James
Messer
on
Dec 12, 2014
Aberdeen Groupreleased a new report that summarizes a survey of current practices in revenue operations across 164 organizations. Check out the full report for insight into how best-in-class organizations are innovating revenue operations. Below are a few of the many interesting findings I found in the Aberdeen report.
Financial information is lacking
65% of respondents to the survey indicated that a demand for expedited financial information delivery is a top pressure. Near real-time access to financial information is invaluable to maximize revenues and competitiveness. Companies clearly see this area as not a “nice to have”, but rather critical to their competitiveness. Oversight and compliance demands are also key considerations for most companies (not just public companies)—especially those that also have complex billing models and very high transaction volumes. CFOs know this and are taking on much more of the responsibility for technology-based compliance solutions, especially in areas around the automation of revenue recognition.
Integration remains a challenge with more than half of respondents
Disparate systems and manual processes (often Excel®-based) continue to be an increasing liability for most companies. Disparate and disconnected systems slow down processes and they also contribute to errors and other headaches. Fully 55% of respondents indicated that they need to integrate their legacy systems, but often struggle with IT constraints. Since integration can open the door for process automation, faster access to data and other benefits, the question is fast changing from can we afford to do this? to can we afford not to do this?
The best-in-class are taking a careful look at the big picture
According to the survey, more than half of leading companies are conducting careful and comprehensive internal assessments of financial processes and technological capabilities before considering new technology. It’s a good indication that these companies are carefully focused on developing efficient, long-term strategies capable of fueling revenue growth in the face of changing business circumstances.
How do you compare to the surveyed organizations
Has your company conducted an internal assessment yet? Can you scale to meet your growth and keep your auditors satisfied? Are you still reliant on manual processes like spreadsheets instead of automating these functions? We recommend a comprehensive examination that considers the roles of sales, billing, collections, customer management and finance functions in revenue generation and management. Let us know if you have questions about how these functions can be better orchestrated to drive revenue, and optimize relationships and efficiency.