Pramata Releases Industry’s First Purpose-built Platform to Efficiently Identify & Eliminate Revenue Leakage
Building a home from the ground up can be one risky and overwhelming proposition. And while the quality of materials you choose is important, the happiest home owners are the ones who think first and foremost about the kind of activities they want their home to support. What significant life moments will happen here? Will we host a lot of parties? Will we need a place for our parents to stay for an extended time? Do we have a menagerie of pets to run free? What I’m getting at is that the happiest home builders build with the end in mind.
I think it’s a good analogy for shedding light on Pramata’s next gen platform and the thought process behind our development of this exciting fall ‘18 release.
We set out on a mission to attack revenue leakage problems with not just an eye on extracting and presenting quality contractual data, but with a focus on the specific use cases for how that data would be used by sales, billing and finance teams to quickly solve widespread leakage at key revenue moments in the customer lifecycle.
Designed to empower the business user
It’s estimated that revenue leakage costs companies millions every year—as much as one to five percent of their revenue—often taking the form of costly billing errors and missed sales opportunities in contract renewals, upsell, cross-sell and whitespace analysis.
The Pramata Fall ’18 Release introduces a next generation platform and intuitive user portal called ‘Voyager’ that provides sales operations, billing and finance teams the ability to connect the commercial relationship dots between contracted agreements and actual billing and sales activities—using powerful, configured solutions to identify specific revenue leakage problems and help resolve them.
The next gen platform has as its foundation the Customer Relationship System of Record (CRSoR), which is fed by quality data extracted from a customer’s contracts or agreements. And it allows you to search for precise commercial relationship information. But customers also need to make sure, for example, that their billing system accurately invoices customers for what they’ve been sold. For this reconciliation, we leverage a commercial-grade rules engine to map and tie CRSoR data to the customer’s billing data to identify gaps and any possible under- or over-billing.
To bring it all together, our next gen platform also incorporates a commercial-grade business intelligence platform to empower multi-dimensional analysis of the data and to design tailor-made solution dashboards that enable sales, billing and finance team members to identify and eliminate revenue leakage.
The Pramata platform dramatically simplifies and speeds the deployment of a broad range of revenue leakage solutions needed to help billing and finance teams:
identify and correct under-billing or over-billing errors
apply appropriate cost pass-throughs and pricing increases.
For sales operations teams, the Pramata platform provides:
never-before-seen insights into cross-sell, upsell and white space opportunities for
stronger renegotiations and revenue growth
removal of the costly time suck of account research—refocusing that energy toward active selling time.
the ability to run playbooks to ensure profitability of every customer in a portfolio.
Transition for existing Pramata customers
Existing Pramata customers will be transitioned to the next gen platform and Voyager portal through 2019, as our first gen platform and portal Navigator is retired. For existing and new customers alike, this platform offers a true paradigm shift from a document-centric approach to activities like billing accuracy, account research and renegotiation to a complete relationship-centric approach.
With our new portal Voyager, we have re-architected the experience so that contractual documents, operational data, and tailor-made business rules and analytics work together for highly effective revenue leakage solutions. As a result of these enhancements, the platform offers even faster, more accurate full-text search of data, advanced exploration and analysis of your commercial agreements and natively supported data from all manner of sources within and outside the Pramata solution.
As the Chief Technology Officer, I’d be remiss if I didn’t geek out a bit on a few other technical wow factors in our fall release. The Pramata next gen platform was designed from the ground up as a multi-tenant SaaS running on AWS with state-of-the-art cloud computing and security. We’ve incorporated the previously mentioned commercial-grade rules engine and BI capabilities, with scoring metrics implemented on top of that. Our entire solution stack has been designed to onboard new customers and go-live with revenue leakage solutions within 2-3 months.
You can read the press release on our Fall ’18 release here. Also, a live webinar will be hosted by Pramata Chief Product Officer Justin Schweisberger on Thursday, November 1 at 11 a.m. Pacific / 2 p.m. Eastern. Register to attend at lp.pramata.com/fall18-webinar.
I hope you’ll join us and take a closer look at this first and only commercial relationship platform of its kind.