In 2017 telecom fraud loss globally stood at USD $30 billion. As the revenue growth increases so does the potential for loss – making intelligent revenue management solutions critical as we move towards an open digital world. With the Internet of Things (IoT) revenue expected to grow to USD $1.1 trillion by 2025, Communications Service Providers (CSPs) need to consider all scenarios and eventualities as the astronomical growth leads to new revenue threats.
Enterprises face important decisions regarding the offering of products or services and the implications that these have on the bottom line. In order to maximize a company’s revenue and be innovative with new products or services, enterprises need to be aware of all business processes to make logical corporate decisions including those decisions which prevent revenue loss and fraud.
Out-of-the-box revenue management solutions often do not address real-life scenarios and revenue assurance risks specific to processes, products and services. With such a generic solution, enterprises do not have the full in-depth knowledge of all areas of the business needed to fully assess and deal with revenue threats.
End-to-end revenue management solutions, like those provided by Neural Technologies, encompass all processes of management including the identification of the issue, investigation, integration with other systems, root cause analysis, actions required and closing the issue. Incorporating all processes in one integrated solution offering allows companies to simply, yet effectively identify and deal with any revenue management issue. This end-to-end solution can also be tailored precisely to an enterprise’s needs.
By not having a complete end-to-end solution, enterprises leave themselves open to potential threats. This results in greater dependency on external systems for Event Data integration to carry out further analysis and investigation which leads to an unmanageable number of tickets and false alarms.
With so many varying functions, enterprises with out-of-the-box revenue management solutions are also slow at detecting revenue management issues and generally have a slower response time to changes related to Event Data sources, business process, products and services. With time being a critical factor to prevent potential threats, an end-to-end revenue management solution is quicker and more reliable at detecting and analyzing threats unique to the enterprise’s needs.
The Optimus Revenue Management solution portfolio, provided by Neural Technologies, is designed to solve these issues by providing a complete end-to-end process. With this solution, Communications Service Providers (CSPs) have all the tools needed to properly manage and protect their end-to-end revenue management chain, through fraud prevention and revenue assurance processes, to ensure superior revenue intelligence.
