What Drives the Nordic Utility Market Towards Digital Transformation

With the recent announcement of MaxBill’s Nordic expansion, we made it our priority to research the major market drivers and specifics to adapt the solution to the needs of Northern businesses. Our partners Lars Enström and Carsten Korgaard, who possess extensive market knowledge, have helped us, providing valuable insights from a wide variety of economic sectors and industries. Together, we have looked at both the internal drivers of the companies and the external demands they face, to determine the main pain points of providers in the North.

Let’s review what our team discovered in the process, and how we are going to answer the challenges of the new reality that lay before us.

Customers Are Driving the Digitalisation Across All Industries

From banks to factories, and from large corporations to small family-owned businesses, everybody feels the pressure to digitalise at a faster rate than before. 

According to the Riksbank’s survey, people prefer to pay by a debit card or mobile app, rather than cash. The COVID-19 pandemic has accelerated this notion, as contactless payments are deemed safer than cash. Such a trend not only presses the businesses everywhere to be able to offer the opportunity for customers to pay with the preferred method, it also drives the interest of the enterprises in digital cash and blockchain. It is highly possible, that the next step in the financial landscape of the Nordic region will be achieved much sooner with the wide spread of e-currency. Providers and companies of all sizes should get ready for this new development.

Moreover, the demands for better customer service are growing among the general public. People know what they want, and they are vocal about it. As evident from the diagram below, based on the EC Consumer Markets Scoreboard, consumers won’t hesitate to talk to the provider directly if they are unhappy with the services.

electricity Denmark Sweden Iceland Finland

Customers remain loyal (yet), but expect more from their providers, as the knowledge of the technology develops in all age groups of the population. This growth of awareness leads to Nordic enterprises being encouraged to focus on innovation and improving customer experience, and they choose to turn to digital service vendors for help, as illustrated by this article by ISG

Amplifying the Efficiency to Reach More Goals

During the pandemic, when many experienced staff shortages and operational disruptions, the need for better process flows became more evident than ever. We have recently talked about the benefits of automation for revenue management and cannot stress the importance of it in the Nordics well enough. By reducing the complexity and becoming more efficient, companies can free up staff and time resources to perform more creative and important tasks. This will lead to better scalability, which is currently a pain point for many Northern telecommunication companies in particular.

Additionally, the North is yet to achieve a high-functioning business eco-system. As the shares of dependent enterprises in Denmark, Norway and Sweden are the biggest in the entire EU, it is vital for them to implement the best possible solution for partner and revenue management.

nordic dependent independent enterprises EU

To get to a sustainable level of collaboration within such an environment, providers need a system that would help them avoid errors, deliver services to partners and invoice for them without delays. 

What MaxBill Brings to the Table

Equipped with the extensive experience, gained over the years of aiding business growth of companies across Europe, and backed by our partner’s knowledge base, MaxBill is ready to offer the Northern companies its support.

Thanks to the solid basis of the MaxBill platform and its ability to outline business process flows, it can assist businesses of any size and growth rate. Our solution will help to develop the industrial ecosystem, which will be very beneficial for each company and the northern economic landscape overall. We take our mission to deliver innovation very seriously, constantly improving our solution according to the latest technological trends and clients’ needs, implementing new modules and functionality to cover the emerging industry requirements.

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