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3 ways Business Automation can Solve Revenue Leakage

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Revenue Leakage sucks. It literally sucks revenue away from your bottom line. Stemming the flow allows you to make more money without increasing your prices, working harder, or charging your customers more. Win - win.

Automation can help with this particular plumbing problem through:
- Dashboards: Clear Data Visibility
- Automated Collections & Ageing Reports
- Monthly, accurate customer billing

Download "Your Guide to SOLID Automation" to find out how we use automation to help businesses like yours: http://hubs.ly/y0tLY90

Published in: Software
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3 ways Business Automation can Solve Revenue Leakage

  1. Business Automation can solve Revenue Leakage 3 Ways
  2. Revenue leakage sucks. It literally sucks cash away from your bottom line.
  3. Revenue Leakage refers to revenue or potential revenue that is lost through processes/transactions. So, it is money that is rightly yours, but that you are not receiving (or are ‘leaking’) due to various inefficient or ineffective processes. Definition:
  4. Stemming the Revenue Leakage flow allows you to make more money without increasing your prices, working harder, or charging your customers more. Its one of those rare cases where everyone wins. Automation can help with this particular plumbing problem.
  5. Here’s How...
  6. 1 Visibility of key business metrics through dashboards
  7. Automated systems have integrated key metric dashboards. A dashboard sits in front of your business operations platform, collating and presenting your key metrics. It’s a single screen that tracks all your important data points in real- time.
  8. Having this global, trustworthy key business information collated visually in a single place allows you to quickly and easily identify: 1. Trends by geography, department, function, product or service 2. Sales statistics to predict future revenue and pipeline 3. Ageing reports to identify outstanding cash flow 4. Operational process delays through outstanding customer support tickets
  9. Visibility of key business metrics is essential to the longevity of your business. Being able to quickly and easily identify a problem area or potential problem area mitigates any revenue leakage losses.
  10. 2 Collections processes with automated reminders, all linked to ageing reports
  11. If your current collections process is a spreadsheet with cells coded in red, orange and yellow to denote time outstanding - you are not alone. These may look pretty but they are not effective.
  12. An automated collections process detects whether a payment has been made and, if necessary, automatically sends out a series of payment reminders to the customer at predetermined intervals. These eventually culminate in (an automatic) suspension of services until such time that the outstanding balance is settled.
  13. Any outstanding payments are automatically collected and analysed through real-time Ageing reports. These reports let you know: ★ How much is outstanding ★ How long it has been outstanding for ★ Which customers have amounts outstanding
  14. This information allows you to manage your finances accordingly and allocate your resources in the most effective (read: Profitable) way possible. All helping contain your bottom line and mitigate revenue leakage.
  15. 3 Customer billing is accurate, every month
  16. Incorrect customer billing is a primary source of revenue leakage. Humans are awesome, but even the best spreadsheet gurus have bad days. Combine multiple procedural tasks with stringent time constraints, and errors are guaranteed to happen.
  17. Automation of this process ensures accuracy. The bill run is automatically compiled and available for review and approval before processing. Any necessary manual changes can usually be made before all the invoices are compiled and automatically emailed out to your customer base. Automating the billing process eliminates errors and allows your highly-skilled finance team to focus on tasks that require individual attention.
  18. In Summary...
  19. Dashboards: Clear Data Visibility1 Business Automation solves Revenue Leakage through: 2 3 Monthly, accurate customer billing Automated Collections & Ageing Reports
  20. Find out how we Automate businesses just like yours. Download your ‘Guide to Automation’ and find out more about our SOLID platform. We automate the entire customer lifecycle including Lead & Customer Management, Provisioning, Billing, Collections and Support. SOLID contains all the tools you need to run your business and gives you increased visibility, efficiency and consistency. Download your Guide Image credit: FreePik

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