April 29, 2021 | Product News
No one will ever forget the COVID-19 pandemic. Almost overnight social distancing and self-quarantining became the new norm. Clearly, fallout from our collective pandemic experiences will linger for generations.
For chief financial officers (CFOs) and industry thought leaders at the world’s top asset managers, however, the pandemic brought a different issue to the forefront—one that had been lurking in the shadows for generations— revenue management and billing automation.
The pandemic shined a spotlight on billing systems largely because many asset managers with billions in assets under management (AUM) are still operating with manual systems involving spread sheets and clunky workarounds. In a pre-pandemic world, this infrastructure oversight received little attention largely because more pressing business issues often overshadowed.
During the pandemic, the shaky infrastructure holding together the firm’s billing and revenue management presented business continuity risks. Billing suddenly became something that kept CFOs up at night.
Workforce changes are one of the main issues behind the increasing risks for billing and revenue management at asset management firms. Workarounds and manual processes regularly rely on the institutional knowledge of a few loyal employees who know the “quirks” that are inevitable with legacy systems. Pre-pandemic, asset managers simply relied on those employees to keep billing and revenue management on track, while pushing much-needed updates to the backburner.
Then COVID-19 happened. Almost overnight the workplace—and workforce—was transformed. Working from home, with all its security issues, coupled with illnesses for both employees and their families caused chaos. And, even as even as guidelines for restrictions in the workplace ease, asset managers are facing worker shortages in skilled areas, such as billing and revenue management.
For asset managers with antiquated billing infrastructures, workforce changes and shortages create two immediate, overriding concerns:
Neither is acceptable for top asset management firms or their clients.
Change can be difficult, which is one reason many top asset managers stick with their legacy billing and revenue management systems. But COVID-19 forced changes of all types—billing system changes is just one. Now is the time for many top asset managers to automate not only to reconcile current pandemic-related concerns but to insulate billing and revenue management from future business disruptions.
Redi2 Technologies created Revenue Manager to do just that, and we have a decades-long reputation to back up our work. Here are some of the main advantages provided by our software-as-a-service (SaaS) delivery model:
In addition, we offer a built-in backup staffing plan.
Redi2’s Revenue Manager staff is prepared to lend a hand—literally. Our knowledgeable client services staff can step in to provide contingency help if your billing staff is faced with a sudden worker-shortage issue or other unforeseen crisis. This is possible through our automation: we already understand your processes and we naturally develop deep relationships with our clients.
No more late-night worries about billing-system infrastructure failures.
If you think it is time to automate your revenue management and billing processes, our Revenue Manager experts would be happy to schedule a demo that will give you a guided tour of our customized software solution. Your vendor selection will help define your company’s ongoing efficiency and effectiveness and contribute to your own clients’ trust and satisfaction. We are here to provide answers to all your questions. Contact us at email@example.com.