Gain Unbeatable Competitive Edge With NetSuite Advanced Revenue Management

Every business exists for only one inherent purpose: Profits.

And revenue is the well from which profits are derived, and the company gets the energy to survive, thrive and expand. 

Another big reason why revenue management is crucial: Handling competition.

As per a 2017 survey of the hospitality industry, it was found that a whooping 50% of the respondents believed that their competition is the biggest obstacle in revenue management. A big majority (44%) believed that unforeseen events are the next biggest problem for handling their revenues. 

This speaks volume about the importance of revenue management in any business. If you are not focussing on the revenue management aspect, then your competitors will gain an upper hand, you will lose profits, and the overall business will suffer. 

Fortunately, the world's fastest growing Cloud ERP platform: Oracle NetSuite is quite serious about revenue management, and has developed an entire module for advanced revenue management processes for startups and organizations. 

Here are some of the important features of Oracle NetSuite’s Revenue Management module that will enable you to maximize your revenues, and gain an unbeatable edge over your competitors:

Differentiate Revenue From Billing

Generating an invoice is only half the job done. Unless the payment comes through, no revenue is generated, and the business is still without the money it deserves. 

This is a major loophole in most of the ERPs, as they consider generation of invoice as a revenue generation process, and this creates discrepancies in the overall financial planning and predictions.

With Oracle NetSuite, the actual process of payments received is a revenue generating activity, and is different from the billing and invoice process. 

This means you get more financial clarity, and will be able to make smart business decisions as and when required to generate more revenues.

Robust Workflow For Revenue Recognition & Billing

Until and unless billing and revenue processes are integrated and combined with a tested workflow, generating revenues becomes an uphill task: Your accountants and your sales team will be on different pages when it comes to calculating actual revenues, and this is not a good sign for the management. 

With Oracle NetSuite, you can create and deploy an integrated workflow for simultaneous revenue recognition as well as billing processes, which ensures accurate and timely revenue reporting. 

And you get more control over your overall revenue generation process. 

Optimally Manage Both Recurring & One-Off Billing Processes

In most of the businesses, especially digital products and digital services, there are two types of revenue streams: Subscription based and one-off payments such as maintenance-based services. 

For accurate financial planning and revenue management, both of these revenue streams, and their associated billing processes should be handled separately, with different energy and resource allocation. 

If you are investing too much time into one-off billing processes, and treating them on-par with subscription based billing, then your overall revenue collection will be impacted. 

With Oracle NetSuite, you can create different processes for these different revenue streams, and differentiate them for more clarity and accuracy. 

Support Global Operations Seamlessly

If global expansion is your plan, or you are already scaling up across different countries, then revenue management and monitoring can be a big headache. 

But not with Oracle NetSuite.

With support for multi-currencies and multi-subsidiaries intelligence, your financial team will find revenue management for global operations a piece of cakewalk. 

And we have barely scratched the surface here!

Consult with Inspirria, a global leader in Oracle NetSuite deployment and implementation, and find out more fascinating features about advanced revenue management for your business, and gain an unbeatable edge over your competitors right away.

Tuesday, July 13, 2021

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