A global company with revenue streams from multiple sources
Global revenue assurance, order entry and fulfillment, and sales teams struggled with the SAB 104 requirements of reasonable assurance of accurate and timely revenue recognition. Specifically, the greatest challenge stemmed from the substantive testing during financial audits. This significantly impacted the cost of compliance and delayed the reporting of issues to management.
- Enhanced compliance program, including improved accountability across multiple organizations within the company
- Provided accurate and timely reporting to client senior management, ensuring adequate time to remediate issues prior to financial audit completion
- 33% year-on-year reduction in compliance costs for the company
- 25+ issues remediated in the past five years
- Supported the management in substantively testing ~500 revenue transactions, and ~300 revenue transactions for annual cut-off review procedures
The current process:
Many companies take a scattershot approach to identifying prospective customers by using blanket marketing techniques, email blasts or cold calls to uncover viable prospects. Prospecting is a numbers game, based on the premise that after a certain amount of “no’s” someone is finally bound to say “yes.”
It’s easy to understand from an efficiency and results standpoint why this isn’t a good customer acquisition model. How much time, effort and manpower are companies spending on all of those “no’s”?
A digitally transformed process:
By moving to a data-driven, analyticsempowered approach to prospecting, companies can use sales resources more efficiently, spend marketing dollars where they generate the most benefit, and close more sales, more quickly.
This applies to both B2C and B2B models.
In a B2C model, the sheer number of targets to be identified and engaged to move the needle is so vast that most companies resort to a scattershot marketing approach.
This not only increases the cost of sales, but targets a wide array of consumers who never actually need to be contacted in the first place and ultimately perceive these messages as spam — which does nothing to close sales or help the company’s reputation.
A digital acquisition model changes this approach by applying data to reveal better prospects to focus marketing efforts.
Today, everyone has a very long data trail. A digitally transformed prospect-to-lead conversion process applies analytics to pinpoint the individuals most likely to buy, or at least have an interest in the product.