Return on investment is important to any organization. But when we’ve talked to our clients about this, they’ve said that the ability of scale is the number one reason they wanted to purchase a revenue recognition solution.
One of our clients specifically pinned this down by saying that they were unable to scale due to the fact that they were handling their revenue on spreadsheets. They wanted to bring one new company on board to their business every single month. What had happened was that each one of those businesses had a financial statement or a spreadsheet that was associated with that, that had their own formatting and its own line items and so forth. That made it difficult for their revenue accountants to be able to incorporate those spreadsheets into the master spreadsheets. That created a scalability problem for the business.
When you’re talking about handling heavy or complex transactions on an Excel spreadsheet, you’re also talking about having multiple line orders – perhaps hardware, software, services, support, each with their own schedules that need to be managed. The more of these types of complex transactions that an organization has, the more likely that a good revenue recognition solution like Novadek Technologies’ Revenue Lens will be able to provide significant benefits, by handling those complex transactions.
One measure of the ROI for a solution like Revenue Lens is the reduction of audit fees that we’ve seen – by up to 20% or $35,000 annually. And, as we’ve mentioned in other blog posts, there can be huge savings by eliminating revenue leakage. Most importantly, an investment in Novadek Technologies’ Revenue Lens is only a fifth of what you might spend on an enterprise application with similar functionality.
The ROI for Novadek Technologies’ Revenue Lens makes it a “no-brainer” for our clients. Revenue Lens enables mid-sized companies to handle the complexities associated with revenue recognition, contract billing and fair value allocation. Please contact us to learn more.