Revenue assurance through end-to-end analysis of hidden patterns in your data will improve margins and profitability.
Optimizing revenue is multifaceted and impacts both sides of the balance sheet. Lost revenue erodes margins through revenue leakage when there are gaps in revenue assurance initiatives. On the flip side, revenue growth must be maximized to increase shareholder value. To address this, there are several levers within customer lifecycle management to boost profitability through customer lifecycle analytics.
Consider these steps in customer billing:
- Are we correctly billing the customer?
- Did we account for the new pricing changes?
- Are we correctly calculating usage charges?
- Are 3rd parties billing us correctly?
There are a multitude of questions to ask when it comes to revenue assurance, but the answers are often illusive.
The Infogix Enterprise Data Analysis Platform delivers a Revenue Assurance Solution that integrates information from different components and external systems, applies business validations and rules to detect discrepancies and errors, generates alerts and cases, provides complete lifecycle management for the cases it generates then deliver various reports and KPI dashboards – all in a single platform designed to alleviate leakage and other issues in the revenue chain.
To provide assurance that the correct revenue has been calculated, sample customer solution usages include:
- Detect duplicate, missing, or inaccurate customer information and subscription charges
- Identify accounts with irregular usage, fixed level or negative usage
- Validate correct rates, taxes and other charges according to contractual obligations
- Identify accounts with high number of changes/ write offs
- Reconcile order information to the account data to detect accounts where service is activated but not set up for billing and incomplete product/service information
- Track billing information for reasonability
- Determine the propensity to pay at the point of sale before the customer is billed
As the saying goes, an ounce of prevention is worth more than a pound of cure and when it comes to ROI, revenue assurance through end-to-end analysis of hidden patterns in your data will improve margins and profitability.
For more information on how the Infogix Revenue Assurance solution has helped our customers, here are two example case studies to peruse.
- Infogix adds $5.71M to the bottom line by deploying Revenue Assurance Managed Services
- Say Hello to More Accurate Billing: Infogix prevented $11.3M in under-billing and $4.9M in over-billing last year alone
Customer Lifecycle Analytics
A customer’s journey from acquisition to end of life is fraught with challenges in the mission to maximize profitability and customer satisfaction. Questions abound that advanced analytics can answer in multiple phase of the customer lifecycle to unlock the hidden gems by analyzing data across your enterprise.
For example, here are some questions that Infogix customer lifecycle analytics have helped customers answer:
- Customer Acquisition: Is this a potentially fraudulent customer?
- Customer Churn: What customers are likely to churn and what can we do to prevent it?
- Customer Retention: How can we retain our best customers and prevent them from being hand-picked by the competition?
- Customer Up-sell/Cross-sell: How can we maximize the uptake of new products and services?
- Propensity to Pay: Can we equate a score to the customers that are most likely to pay to prioritize our collection efforts?
All of these questions can be answered utilizing the Infogix Enterprise Data Analysis Platform that captures, analyzes, acts, and communicates the result of the analysis. The most important step is embedding the analysis non-intrusively into your business process to integrate actions in real-time. Predicting customer behavior is no longer illusive when predictive models and advanced PropensitySCORING® is applied to answer the right questions and those answers are operationalized into your business processes.