Revenue management solutions help businesses manage variable pricing for products and services. Revenue management solutions also help businesses record, report, and understand their transactions.
In many industries, a business can optimize their revenue by varying the price of a product or service based on time, location, and customer type. Making an informed decision about these factors requires proper analysis of a large amount of data. Once the decision is made, the price variation must be reflected properly in the business’s offerings.
Revenue management solutions aim to help businesses make and execute these pricing decisions. Most vendors offer products that capture, refine, and analyze customer data. Businesses set rules determining how this data should affect pricing, and the software executes pricing changes. Many revenue management solutions include billing functionality, allowing the software to process, record, and analyze customer transactions.
Some revenue management solutions focus on revenue recognition rather than data-driven pricing. These products are designed to account for revenue in accordance with generally accepted accounting principles (GAAP) and provide real-time GAAP reports. These products often contain accounting book features designed to comply with accounting and reporting standards.
Most revenue management solutions are tailored to the needs of a specific industry. For instance, telecommunications companies and airline companies care about different data and offer different product configurations.
Most revenue management solution vendors include the following features:
Data collection, sanitization, and analysis
Customizable product bundles and tiers
Rules-based pricing, bundling, and tier management
Personalizable offers, promotions, and discounts
Forecasting for recurring revenue
Revenue recognition
Revenue reporting
Pricing for revenue management solutions varies based on feature set and customer count. Prices can range from under $600.00 to over $1,250.00 per month.
Oracle Communications Billing and Revenue Management is an enterprise-level product that supports maximization of the value of goods/services, ensures accurate bill generation, collection and settlement and provides real-time verification, reporting and analysis.
Ericsson's Revenue Management solution provides a platform for analyses of billing and money streams for optimal building of service packages for maximizing revenue and seize business opportunities inherent in the data.
Accenture Revenue Management software is part of their suite of service and consulting offerings for telecommunications company, to streamline operations and maximize revenue from service billings.
Amdocs offers billing and revenue management software for telecommunications to maximize monetization of services.
Cisco offers recurring revenue management software, presently branded Cisco Impact, helps organizations make data-based decisions to maximize recurring revenue.
Nokia offers Revenue Management software oriented to innovate subscription services and maximize customer satisfaction and personalization of services.
Planhat, headquartered in Stockholm, offers their modular suite of applications to subscription based businesses, providing customer success product usage health alerts and guidance, as well as revenue management for tracking subscriptions and business health.
SAP Sales Cloud (formerly CallidusCloud) offers RevSym, a revenue recognition software for accounting, quota, and compliance purposes.
R1 RCM headquartered in Chicago offers their end-to-end revenue cycle management application and service to hospitals.