Products and services-based organizations in present times face wide-ranging challenges and struggle with numerous issues, such as from expanding their consumer base in saturated markets to managing the rapidly rise in consumer base in developing markets. Markets with several vendors also present companies with intensely competitive environment that require innovations and technological developments at a steady pace to gain competitive edge in the market. All these scenarios make companies more vulnerable to revenue leakage and call for the integration of effective revenue assurance tools in their overall revenue management scenario.
An end-to-end revenue assurance system plugs into various network elements, from SS7 probes to all the way up to the billing system. It has the ability to interface with a variety of support systems and network elements that enable it to process usage information, track discrepancies, and identify potential revenue leakages. Moreover, the operator must look for revenue assurance systems that have the ability to build a workflow, which reflects its existing procedures and also has flexibility to confi¬gure new workflows as it evolves and improves.
Revenue assurance requires effective management of the revenue earned by the company from all sources. The multiple sources of income and expenditures, multiple business segments, and the differential mergers, acquisitions, partnerships, and collaborations with other companies lead to the rise in complexities in the income streams of the companies. As stated by the World Economic Forum, the skills gap across industry verticals is anticipated to grow in the
Fourth Industrial Revolution. Thus, as revenue assurance software enables to assists in managing the revenue and decreases the revenue leakage share, the lack of organizational management and the skilled labors for effective adoption of the software are likely to restrain the revenue assurance market growth.
Revenue assurance and fraud management departments across various telecommunications firms continuously innovate new ways to adapt to any emerging risks that cause revenue loss. Furthermore, the need of a robust risk mitigation approach is expected to involve automating the volumetric activities performed by various teams and integrate the revenue assurance and fraud management systems with intelligent automation tools, for example, robotic process automation and cognitive analysis tools, to build a comprehensive risk management framework.
Key industry players such as – International Business Machines Corporation, Amdocs, Tech Mahindra Tata Consulting Services, Ericsson, Subex Limited, Hewlett Packard, Accenture, Nokia, TransUnion, Itron, Cartesian, TEOCO.
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