BFY Group

🗣️ Reducing complaints is a multi-£m savings opportunity for energy suppliers, at a time when Ofgem is calling for service standards to be transformed ⬇️ Complaints teams can achieve a significant reduction by... 1) Prioritising root cause analysis over service metrics 2) Identifying and mapping out critical areas in the customer journey 3) Aligning service goals with complaint prevention goals 4) Implementing proactive communication and problem resolution 5) Focusing on customer effort and satisfaction with resolution Based on our analysis of supplier complaint volumes and average handling costs, reducing complaints by 10% could save £5m-£7m per year for the typical supplier. Previously, we've helped a large energy supplier to avoid ~£7.5m in costs, by helping to better manage their complaints inflow. There's more insight from our complaints team here: https://lnkd.in/exK7gAeN Contact Rachel Littlewood if you'd like to know more about how we can help. #Energy #Utilities

📉 Energy suppliers have a multi-£m opportunity to reduce complaints, by closing the gap between customer service ratings and complaint volumes 5️⃣ We've shared five actions to help with this below, as we head into winter with looming regulatory pressure around customer service Read more: https://lnkd.in/exK7gAeN In this article, Rachel Littlewood, Craig Sutherland and Tom Deen focus on: - Understanding the gap between complaint volumes and service ratings - Making the case for reducing complaints, with a 10% decrease potentially saving £5m-£7m per year for a typical supplier, based on our analysis - Sharing five actions to reduce complaint volumes, by enhancing process maturity and striving for customer service excellence #Energy #Utilities

👏 We're proud to announce that Ian Barker, Managing Partner of BFY Group, has been named one of the UK's Top 50 Most Ambitious Business Leaders for 2024 by LDC!   Ian is recognised in The LDC Top 50, which features in The Times, celebrating the exceptional entrepreneurs who are building successful and growing businesses across the UK.   This year marks the 20 year anniversary of BFY Group, and as our Founder, Ian has grown the company from start-up to one of the UK's leading management consultancies - building an incredible team along the way.   During an interview with The LDC Top 50, Ian said:   "My drive is to create a sustainable business that creates fantastic job opportunities for people, especially those who wouldn’t ordinarily have a way into consultancy. I’m genuinely proud of the company we’ve built. The team really care about BFY and about each other, which has seen us recognised as a Top 100 Great Place To Work, all while delivering exceptional work for clients."   #LDCTop50 #Energy #Utilities

🎈 Celebrating 20 years of BFY Group! 🎉 This year marks BFY's 20th anniversary, and earlier this week we celebrated the occasion together at our Quarterly Business Review and team social.   A huge congratulations to our winners in the Living the BFY Values awards, nominated by their peers for embodying our company values in their work with clients and colleagues so far this year.   ✨ Team First - Emma Kassim   ✨ Smart - Sophie Taylor-Jackson   ✨ Self Starter - Ashley McLeod   ✨ Ambitious - Angela Tooley   ✨ Resilient - Andrew Santiago CGMA ACMA   ✨ Dynamic - James Ashley   ✨ Living the Values - Kevin Brown   Great work team!   #BFY20 #Energy #Utilities

📊 Energy suppliers face a significant challenge to ensure capital adequacy, with a £1.6bn cash coverage deficit in June 24 based on our analysis 💷 Our debt team previously helped a large supplier with recovering their cash position, enabling a ~£275m improvement through collaborative initiatives Read more: https://lnkd.in/e7x98eBR Our team supported with: - Identifying the root causes of cash challenges, collaborating with internal teams to highlight improvement opportunities in the contact strategy and cash performance reporting - Re-thinking the approach to cash collection, encouraging a focus on proactive customer engagement, alongside measures to drive contact strategy effectiveness and reporting accuracy - Driving a step change in operational collaboration, supported by enhanced leadership effectiveness for enduring improvements to cash performance Contact Rachel Littlewood for more on how we can help. #Energy #Utilities #Debt

I’m delighted to congratulate Renew Holdings plc on their acquisition of Full Circle Wind Services The BFY Group deal team of Ian Barker , Angela Tooley , and Kevin McCullough CEng FIMechE, FEI really enjoyed working with you on this transaction Well done to all involved, and I’m sure this will be an exciting partnership supporting the energy transition #NetZero #EnergyDeals

💷 Typical Direct Debit (DD) customers are ~1.7x monthly payments in credit as we head into winter. With c.70% domestic energy customers choosing to pay by DD, payment adequacy is critical for supplier health. Analysis by Matt Turner and John de Bono shows: - Customer credit balance across all suppliers was £3bn at the end of Q2-24 with around 73% of all DD customers in credit - Lower bills means this is down £0.3bn compared to last year, and ~350k more households were in credit in Q2-24 compared to Q2-23 - Gross customer credit balance is forecast to be ~£4.8bn at the end of Q3-24, with 17m accounts in credit Contact Matt Turner for more on the implications of our analysis. #Energy #Utilities

☔ Supporting customers remains essential for energy suppliers following the recent news of domestic debt reaching a record £3.7bn 👇 We've emphasised five areas that suppliers must be focusing on in our article below Read more: https://lnkd.in/eGg_4SgV On the news of another increase in domestic debt, Matt Turner - Senior Manager at BFY Group - said: "This is an incredibly challenging time for both customers and suppliers. As Ofgem considers potential amendments to the price cap allowances, it is crucial that we focus on the level of support needed for customers continuing to seriously struggle with their energy bills" #Energy #Debt #Utilities

📊 Domestic energy suppliers faced £1.6bn cash coverage deficit in June 24 💷 Growing market debt means there's an increasing challenge for suppliers to ensure capital adequacy, ahead of financial resilience rules taking effect next year Read more: https://lnkd.in/eK8N-puG By combining Ofgem's latest credit balance and market debt figures, with our view of seasonal DD debit balances, BFY analysis indicates suppliers are facing a significant negative net cash position. Our analysis suggests there's a £1.6bn shortfall to the target cash reserve, which has increased by £1.4bn in the past 12 months due to growing market debt. While this doesn't imply suppliers are short of their cash coverage targets, it does demonstrate the size of the challenge to ensure robust capital adequacy, ahead of the wider financial resilience rules taking effect in 2025. Contact Ian Barker or Matt Turner for more on the implications of our analysis. #Energy #Utilities

💷 Ofgem's headline Price Cap has increased by 10% to £1,717 from today 🔢 Using our Price Cap Calculator, you can estimate the impact on your Direct Debit levels, and see your typical monthly bill shape for the next 12 months Try it here: https://pricecap.energy/ You can also use the tool to compare fixed tariffs with the standard variable rate. Here's how it works: 📈 Find the average usage for your region and property size, or provide actual consumption (click 'Add a Fixed Price Tariff for Consumption' if desired) 💳 Enter your current debt or credit levels, and suggested Direct Debit amount 📊 See a forecast of your account balance over the next 24 months #Energy #Utilities #PriceCap