With margins in voice and data continuing to be squeezed, CPs are becoming increasingly savvy when focusing on optimising their revenue streams to ensure they are neither undercharging customers, nor being overcharged by their suppliers.
Most telecom billing systems should to some extent, already be used to carry out detailed margin analysis, reporting and revenue assurance checks but, as technology advances, this will gradually become a much more automated, intuitive and less time consuming process, significantly reducing the margin for error.
Another area where we aim to develop the efficiency of our billing platform is in business intelligence. In 2016, Union Street launched Benchmarking, a business intelligence service that allows our CP partners to compare their business performance against an industry average compiled from a large sample of our partner base. With around 600 CP partners using our aBILLity billing system, our customer base represents a significant proportion of CPs operating in the UK. the consolidated data mined provides a strong industry benchmark average and a valuable indication of business performance for CPs against their peers.
By harvesting anonymised data from aBILLity, benchmarking provides our CP partners with invaluable business insights, comparing their performance with that of the wider industry. The statistics include reports on revenue growth, profit margin and charge rates, as well as analytics for how revenues are split between services, calls and by carrier.
As Benchmarking gains traction Union Street’s partners to spot trends in sales of certain services quickly, allowing them to focus on sales and marketing in those areas accordingly. Thanks to the flexible architecture of our system, new reports can be added without limit, alongside this we are encouraging participating partners to submit feedback and share their ideas for how these can be onward developed.