Most organizations tackle this challenge by looking for opportunities to cut costs. Or they may launch sales and marketing efforts to increase their market share. Both, of course, are logical levers to consider.
But what if there are millions of dollars in revenue leaking from your organization every year? What if there are millions more in unrealized revenue sitting in plain view—ready to be claimed? What if, with the right tools and processes in place, you could maximize the income from each transaction? That’s something any CEO and CFO should say yes to—and it’s entirely within your ability to control internally.
Improve revenue management and billing
Revenue management and billing is the set of processes that occurs between the moment an order is taken, or a contract is signed, to when you collect the associated cash and recognizes the revenue. Done right, revenue management and billing can be a powerful driver of top-line growth.
Deloitte developed the Deloitte Digital Revenue Platform (DDRP) —an end-to-end solution framework, powered by the Oracle Revenue Management & Billing (ORMB) solution—that enables you to optimize current lead-to-cash processes, reduce revenue leakage, and virtually automate your existing manual processes.
Maximize revenues faster–with Deloitte ORMB accelerators
In a lightning-fast world, you don’t have time to wait for value. Because if you do, your competitors will get there first. That’s why we’ve built a set of industry-specific accelerators to help you harness the power of the Oracle Revenue Management & Billing (ORMB) platform right away. Each has been developed based on our extensive first-hand experience helping top organizations in financial services, health care, and pharmacy benefits break the cycle of leaving money–their money–on the table every day.
DDRP is a pre-integrated solution framework that extracts and validates data from legacy upstream customer and contract management systems. Designed in line with business rules, the platform can perform complex fee calculations, adjustments, payments, and sub-ledger accounting based on the unique terms and conditions of each customer. Billing analytics are transformed as the platform enables business users and customers to drill down to the transaction level.
And it automates approval workflows and auditing, while embedding the highest levels of security, performance, and scalability. Any company with an outdated billing system can benefit from the DDRP. The solution is particularly well-suited for large, complex organizations with any of the following characteristics:
- Executing several manual processes;
- Performing a high volume of transactions;
- Executing complex billing structure fees;
- Shortcomings in the ability to capture contract terms to optimize fees; or
- Poor visibility on tracking payment
The DDRP offers all the advantages of ORMB’s robust framework while reducing implementation time by leveraging the Deloitte industry-specific, pre-built solutions. It delivers the flexibility and affordability of a cloud-based infrastructure, and can be rapidly deployed through a range of deployment options, depending on your unique needs and technology environment:
- DDRP-as-a-Service – A solution which shifts the operational burden for the end-to-end revenue management platform to Deloitte, providing you with a lower and more predictable cost for the ongoing maintenance effort.
- DDRP hosted on Oracle’s Cloud Infrastructure – Deloitte hosts and operates your revenue management solution using Oracle cloud infrastructure.
Deloitte worked with leading organizations in Financial Services, and Life Sciences and Health Care to help them optimize their lead-to-cash processes. The benefits in many cases are similar from industry to industry, and include:
- Automated customer setup, as well as the ability to import and manage complex pricing terms;
- Integrations to upload large volumes of supporting customer data from upstream systems and rules-driven mediation of data that can be used to calculate variables like fees, margins, rebates, and discounts;
- Management of customer account balances, transaction-level invoice disputes, and automated invoice reconciliation;
- Built-in flexibility to review invoices and supporting invoice data, and to upload payment files through self-service; and
- The ability to generate single or consolidated invoices for customers across all business lines.
Now is the time to get there with Deloitte
There has never been a better time for organizations to transform their revenue and billing capabilities and capture the profits that are rightly theirs. As competition heats up and nimble new entrants challenge established players, it’s vital that organizations focus on maximizing the profitability of entry transaction. Smart companies are using the power of Oracle’s ORMB platform to get there. And with Deloitte accelerators, they can get there faster and more reliably. Our deep industry knowledge—coupled with unmatched experience working with Oracle’s ORMB solution—makes Deloitte an ideal collaborator in helping organizations solve their toughest revenue and billing challenges.