Revenue Automation Implementation Success Factors
August Consulting believes the following are the most important factors for successfully implementing a revenue automation software solution:
- Deep understanding of today’s revenue recognition guidance (both ASC 605 and 606)
- Experience to translate that guidance into entity-type/industry-specific revenue recognition business requirements
- Big-picture finance systems view to architect the software’s integrated inbound and outbound
- Knowledge of the revenue recognition software’s setup, configuration and reporting options
- Ability to configure the revenue automation software to meet a company’s entity type/industry-specific revenue recognition compliance requirements
- Use of a best practices-focused implementation toolkit including software products, templates, knowledge library, etc.
Revenue Data Quality Management (R-DQM)
An Ounce of Prevention is Worth a Pound of Cure
At the very top of the list of problems revenue teams in all companies on the path to revenue automation adoption must eventually face are revenue data quality problems which routinely occur when external source data from other systems (i.e., ERP systems) is uploaded into a company’s revenue management application.
August Consulting’s Revenue Data Quality Management (R-DQM) packaged solution eliminates virtually 100% of the revenue data quality problems associated with collecting, verifying and reporting on time-sensitive, critical revenue data through its powerful Integration Engine and Configurable Revenue Data Quality Adapter.
The R-DQM Integration Engine and Configurable Revenue Data Quality Adapter connects external ERP systems with best-of- breed 3 rd party revenue management applications, performs all required revenue data quality checks, and reports revenue data quality exceptions.
R-DQM’s rich exception reporting features enable revenue teams to easily and quickly assess and resolve all revenue data quality exceptions allowing a more streamlined revenue recognition process and day-zero month-end, quarter-end, and year-end close process.
And for revenue teams responsible for effective revenue management and compliance with the ASC 606 guidance, outcomes through an ounce of prevention with R-DQM are frankly worth far more than a pound of cure from less effective measures.