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 the flexibility to confi¬gure new workflows as it evolves and improves.
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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 for a robust risk mitigation approach is expected to involve automating the volumetric activities performed by various teams and integrating 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.
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.
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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.
COVID-19 Scenario Analysis:
In the backdrop of the COVID-19 pandemic, major players in the revenue assurance market ensure the minimal business impact of the COVID-19 situation on their customers. Telecommunication companies focus on increasing network resiliency and looking at how COVID-19 impacts their planned investment, particularly in 5G.
Companies are also making changes to benefit customers, who during this time need networking services, whereas in some countries, data is being used as a tool to track and contain the spread of the virus.
According to an April, 2021 report by Deloitte, the market for revenue assurance has grown by almost 8% globally in the past 5 years. Due to the COVID-19 pandemic, overall telecom traffic has jumped by 10% and streaming platforms witnessed a 20% spike in viewership as most companies already have business continuity plans.
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Key Benefits of Report:
- This study presents the analytical depiction of the industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the revenue assurance market share.
- The current market is quantitatively analyzed to highlight the revenue assurance market growth scenario.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.
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