Primer
Revenue assurance process is a set of practises involving software tools which enables a company to accurately capture revenue from the products and services that they are offering. It’s a proactive approach of dealing with risks and errors before they occur rather than waiting for the problem to happen. It meticulously goes through the entire revenue cycle to find and plug the revenue leakage points so that the organization garners maximum revenue through revenue assurance software. The revenue assurance domain may often extend to business assurance and risk & fraud management. Here are the ten tips on how to provide revenue assurance for your business.
Automate data collection
Notwithstanding automation, many companies in the world still rely on manual sales data collection— this leads to serious problems like repetition, inaccuracy, slow process and others. Automation is the answer to these problems to bring revenue assurance for small businesses.
Better control
Fix accountability for who will be responsible for what, instantly record and store every transaction, goods & services should be offered at authorized prices on authorized terms, accurately invoice all goods & services sold.
Improve the revenue sharing model
Revenue sharing is a marketing strategy that suits many organizations. This strategy can be helpful as it prompts partners and associates to channelize business towards your sales funnel. But you need to bring transparency into this process for maximum profit. Revenue assurance software helps in that.
Automate billing
Automate billing and send data directly to your ERP and documentation system. Avoid maintenance overhead by capturing invoice data safely and accurately. There are revenue assurance tools for free to help you in that.
Exception reporting & resolution
Exception refers to a transaction that requires users’ attention to settle. Traditionally it’s done through emails but brings inefficiency – automate exception reporting and resolution to drive value.
Plug revenue leakage
Remove friction from the buyer’s journey. Many problems may creep in buyers’ journey turning customers away. Streamline processes and smooth the way for customers to purchase from you.
Use analytics
BI tools help you to increase sales by targeting profitable tasks, elevate customer loyalty and retain customers, do accurate sales forecasts and achieve the budgeted sales.
Do footfall analysis
Footfall analysis in an innovative way of counting people who visit your store. It goes just beyond counting to find hidden trends & patterns to help you come out with the most apropos strategy to elevate sales.
Look at ROI
Choose the right solution, many on-premise solutions are too complex and big to get real benefit in near future. This puts ROI in jeopardy. You can choose cloud-based solutions that are scalable and pay-as-you-go to drive ROI.
Auditing
Auditing serves a lot of purposes— it can make your business processes efficient, it can save you from financial penalties, it can earn you reputation, it can identify & address risks to protect you from shocks. It has an overall positive forbearance on your revenue.
Among all revenue assurance software available in the market, WovVRA (from the best revenue assurance company) is the most efficient – this cloud-based, SaaS solution is just fit for businesses of all sizes. Try this FREE-FOREVER software to turn things around you.
