Optimising your revenue lifecycle management will deliver a massive return on investment

Organisations that optimise their revenue lifecycle reap the benefits of information that is better connected, fewer process bottlenecks, improved regulatory compliance and superior customer service.

Tyler Lovering, the Vice President and General Manager for the Asia Pacific Region at Conga, says there are three main challenges organisations see when it comes to revenue lifecycle management.

“The three big challenges we see customers facing are managing the revenue friction zone, selling into global markets, and keeping up with your customers’ demands on how they buy from you. When you have multiple environments hosting key components of the revenue lifecycle, they're usually siloed or disconnected. This creates bottlenecks and inefficiencies that slow down your time to value.”

The challenges are further exacerbated with complexities around currency, tax, language, and culture. And with customers demanding more – whether it's pricing, packaging, bundling of products or what channel they want to buy from – it’s increasingly important to ensure every stage of the revenue lifecycle is enhanced.

Lovering says Conga's capabilities deliver value. A large member-based organisation that Conga works with offers banking, insurance, travel packages and roadside assistance. For the first time in its hundred-year history, it can offer bundled pricing and packaging across multiple arms of the business. This has created uplifts in revenue, customer satisfaction and member retention.

“Across our customer base, on average, quoting time is decreased by 38%, negotiation by 25% and order processing time by 26%,” says Lovering. “These are real numbers that'll have a real impact, not only on the efficiency of your staff, but how quickly you can get to market and drive more revenue.”

Increased efficiency and automation of complex processes saves time, reduces errors, enhances compliance and gives real time insights into your revenue life cycle and revenue growth, he adds.

When it comes to choosing a partner to support your organisation on the road to a better revenue lifecycle, Lovering says there are two keys to consider.

“Does the company selling you their revenue lifecycle management platform use it themselves? And speak to other customers where the vendors deploy that solution. They'll give you the insights and the information that you'll need to make the decision that's right for you,” says Lovering.

Optimising your revenue lifecycle is key to ensuring your organisation can operate at its peak. By eliminating data silos, meeting your customers' demands for products and services and removing process bottlenecks you can boost compliance, improve reporting and ensure that revenue is not lost through inefficient processes and systems. And choosing the right partner to support you in that journey will help ensure you get the best return on your investment.