CFO Tech Outlook: RecVue, Maximizing the Revenue Potential
We were pleased to be featured in a recent article by CFO Tech Outlook. In this article, they highlight how:
RecVue delivers monetization capabilities that includes all the capabilities that bridge the gap between CRM and ERP. Our customers can easily transition to a recurring revenue business model with our full suite of solutions for Billing, Revenue Recognition, Partner Compensation and Insight.
In addition, they describe how one of our customers, World Wide Technology (WWT), a leading Cisco solution value-added reseller, was facing issues including:
- Customer invoices were delayed up to four months because the legacy ERP systems were unable to support a recurring revenue business model
- Each invoice would cost the company 12-18 hours of productive time and involvement of at least six people from other departments to verify billable transactions
- Since there was no contract management system in place, the team had to review contract documents manually for determining the appropriate prices
All these issues harmed revenue generation, customer satisfaction and partner relationships.
By implementing RecVue’s monetization platform to automate contracts and mediate usage data, deploy agile billing and calculate payments to WWT’s partners, WWT was able to overcome the challenges with billing and revenue recognition. The billing team has reduced the time to produce invoices by 94% from 120 days to 1-3 days.