Could you be losing money from revenue leakage? According to experts, the Communications industry saw estimated losses of $953 million due to revenue leakage. Don’t let your business suffer from this growing epidemic.Take a look at the following five signs of revenue leakage and see if any of these apply to your business.
1. lack of integrated usage-rating
Whether you’re charging a flat rate or billing for consumption, it’s imperative that you can view and manage customer usage in (near) real-time. A best-in-class billing platform automates usage-rating, giving you a pulse on your business and better visibility into your customers.
If you’re thinking about adopting a usage-based pricing model, take a look at our 4 Considerations for Consumption-Based Pricing blog post.
2. spending time on manual processes
Communications and IoT service providers have experienced unprecedented growth rates in the last few years. The scalability of your business depends on the effectiveness of your internal processes. Whether you’re spending time calculating taxation, creating invoices, or managing payments, you’re losing hours that could be dedicated to growth.
Fortunately, a telecom billing or IoT monetization engine, like Rev.io, automates billing and improves customer service – so you can get back to building your business.
3. bill-run flexibility
Not all billing platforms are created equally. It’s important to know that the Billing-as-a-Service provider is evolving alongside your business. Before you trust any company with your revenue, ask yourself these questions:
- Is your billing platform enhancing their software with +1,600 releases each year?
- Can you make last minute changes on the spot, create ad-hoc bills, reverse charges, and run bill cycles on your own?
- Does your billing system provide an open API to support new integrations?
- Are there programs in place for ongoing training or unlimited access to support teams and resources?
If you answered “no” to any of these questions, your business may have outgrown your billing system.
4. Built-in and CUSTOMIZABLE REPORTING
Very few businesses can prosper without proper business intelligence. At a bare minimum, your billing platform should come with backed-in reports for managing un-billable calls, past-due balances, and at-risk customers. However, a growing company looking to stay lean, add new offerings, and beat their competition will also need advanced functionality, like Rev.io’s robust report builder.
5. limited customer experience tools
Regardless of your industry, superior customer experience is the number one separating factor for top-notch brands. Look for a telecom billing or IoT monetization engine that helps you improve customer satisfaction and revenue retention. Rev.io’s integrated customer and agent portals reduce support hours, elevate user experience, and streamline internal operations.
Rev.io exists to help our clients grow revenue efficiently. With a consultative approach to providing IoT telecom billing solutions, we see your customers as our customers. As a leader in usage-based billing, Rev.io’s company values and mission drive our organization. Whether you’re a large, enterprise evaluating new billing systems or just starting out in the Communications and IoT space, Rev.io can help. Get in touch with our team of experts today to see what Rev.io can do for you.