Rising Revenue Leakages Fuel Growth in the Global Revenue Assurance Market
In the telecommunications industry, revenue assurance is a fundamental function that is essential for any organization. It guarantees that the company can collect all of the revenue that is legally owed to it through the proper management and control of its revenue sources. As technology and services evolve and the telecommunications environment becomes more complex, revenue assurance plays an increasingly important role.
Revenue assurance solutions are designed to address the issue of revenue leakage, which is a major concern for telecom companies. Revenue leakage is caused by fraud or errors in billing or provisioning, and revenue assurance solutions can help to identify and address these issues by implementing reliable processes, systems, and controls. By utilizing advanced analytics and algorithms, revenue assurance solutions can detect and address any anomalies or discrepancies in billing or usage data, enabling companies to take corrective measures. This is one of the key reasons why revenue leakage is expected to drive the market over the next few years.
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As per the latest report published by Allied Market Research, the global revenue assurance market is projected to exhibit a noteworthy CAGR during the forecast timeframe.
Key developments by frontrunners-
In order to remain competitive in today’s environment, leading companies such as Subex Limited, Amdocs, WeDo Technologies, and TATA Consultancy Services (TCS) are investing in R&D activities to develop innovative technologies and forming joint alliances in the revenue assurance market. For example, Subex’s partnership with the leading mobile network provider in Palestine, Jawwal, was extended in January 2020. The cooperation aimed to update the current versions of revenue assurance (ROC) and fraud prevention.
Furthermore, Revenue ONE was released by Amdocs in October 2019 to assist communications service providers in monetizing all revenue opportunities in the new economy. The objective of the product was to reduce the time to cash for communications service providers and to convert batch billing operations into real-time operations.
The revenue assurance market is projected to experience a significant increase in the coming years due to the complexity of the telecommunications sector and the need for efficient revenue management. Therefore, telecom companies need to invest in revenue assurance solutions to safeguard their revenue and ensure the sustainability of their business. This will enable them to maximize their revenue realization and reduce risks.
Author’s Bio: — Harshada Dive is an engineer by qualification. She has previous experience working as a customer service associate. As an associate content writer, she loves to experiment with trending topics and develop her unique writing skills. When she’s not writing, Harshada enjoys gardening and listening to motivational podcasts.
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