BidEnergy to launch innovative single bill solution called BID Billy

BidEnergy ASX single bill solution BID Billy electricity

Technology company BidEnergy (ASX: BID) has unveiled its latest innovation: BID Billy, a single bill solution targeted at residential and small business electricity consumers.

BID Billy provides ongoing bill monitoring, alerting consumers to the lowest available rate, and when to switch energy provider to achieve the best savings.

The product is being aimed at retailers in the residential and small business market as a “zero cost solution” with BidEnergy saying that BID Billy will be launched by August 2018.

The launch of its new product allows BidEnergy to serve a marketplace of over 10 million residential and small business customers with smart meters in Australia. The supplemental addition of BID Billy is expected to complement BidEnergy’s enterprise market business – which remains its core focus.

In March this year, BidEnergy reported its total combined annualised revenue, to the tune of A$4.4 million.

Subscriptions to the BidEnergy energy-spend reduction platform and revenues from the cyclical RealWinWin rebate-claims system contributed A$2.2 million each to the revenue figure.

Winning solution

BidEnergy’s cloud-based platform simplifies the complex energy spend management process by using automation, enabling organisations to have complete control over their energy spend.

Unlike manual consulting and business services, the platform automates the management of every component of the process for multi-site companies.

By automatically capturing and validating invoices and meter data, BidEnergy customers can streamline their accounting and payments processes, go to market at short notice to optimise their supply contracts and reduce billing charges using sophisticated analytics and reporting.

BID Billy was developed as a franchise solution for BidEnergy’s tier 1 enterprise clients, providing an RPA platform solution targeted at franchised single-site businesses with small energy bills. BID Billy leverages BidEnergy’s technology and expertise in robotic process automation (RPA) and is the logical extension of BidEnergy’s existing RPA platform.

According to BidEnergy, BID Billy will be compatible with bills from all 26 electricity companies in Australia and claims that the product is “the next step” from simple bill comparison services, given its ability to provide an ongoing subscription service that works for the consumer on a continuing basis.

The advanced features developed by BidEnergy allow BID Billy’s RPA platform to decipher complex bills and discounts, avoiding rate confusion for the consumer and orienting them toward the best rates.

George is an award-winning market analyst who has authored articles and editorial opinion pieces for multiple publications around the world. He has written about a wide variety of topics including financial markets, stocks, trading, politics and economics.