How would you know whether your business is suffering from revenue leakage/ losing money?
Experts estimated a loss of $953 million only in the communication industry itself due to revenue leakage. Do not let revenue leakage problems affect your business as well.
Take a look at the five signs to check whether your business is suffering from revenue leakage or not:
- Lack of Visibility Towards Customer Usage-Rating
Whether we are charging a flat rate or billing for product/service consumption, we should be able to view and manage customer usage in real-time. Best billing platform automates the process of usage-rating, gives overview of the business and better visibility of your customers.
- Allocating More Time for Manual Process
IoT and communication service providers experienced outstanding growth rates in the past few years. The scalability of your business depends on the potential of your internal processes. Whether you’re allocating more time for managing payments, creating invoices, calculating taxation that means you are hours that could have been dedicated to organizational growth.
Luckily, a telecom billing or IoT monetization is done by engine, like Rev.io, which automates billing and enhances customer service – so you can go back to grow the business.
- Bill-Run Flexibility
All billing platforms are not created equally. It’s crucial to know that the Billing-as-a-Service provider is emerging alongside your business. Before you trust any company completely with your revenue, research and ask yourself a few questions regarding the billing system and run cycle.
- In Built and Customizable Reporting
Now a day’s business intelligence is used by some companies to flourish in their business. Billing platform which we are using should come with minimum reports for monitoring and managing at-risk customers, un-billable calls, and past-due balances. However, growing companies planned to add new offerings, and stay lean to beat their competition will also need to use advanced functionality, like Rev.io’s robust report builder.
- Customer Experience Tools are Limited
Whatever may be your industry, high level customer experience is the most differentiated factor from the brands. Look at a telecom billing or IoT monetization; engine helps you enhance customer satisfaction and revenue retention. Rev.io’s integrated customer and agent portals elevate user experience, streamline internal operations, and reduce support hours.
Rev.io helps 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 start up in the Communications and IoT space or a very large, enterprise evaluating new billing systems. Rev.io will help.