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The Most Feasible Solution To The Problem Of Revenue Leakage
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Revenue assurance through revenue management is an endeavour to ensure that the orders sold transmute into money or cash in the bank. Various companies irrespective of the amount they toil to bring in the cash and increase the profit margins, they still aren’t able to clog the revenue leakage that causes their hard earned money to seep through. This is a like an the most palpable yet unnoticed obstacle that stands in the way of the ultimate goal of any wireless or wireline company, that is to proliferate the cash flow. The atmosphere of negligence and laxness regarding this issue is almost tangible. Therefore, no matter how much they put in the sweat of their brow to increase the cash flow, they won’t be able to derive maximum profit until and unless they check this outflow of cash through revenue leakage.
Revenue leakages are known for their notoriety and have spelt disasters for various companies. Any company suffering from revenue leakages should immediately come up with a strategy to minimize or even better, knock it off completely. Revenue assurance is a potent weapon against this sort of problem, but the market’s slant towards it is myopic. Revenue leakages are a problem that needs a long term solution and not a quick fix. If not looked into immediately revenue leakage may cost a communication company dear and will continue to eat into their annual revenue.
Communication Service Providers are forever seeking profitability in sodden markets. For this they offer progressively distinct range of latest higher margin products through an abundance of channels to lure customers to buy them. The wider the range of products, the higher the count of entities present in the supply chain. As a result, the arduous task of restoring harmony of transactions and balances between the players for the purpose of cashing value chain has become even more challenging transmuting into a BackOffice menace. If the arduous task of reconciliation of money transactions at stores present on streets and the various online card transactions with the payments to the bank account of CSP forms one side of the equation, the other side comprises of bills and statements from the digital content suppliers that are required to be reconciled with buyer purchases, just to add to the woes. Earlier, these reconciliations were carried out by back office staff comprising finance teams by utilizing extensive spreadsheets in arduous processes, the consequence of which was low rates of reconciliation. Nowadays, CSPs have started to deploy the services of automated systems to ameliorate the accuracy of reconciliation and diminish the laborious efforts.
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