How you can boost revenue without increasing sales.
Closing a sale doesn’t always mean cash in the bank. For too many businesses, sales activity generates less realized revenue than it should. Traditional order-to-cash (O2C) internal control practices, designed to detect or prevent revenue reporting issues, often focus too late in the process, are reactive instead of proactive and are not focused around operational issues that can generate revenue leakage.
By combining traditional O2C best practices with a revenue assurance (RA) perspective you will create a new mindset around revenue realization discipline. Following an O2C-RA approach to business process design allows businesses to maximize revenues and margins by realizing more revenue from the sales for which they have already incurred variable sales costs
Benefits of establishing an O2C-RA focus
What will you gain by adopting a strategic focus on O2C-RA?
- net revenue growth without increases in variable acquisition or retention costs
- fewer systemic failures, which drives down billing errors, disputes and bill adjustments
- increased customer satisfaction, which reduces churn and drives down retention costs
- improved front-end sales process integrity by preventing unapproved terms, discounts, commission gaming and other abuses
- reduced fraud and bad debt
- reduced reputational and litigation risk
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Common O2C-RA Issues and Best Practice Solutions
An effective O2C-RA approach involves in-depth assessment of current processes, investigation and analysis of areas of concern and design and integration of solutions across the entire revenue cycle, from product/offer design to customer care and loyalty. Following are some key O2C-RA issues and solutions.
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Source: Grant Thornton library articles
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