How to ensure your 2025 revenue management upgrade is a roaring success

Meticulous planning and preparation will enable your enterprise to derive maximum benefit from its investment in automation.

Is modernising your organisation's revenue management technology on the agenda for 2025? If the answer is yes, you're far from alone – and for good reason. 

Recent times have seen Australian enterprises become alive to the fact there are significant benefits to be derived from swapping fragmented billing, revenue recognition and collection systems for a single, streamlined solution that does the lot.

We're talking cloud-based, automated software that covers the revenue cycle from end to end and integrates seamlessly with the ERP solution that underpins your enterprise, be that Microsoft Dynamics, Oracle, SAP or NetSuite.

Tallying the benefits of automation technology

Having this technology in the stack means significant volumes of repetitive manual work can be eliminated or vastly reduced and the incidence of human errors slashed to virtually nil.

It also provides businesses with the ability to capture and consolidate consumption or usage data and integrate it with the CRM systems they use to track and manage customers. Insights into customers' buying patterns and behaviours thus become easy to extract – even for individuals whose experience with data analytics is limited – and can be used to refine product offerings and pricing models.

Smartly implemented, automated revenue management technology can swiftly become a strategic IT asset; one that has the capacity to scale as a business grows, and provide full quote-to-cash support for whatever monetisation model, or models, it chooses to adopt.

Deriving maximum benefit from your revenue management investment 

But a smart implementation rarely occurs by accident. It's almost invariably the result of meticulous planning and preparation, prior to the selection of a software supplier and the appointment of a project team.

Here are some tips to help your organisation ensure its adoption of automated revenue management technology in 2025 is an unqualified success.

Look inwards first

Before you make a major purchase of any description, it's important to know exactly what it is you need and want. Being armed with that information will make it easier to identify the solution that ticks your most important boxes. 

That's why it pays to do some serious internal analysis before going to market. Mapping out your existing revenue management processes, identifying the pain points and risks you currently face, and quantifying the resources you're using to address them will help you determine your requirements for a new solution. 

Armed with those insights, you'll be able to have more productive conversations with product and solutions specialists and be better placed to analyse the offerings they're promoting at a granular level.

Get everyone on the same page from the get-go

Automating the revenue management process from end-to-end isn't a discrete exercise. Multiple functions within the business rely on the successful operation of the chosen system, from accounting and finance through to billing, sales and IT. 

Without buy-in and support from each and every one of these teams, your project is at risk of foundering and, in a worst-case scenario, failing to launch. 

Hence, it's vital to position the new solution as a strategic asset and to invest generously in education, change management and communication, from project inception to completion. 

Allocate the resources your project needs to succeed

Automating revenue management can be a major undertaking and it's impossible to deliver a project in the absence of adequate resources. Ensuring you have sufficient personnel to devote to the exercise – securing external consultants and specialists to fill in the gaps if your current team is at capacity managing day-to-day operations – will help you deliver your project on time and on budget, while still 'keeping the lights on' across the enterprise.

Equipping your business with infrastructure that will underpin its growth

The case for automating the revenue management lifecycle has already been made out. Businesses that don't add this technology to their software stack are missing a valuable opportunity to supercharge efficiency, optimise costs and extract unprecedented insights that can be used to enhance their appeal to customers.

If your organisation is ready to make the switch, it's worth investing the time and resources necessary to do it well.