're spending, in pounds and pence.

Basically, you’re seeing your energy bills live as they’re being formed, meaning no more estimated bills and blind savings.

But end users are not the only ones in dire need of some hard getting used to, when it comes to smart meters. Companies as well need to be very well prepared for it.

As Agnus Panton, Director of Power and Communications at SQS writes on TechRadar (opens in new tab), there are several challenges ahead of companies – “Big billing” being one of them.

“To turn the increasing volume of data from smart metering into revenue – that will be one of the main challenges facing utilities companies as they look to cope with both the increased levels and opportunities associated with data and information”, writes Panton.

Increased expectations will also be a huge challenge for companies, as new technologies will have customers expecting more for their money.

Smart meters aren’t expected widely before 2020, but even so, 62 per cent of consumers don’t believe the transition will go smoothly – finding reason in many previous big IT projects that have gone over budget and have faced delays.

These gadgets will completely transform not only how consumers use energy, but how companies do business as well.

“They have to be smarter, slicker, and faster at dealing with all the challenges ahead, such as regulatory compliance, and the things that make them money”, writes Panton.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.