EnergyBot is new AI tool that has been transforming the energy procurement process for businesses. Founded in 2018 and is headquartered in Dallas, Texas, EnergyBot is driven by a proprietary technology platform, and is the first online energy broker to leverage modern A.I. technologies and industry-specific data to offer each business a simpler process and completely transparent experience- ultimately reducing annual energy costs.
Backed by a group of strategic investors in the energy industry, the provider raised its Series B funding of an undisclosed amount on Mar 05, 2020. This could be used to deliver new data and algorithms to improve end-user pricing.
How can the implementation of AI give you an accurate price on your energy resources?
Just like any price comparison website, EnergyBot has built a straight-forward and easy-to-use online platform enabling you to own the process – just input basic information about your business and energy use, and then compare the best energy plans offered in your area. Their reliability in providing accurate energy technology information to consumers is aided by an “EnergyScore is a beta tool”, designed to help uncover hidden factors behind pricing.
Users can compare prices based on their goals, identify alternative energy providers with a green focus on renewable sources, or, in supply chains where it’s possible, get the most cheap natural gas plan. The portfolio of residential energy information covers nine states in the US including New York, Illinois and Ohio.
Working alongside the likes of trusted energy market suppliers like Engie and Reliant, the utility monitoring company are a sorely missed addition in the United Kingdom.
Are there similar alternative energy resources using AI collaboration for UK consumers?
It is important to note that brokers in the UK use AI technology in several ways to improve their operations and increase efficiency. Whether this benefits energy storage and renewable energy sources, or business owners looking to improve and facilitate company growth.
Market analysis: Energy brokers use AI algorithms to collect and process vast amounts of data related to energy markets, including demand and supply patterns, price trends, and weather forecasts. By analyzing this data, AI systems can identify patterns and predict future market movements, which can inform the trading decisions of energy brokers.
Customer engagement: Energy brokers can use AI-powered chatbots and virtual assistants to engage with customers in real-time, providing instant support and information on energy market trends and prices. This enhances the customer experience and allows brokers to respond to customer needs more efficiently.
Contract management: Energy brokers often manage large numbers of contracts, which can be time-consuming and prone to errors when done manually. AI can automate many of these tasks, such as contract reconciliation and tracking, freeing up time for brokers to focus on other strategic activities.
Risk management: The energy market is inherently volatile and subject to sudden price fluctuations. Energy brokers use AI to monitor market conditions in real-time and assess risk, allowing them to make informed decisions on hedging strategies and minimize their exposure to market risk.
Optimization: Energy brokers can use AI algorithms to optimize energy portfolio management, helping them to select the most profitable energy sources and make informed purchasing decisions. This helps brokers to maximize returns while minimizing costs, improving their bottom line.
Overall, the use of AI technology is transforming the energy brokerage industry, allowing brokers to make better decisions, provide enhanced customer service, and streamline operations, and improve their bottom line.
Amber Energy introduces AltBot
As the UK’s first artificial intelligence business energy comparison bot, Altbot, which was introduced in April 2019, has recently successfully finished its first month. To assist SME businesses in the UK in obtaining the best energy prices, Altbot combines an intelligent chatbot with a thorough business energy comparison tool.
With the help of knowledgeable individuals and AI technology, Altbot was developed to address some of the most pressing difficulties facing the sector. The company’s main focuses was to implement Altbot for:
- Faster, more accurate energy rates that keep up to date with a spike or drop in the marketplace
- Cheaper rates on gas and electricity that can save money
- Less administration setting up a contract in the long term
- An online process that can be completed in under five minutes, as a more direct route to the power grid
In contrast to “conventional” brokers and comparison websites, Altbot offers businesses more than just the cheapest provider.
Utilizing a unique algorithm, it thoroughly examines each supplier in order to determine whether they are respectable, provide excellent customer service, and are attentive to clients.