Many of our clients experienced how hard it is to manage credits and collections efficiently and accurately before approaching Audience Platform. They also know how important credits and collections are, because they directly impacts company's revenue and cash flow.
But don't worry, we have a solution for you. It's called Financial Suite, the leading converged billing solution for the media industry. It's a specialized billing engine that automates and simplifies your credits and collections processes, saving you time, money, and headaches.
Don't believe me? Well, let me show you how Audience Platform transformed the billing operations of a leading broadcasting network that implemented our solution. They are a major player in the cable TV industry, offering a variety of channels and programs to millions of viewers. They also have a strong online presence, with digital platforms and streaming services.
They wanted to leverage their cross-channel reach and offer converged campaigns to their advertisers, but they faced several challenges in their billing operations. Here are some of the main pain points they experienced:
The broadcasting network had to manually enter and verify the credit data for each campaign, which was tedious and prone to human errors. They also had to manually calculate the rates and discounts for each campaign, which was complex and inconsistent. This resulted in inaccurate and delayed crediting, affecting their financial records and client relationships.
For example, one of their clients, a leading car manufacturer, ran a converged campaign across their TV and digital channels. The campaign was supposed to get a 10% discount on the total cost, but due to a human error, the broadcasting network only applied the discount to the TV portion, not the digital portion. This caused a discrepancy of $50,000 in the credit amount, which the client noticed and complained about. The broadcasting network had to issue a correction and apologize to the client, which damaged their reputation and trust.
The broadcasting network had to manually track and manage their outstanding payments, which was cumbersome and slow. They had to rely on multiple sources and systems to reconcile their campaign data, which was often incomplete and mismatched. This led to discrepancies in invoicing and reporting, as well as disputes and refunds with their clients.
For instance, another one of their clients, a popular fast-food chain, ran a converged campaign across their TV and digital channels. The campaign was supposed to generate $100,000 in revenue for the broadcasting network, but due to a data mismatch, the broadcasting network only invoiced the client for $80,000. The client paid the invoice without noticing the error, but the broadcasting network realized their mistake later and had to send a revised invoice for the remaining $20,000. The client was unhappy and refused to pay the extra amount, claiming that the broadcasting network was trying to scam them. The broadcasting network had to spend a lot of time and resources to resolve the dispute and recover the payment, which negatively impacted their cash flow and profitability.
The broadcasting network's existing system was not equipped to handle the intricacies of next-gen currency and metrics, such as impressions, viewability, engagement, and outcomes. They had to depend on third-party vendors and platforms to provide and validate these data, which was costly and inefficient. They also had to manually map and convert these data to their existing system, which was challenging and inaccurate. This prevented them from adapting to the changing advertising standards and expectations, as well as capturing new revenue opportunities.
For example, one of their clients, a leading cosmetics brand, ran a converged campaign across their TV and digital channels. The campaign was supposed to be measured by impressions and outcomes, such as brand awareness and purchase intent. The broadcasting network had to use a third-party vendor to get the impression data for the digital portion, and another third-party platform to get the outcome data for both the TV and digital portions. They also had to manually map and convert these data to their existing system, which used different formats and standards. This resulted in a lot of data loss and inaccuracies, which affected the quality and reliability of the campaign performance and revenue. The client was dissatisfied and questioned the value of the converged campaign, which reduced the chances of repeat business and referrals.
We addressed these challenges by implementing our Credits & Collections solution, a specialized billing engine that automates and simplifies the credits and collections processes for converged campaigns.
Our solution automated the credit issuance process, eliminating the need for manual data entry and verification. It also automated the rate and discount calculation for each campaign, ensuring consistency and accuracy. This resulted in faster and more accurate crediting, improving their financial records and client satisfaction.
For example, after implementing our solution, the broadcasting network was able to issue credits for their converged campaigns in minutes, instead of hours or days. They also eliminated the errors and discrepancies in the credit amounts, as our solution applied the correct rates and discounts for each campaign. This increased their accuracy and efficiency, as well as their credibility and trust with their clients.
Our solution streamlined the collection processes, providing a systematic and efficient way to track and manage outstanding payments. It also integrated data from various sources and systems, providing a complete and accurate view of the campaign performance and revenue. This resulted in faster and more accurate invoicing and reporting, reducing disputes and refunds with their clients.
For instance, after implementing our solution, the broadcasting network was able to invoice their clients for their converged campaigns in a timely and consistent manner. They also reduced the data mismatches and discrepancies in the invoice amounts, as our solution reconciled the campaign data from multiple sources and systems. This improved their cash flow and profitability, as well as their client satisfaction and loyalty.
Our solution supported the next-gen currency and metrics, enabling the broadcasting network to handle the complexities and nuances of converged campaigns. It also integrated with third-party vendors and platforms, providing a seamless and reliable way to access and validate these data. It also automatically mapped and converted these data to their existing system, ensuring compatibility and accuracy. This enabled the broadcasting network to adapt to the evolving advertising landscape and capitalize on new revenue opportunities.
For example, after implementing our solution, the broadcasting network was able to measure and report their converged campaigns using the next-gen currency and metrics, such as impressions and outcomes. They also reduced the cost and inefficiency of using third-party vendors and platforms, as our solution integrated with them and provided a single source of truth for these data. They also improved the quality and reliability of these data, as our solution automatically mapped and converted them to their existing system. This enhanced their value proposition and competitive edge, as well as their client satisfaction and retention.
Our Credits & Collections solution not only solved the broadcasting network's existing challenges but also positioned them for future growth. The automated and data-driven approach ensured efficiency, accuracy, and improved decision-making in managing credits and collections.
Here are some of the outcomes they achieved after implementing our solution:
- Reduced Errors: The automation of credit issuance reduced errors by 90%, leading to more accurate financial records and fewer disputes.
- Improved Cash Flow: The streamlining of collection processes reduced the average payment cycle by 50%, positively impacting the broadcasting network's cash flow and overall financial health.
- Enhanced Decision-Making: The integration of data-driven processes empowered the broadcasting network with actionable insights, facilitating informed decisions in their credit and collection strategies.
As you can see, Audience Platform's Credits & Collections solution not only resolved the broadcasting network's existing challenges but also positioned them for sustained financial health. The automated and data-driven approach ensures efficiency, accuracy, and improved decision-making in managing credits and collections.
And the best part is, you can experience the same benefits and outcomes with our solution. Whether you're a media publisher or an agency, you can use our solution to manage your converged campaigns with ease and accuracy, reducing errors, saving time, and increasing revenue.
So what are you waiting for? Contact us today and discover how our Credits & Collections solution can help you drive efficiency and maximize revenue recovery for your converged campaigns. Trust me, you won't regret it. 😊