November 29

Why Automation is the Key to Better Revenue Management for Your Business

Automation technology is innovating different aspects of business from the ground up. Human Resources can now utilize HR automation solutions to monitor employee training and development, process administrative paperwork, and oversee payroll processing. The manufacturing sector of your business can use warehouse execution systems to keep track of inventory, order data, and program pick zone routing.But if you’re looking for one part of your business to test automation and achieve high-impact results, you’ll want to apply it to your revenue management. Automation technology can give your company many advantages when it comes to orchestrating your financial inflows. Here’s an overview of some of them.

It allows for continuous accounting

Your business slows when critical information needed to make data-driven decisions is unavailable or still being processed during crucial moments. That’s why every business should aim for continuous accounting—a financial approach that allows stakeholders to attain revenue info on an ongoing basis rather than at the end of accounting cycles. For this, you’ll need a comprehensive revenue management system that can combine complex billing and revenue recognition for optimal streamlining. This automated revenue system, integrated with your ERP, CERM, and CPQ systems, will help you and your team stay updated with your finances and make knowledgeable choices for the next steps of your business strategy. By continuously providing updates and forecasts, this system can help you better manage revenue for further business growth.

It ensures auditing accuracy

Revenue management in the past required painstakingly inputting information on spreadsheets and a slow validation process that demanded employees to show their work. Unsurprisingly, these procedures could be long and arduous—which could tire accounting teams out and cause them to make mistakes. An excellent automated revenue management system can change that with its system audit functions. These functions process work that would’ve taken your accounting team prolonged and meticulous effort to produce and fulfill the task in far less time with greater efficiency. Your accounting team can then simply review the results and report any irregularities. With this combination of automation efficacy and human skill, you’ll have accurate financial and revenue information that you can be fully confident in.

It allows your team to focus on value-adding tasks

Qualified accounting teams bring much value to your company—they can analyze your budget for useful, cost-saving insights, identify invaluable investment opportunities, strategize your business’s overall financial direction, and other revenue-adding jobs. Previous revenue management systems forced you to sacrifice the team’s problem-solving ingenuity in favor of hours of double-checking spreadsheets and formulas. With automation neatly taking that problem away, your personnel can now exercise their abilities to further improve your revenue management with the creativity and human inventiveness you hired them for. Research substantiates the prospect of this occurring: according to a survey, 83% of automation solutions users say that the technology has allowed them to take on more challenging projects. Another 83% say it has also granted them the time to upskill. Giving these functional outcomes to your accounting team can only benefit your business’s revenue management and your company as a whole.

It facilitates resource-efficient business growth

As your business thrives and grows, so does the intricacy of your revenue management system. Previously, that would require you to expand your accounting team to handle the workload. Automation renders this unnecessary. According to a 2021 article, not only did automation cut costs for the company—it also boosted the company’s speed and agility by 52%. Instead of procuring additional resources for your revenue management system to work well, your technology will be able to handle your business’s expansion. You can then spend the money you’ve saved on other financial opportunities, hire more staff to elevate your team further or upgrade your automated revenue management system to give it even greater capacities.

Automation can revolutionize your revenue management, saving costs and increasing the efficiency of your business. This is a technological tool you’ll surely want to leverage.Curious to learn more about how automation and other advanced technologies can help your business?

Last but not least

Check out the sessions from the Summit of Things 2023 on demand!


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