Could your business be losing money through revenue leakage? According to TM Forum’s most recent annual report, telecom companies across the globe could be leaving up to 1.5% of their overall revenue on the table due to financial leakage. But, implementing the right prevention measures towards profit leakage can be the difference between sustaining growth and losing your momentum.
Check out these common signs and learn how to prevent revenue leakage and save your business from millions in potential losses.
Sign #1: Lacking Integrated Usage Data
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. Without this data, you will struggle to get a pulse on your business and get true visibility into your customers’ usage needs.
Solution: Integrate Using Real-Time Monitoring
Get access to accurate data when you need it with a billing platform with built-in real-time monitoring. By integrating your usage rating with a robust billing platform like Rev.io, you can take charge of your business operations and optimize account transaction visibility. Our best-in-class platform comes standard with all of the data tools you need.
Sign #2: Wasting Time on Manual Processes
Communications and IoT service providers have experienced unprecedented growth rates in the last few years – which makes them even more susceptible to revenue leakage. But many of these businesses are still calculating taxation, creating invoices, and managing payments manually. You could be losing hundreds or even thousands of working hours each week that could be dedicated to growth.
Solution: Automate Processes With Smart Solutions
The scalability of your business depends upon the effectiveness of your internal processes and your ability to update processes that are holding you back. With the right systems in place, you can devote time previously spent on manual processes to formulating new growth opportunities for your business.
At Rev.io, our sophisticated billing platform automates key internal processes to free up your company’s time and resources. That means you can turn your focus to larger strategic initiatives, such as enhancing your business’s overall customer service experience and learning how to reduce revenue leakage elsewhere.
Sign #3: Stagnating Because of Your Billing Solution
You expect your business to grow in capabilities and revenue each year – so why wouldn’t you expect the same from your billing solutions partner?
Not all billing platforms are created equal. You need a billing-as-a-service provider who will grow alongside your business. If you feel like your billing software could be a cause of revenue leakage for your business, ask yourself:
- Is your billing platform enhancing their software with 1,000+ releases each year?
- Can you make last-minute changes, 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?
At Rev.io, we can proudly answer “yes” to all of these questions, with 1,227 development tickets deployed to production in 2021.
Solution: Assess Your Billing System’s Capacity
Does your current billing system support your exponential business growth? Can you create ad-hoc bills, reverse charges, and run bill cycles on the spot?
If your billing system isn’t scaling to meet your business’s needs, then your overall growth potential could suffer because of revenue leakage.
Rev.io’s billing platform debuts thousands of new releases every year, provides an open API to support new integrations, includes unlimited access to a responsive support team, and incorporates training opportunities for your organization. We believe every client deserves the freedom to grow as rapidly as they can.
Sign #4: Falling Short on Business Intelligence
Very few businesses can prosper without proper business intelligence. At a bare minimum, your billing platform should come with backed-in reports for managing non-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 that many software solutions simply don’t offer.
Solution: Expand Your Reporting Capabilities
Your growing business needs cutting-edge intelligence to address issues like past-due balances and at-risk customers. Rev.io offers a robust analytics platform that offers built-in customization options to support your individual needs. Get the rich data and insights you need to make informed decisions and learn how to prevent revenue leakage for your business.
Sign #5: Limiting Your Customer Service Capabilities
Regardless of your industry, a superior customer experience is the number one separating factor for top-notch brands. But many billing solutions don’t provide the tools to help you improve your customer satisfaction and reduce revenue leakage.
Look for a telecom billing solution or IoT monetization engine that helps you improve customer satisfaction and reduce revenue leakage. Rev.io’s integrated customer and agent portals reduce support hours, elevate user experience, and streamline internal operations.
Solution: Develop Customer Experience Tools
The right monetization engine can improve overall customer satisfaction and subsequently increase revenue retention for your company. Rev.io offers integrated customer and agent portals to improve interactions and optimize your customer management experience.
Through our robust platform features, you can simultaneously reduce support hours, streamline key internal processes, and enhance user experience.
Sign #6: Putting Client Relationships on the Back Burner
When your business undergoes a period of rapid growth, client relationships can often fall by the wayside. However, maintaining long-term relationships with growing clients is one of the best ways to prevent profit leakage.
Solution: Prioritize Strong Client Relationships
To maintain a strong service model that bolsters revenue retention and mitigates revenue leakage, you need to keep the health of your client relationships top-of-mind. By treating these relationships as strategic partnerships, you can establish transparency and develop a reputation that clients are eager to promote on your behalf in the marketplace.
Looking for More Revenue Leakage Solutions
At Rev.io, we help clients in the communications and IoT industrie grow their revenue efficiently. We offer a consultative approach and treat your customers as if they were our own. Let us connect you with our team of experts and learn how to prevent revenue leakage within your growing business. Contact us today.