Did you know it takes 12 positive experiences to make up for one negative experience? Or that it takes 6-7 times more resources to acquire a new customer than to keep an existing one?
Unhappy customers are more vocal and costly to the bottom line. Plus, consumers are willing to put their money where their mouth is--7 in 10 Americans are willing to spend more with companies they believe provide excellent customer service.
So in a world where consumer options abound, the #1 priority is keeping customers happy and engaged. TXU Energy, the leading Retail Electric Provider in Texas, understands all too well that customers are their lifeblood. Competing in a highly deregulated market, customers are free to choose from a number of providers selling the same commodity: electricity.
"The customer experience is constantly top of mind for all employees, and is our differentiator in a highly competitive retail electricity market," explains Ravi Malick, VP of Technology at TXU Energy.
TXU Energy focuses on delivering a unique experience designed with the needs of customers in mind. By offering customers a wide range of products and services, including Free Nights, Free Weekends, Home Protection and Customer Loyalty Programs, they have set themselves apart from the competition.
Cloud is the Cornerstone of TXU Energy's Strategy
To provide that great customer-centric experience, TXU Energy relies on technology. Whether it's better customer data and segmentation, a world-class online presence, an easy to use mobile app or a digital dashboard showing customer electricity usage, there are few aspects of the business the Technology team does not enable.
"We start with a mindset of delivering a great user experience," says Malick. "Everything else stems from that."
Among other initiatives, the team focuses on making technology proactive not reactive, learning to "integrate and compose" instead of building from scratch, creating a customer-centric retail platform and developing talent.
Thus, cloud computing is a cornerstone of TXU Energy's Technology strategy. By turning to the cloud for agility, TXU Energy invested in a variety of service providers to address sales, service, integration and analytics needs.
However, the transition presented challenges with how the company managed and shared content. Malick recalls a defining moment when he presented the wrong version of a financial spreadsheet with projections off by $3M.
"That's when I realized we needed a change," explains Malick.
Legacy and Consumer Solutions Didn't Make the Grade
Historically, TXU Energy relied on a combination of legacy solutions to store and share files. But these solutions did not provide the flexibility or functionality needed for collaboration and document management.
Malick and his team ruled out consumer-oriented storage tools. TXU Energy needed a cloud-based solution designed from the ground up for the enterprise, with the flexibility and ease of use to deliver an effortless experience for the business. With this in mind, they chose Box.
"I'm a firm believer in the simplicity and security of Box." says Malick. "Box just made sense to people, and it was very easy to use and administer."
Adoption and usage of Box went viral at TXU Energy. Starting with deployment in IT, Box quickly spread to other departments. There wasn't a need for a migration away from other tools; rather the focus was on enabling a productive and effortless way to manage and use content. Malick highlights three critical use cases:
- Digital Asset Management
TXU Energy's Marketing team used old, on-premise digital asset management software. Searching, sharing and security were challenges with tool. When the team started using Box, everything changed. The team could easily share, manage and collaborate on their digital assets both internally and with external graphic vendors and ad agencies. "The transition took about a week," Malick notes. "Since then, they never looked back!"
- Secure Content Sharing
TXU Energy's Legal team stored content on their local hard drives and managed their content manually. Whether it was a new product fact sheet, a set of website wireframes or regulatory filings, the team relied on email attachments to share their latest redlines. The team is now transitioning to Box to store their sensitive documents centrally and securely, thus enabling sharing and collaboration with internal and external partners.
- Customer Engagement
TXU Energy's Customer Engagement teams store records of customer interactions, including call recordings and correspondence. Sharing data was challenging because of large file sizes and geographic dispersal of teams, and shared network drives didn't allow for collaboration with external brokers and trainers. With Box, more than 43GB of customer engagement records are now stored on Box, and the team utilizes Box Sync and Box Edit to quickly access information and share files on demand with team members and supervisors.
TXU Energy's Future with Box
Reflecting on their adoption of Box, Malick notes that TXU Energy has seen both hard and soft ROI from their Box investment. TXU Energy not only saw hard dollar savings from replacing their Digital Asset Management system and other on-premise solutions, but also soft dollar benefits in ease of use, improved end-user experience and overall productivity.
TXU Energy continues to look for ways to connect with and better serve their customers. As Malick explained, "we can imagine a world in the near future where our customers could log into their "My Account" and look at prior bills, usage history and energy plans and all that is served up through Box."