Billing and monetization platform OneBill has introduced a tool designed to stop revenue leakage.
RevAssure360, announced Wednesday (Sept. 24), is an artificial intelligence (AI) powered “command center” that can help businesses predict, identify and stop revenue leakage in real time, while also getting insights for sustainable growth.
“In today’s fast-paced digital economy, unnoticed errors in billing, invoicing, order fulfillment, and renewals often go undetected, silently eroding profits,” the company said in a news release.
“In fact, it has been reported that some businesses are losing between 3% and 8% in total revenue, due to lack of robust internal auditing,” the release added, citing PwC data.
The company argues that traditional audits only uncover issues once the damage is done, while RevAssure360 can offer companies “proactive, predictive, and consultative” revenue assurance from a single platform.
“Our vision has always been to unify revenue operations — helping businesses not just recover lost revenue, but also anticipate risks, forecast growth, and make strategic decisions with confidence,” OneBill founder and CEO JK Chelladurai said in the release.
PYMNTS explored the use of new technologies in combating revenue leakage earlier this month in the report “From Back Office to Bottom Line: How Modern Account Analysis Empowers Treasury Management,” part of the Digital Financial Services Tracker® Series.
“By integrating business intelligence and automation, banks can reduce inefficiencies, stop revenue leakage and deliver transparent, client-centric services,” that report said. “These capabilities improve billing accuracy, unlock new revenue streams and enhance client trust, all key advantages in an increasingly competitive marketplace.”
Additional research by PYMNTS Intelligence has examined the way AI tools such as OneBill’s are transforming back office operations.
The PYMNTS Intelligence report “Smart Spending: How AI Is Transforming Financial Decision Making” found that more than 80% of financial officers at bigger companies were either already employing AI in accounts payable or considering using it to improve how they pay their suppliers and vendors.
“What companies are starting to see is, hey, there are real applications where AI can help,” Ryan Frere, executive vice president and general manager B2B at Flywire, told PYMNTS in an interview earlier this month. “It can help us be more efficient … reduce cost … maybe get paid faster … Instead of exploring it now, we’re going to start rolling out a few things.”
Source: https://www.pymnts.com/