Revenue leakage is a common problem affected multiple organizations globally. We highlight the gaps in revenue leakage, management, and solutions. Read-on to know how you can better manage Revenue Leakage
2. REVENUE
GAP #1:
TECHNOLOGY
Identifying the sources of leakage, plugging the holes,
and improving revenues, this is what an end-to-end
revenue assurance solution offers. The benefits
span from billing reconciliation to introducing
prevention, along with addressing the revenue
leakage problems.
3. Create a cross-functional team that includes members from the executive
leadership, marketing, and IT teams. By breaking down the barriers between IT
leaders and marketing, providers are able to deliver a consistent digital
customer experience that ensures profitability, customer loyalty and revenue
inflow from fees.
REVENUE GAP #2
PEOPLE
5. REVENUE
GAP #3
DATA INTEGRITY
With the right data system in place, providers gain insights
into processes, ensure accurate entry of information and
put solutions in place to resolve errors impacting revenue
and profitability.
Without data usage quality and process improvement
methods that identify, fix, and prevent revenue leakage,
businesses face significant financial losses.
6. MANAGING
REVENUE
LEAKAGE
Look at your sources of income and see which
are regular, or are earned on a predictable
schedule with the value known in advance.
Monitor and note these entries for any
discrepancies in future
Next, look at the time spent by your resources
for completing a particular task and the hours
added against it
Take into account irregular changes that
happen in your revenue and how to manage
those.
8. REDUCE
REVENUE
LEAKAGE
Motivate the sales team: Incentivize your sales
team to specifically sell on your pocket margin
goals. Higher margins.
Less resistance first: Start minimizing revenue
leakage from current customer accounts, with a
prioritized list.
Sell value: The fastest and most effective way to
convince customers to pay full price is to sell
value.