Revenue Leakage Recovery and Revenue Assurance
Any prudent business leader supports the sentiment of “every penny counts”, so minimizing revenue leakage is high on the agenda of business problems to be solved. The causes for revenue leakage can be extensive, ranging from sub-optimized pricing and discounting structures, insufficient rigor applied to sales / account / contract / risk management, inefficient or inaccurate order / billing / cash collection / cash application management processes / systems, and fraudulent activity.
In our experience, these challenges are more prevalent in businesses that have rapidly increased their revenue lines (through acquisition or organic growth), have large volumes of transactional activity or have complex product / service pricing frameworks.
Synergetics’ services include rigorous value-stream mapping, detailed research and analytics to determine the root causes behind revenue leakage. We work with your organization to put in place practical solutions that address the identified issues quickly, efficiently and recover the lost revenues and profits. The overall purpose is to proactively identify, recover, and mitigate revenue leakage throughout the entire revenue cycle. Our approach involves a five-step process to include:
– Exact problem definition,
– Prioritized data collection measurement,
– Quantification to include root cause analysis,
– Current process improvement and implementing new ones, and
– Control for monitoring and taking corrective action.