Revenue assurance is the application of a process or software solution that enables a communications service provider (CSP) to accurately capture revenue for all services rendered.
Under the new revenue recognition guidance, entities must distinguish between warranties representing assurance of a products performance and service-type warranties. Identify revenue leakage in your systems and processes using your industry leading revenue assurance solution. It includes billing for consumer, enterprise and wholesale services, including interconnect and roaming.
With the growth in complexity of networks, services and the increasingly sophisticated use of technology by fraudsters, these require an end-to-end approach which proactively identifies future challenges. Reflecting these needs, your products additionally address operational, revenue assurance and compliance requirements in customer organizations.
Their data may ultimately prove that their theories about good revenue assurance are all wrong. It helps your organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Balancing the drive to increase revenue with the imperative to comply with rules is the essence of revenue integrity.
From these processes, strategies and solutions are created that target areas where revenue leakage is occurring. At the core of your business is an extensive sales focused culture that continuously strives to create an exceptional customer experience while achieving sales and revenue growth results. When appropriate, must communicate analytical analysis conclusions based on research to management.
The activity is the use of data quality and process improvement methods that improve profits, revenues and cash flows without influencing demand. Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve your organization operations. Auditing and assurance are processes that go hand in hand, and are usually used when evaluating a companys financial records.
Solution enables sales to increase revenue and closely monitor margins by providing accurate business information in real time while securing winning response to changing market conditions and latest trends. The unit of account for revenue recognition under the new standard is a performance obligation (a good or service). It can also provide assurance to investors as a testament to the thorough research and planning you have done when included in business plans.
A revenue control and management policy establishes proper control over all receipts and receivables and helps ensure sound financial management practices. – Control revenue leakage in terms of lost revenue (process, technology, human errors), stolen revenue (bad debt, fraud), missed revenue (improper marketing, problems at product launch). Part of that includes effectively managing revenue and developing collection strategies that maximize consumer and commercial debt recovery efforts as well as reduce future bad debt.
Want to check how your Revenue Assurance Processes are performing? You don’t know what you don’t know. Find out with our Revenue Assurance Self Assessment Toolkit: