1 min read

How Billing Automation Enables Single Source of Truth

How Billing Automation Enables Single Source of Truth

Single Source of Truth for Billing Brings Peace of Mind for the Service Provider And the Customer

I wish to share some great practical learnings from a day in the life of a service provider.

When we first engaged in a discussion with a prominent service provider, their team had really nailed it describing the challenges of their billing process and the expected benefits after implementing intelligent billing automation. Let me recap their profound problem description and reasoning into 3 top steps: 

  1. Duplicate and Missing Data: When device and usage information is collected from multiple data sources each containing parts of required information, this easily leads to duplicate or redundant data. Data is also missing due to gaps in manual data processing. Inaccurate records take vast manual efforts and checking is highly error prone.
  2. Vast Manual Efforts: Vast manual effort is needed in consolidating device and usage data from the various sources. After consolidation, huge effort is still needed in attempt to validate the authenticity of data. This is not only a resource cost but it also impacts the billing lead time and slows down the cash flow.
  3. Growing Sources of Information: When having to consolidate data from multiple data sources every month with high manual efforts it becomes impossible to manage and consolidate data accurately – especially so when data sources keep growing in size and number. This causes customer reclamations and leads into yet more manual efforts in investigating corrections. - And creates distrust and dissatisfaction among the customers.

So what is the aim of intelligently automating billing data collection, consolidation and processing into invoices?

This is their word of wisdom: 

“Single source of truth for billing would bring peace of mind for the Service Provider and for the Customer.”

Could You or I Have Said It Any Better?

 

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Intelligent Business Automation Is Inevitable - Are You Ready?

Pricing and billing will require new approaches in many industries, across continents and amongst back office professionals in order to remain competitive. Manual processes are no longer cutting it. 

We know this. Companies like Good Sign Solutions are pushing forward, making the impractical practical and turning mere vision into revenue with service business software that drives value, reduces cost, increases speed and enhances quality. 

  

Download your free quick guide  

 

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