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Your company’s revenue depends on accurately tracking consumption to convert into currency otherwise, you are just giving money away. Data correction – The system should detect errors in data processing before they occur and before they proliferate into thorny billing problems.Īccurate billing is essential for a healthy bottom line.Scalability – The mediation engine needs to handle high volumes of transactions to support business periods, such as monthly billing cycles and company growth.Transparency – You should be able to follow the data from end to end, allowing you to track every step of the mediation process.
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You can always change the automated workflow to accommodate new billing models, and the invoices will be faster and more accurate than with manual processes. A real-time mediation engine automatically normalizes consumption data for billing, making billing faster and allowing users to log in to self-service portals to check their consumption. Customers prepay for services in exchange for a discount, which gives customers an incentive to subscribe while guaranteeing revenue for the provider.Īutomating billing with rules-based workflows automates billing and can help make invoices more accurate. Stored-value billing is a strategy that is increasingly being used by cable television and other service providers.
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Taxis use multidimensional pricing using different rates for the first mile, plus surcharges for longer trips, airport trips, baggage, tolls, etc.Īpplying mediation to billing also can promote customer loyalty. You also can use multidimensional pricing based on different formulae. With tiered pricing, you can provide service bundles, volume discounts and service rates based on consumption levels. You can use tiered pricing to increase revenue while offering customer incentives. With mediation, you have greater pricing flexibility. There are multiple ways that mediation can add to your bottom line. Mediation is essential for businesses that rely on a subscription or pay-as-you-go revenue model. Even car rental companies and insurance underwriters are starting to charge by the mile.
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Streaming entertainment uses mediation to bill for over-the-top (OTT) services such as pay-per-view, trial conversions and bundled services. Amazon Web Services (AWS) costs are monitored in real time and billed using different pricing models based on terms, tiers and volume discounts. Voice over IP (VoIP) services bill for network bandwidth used. Real-time mediation engines are being used for services beyond telecommunications. Together, these functions provide the data necessary for accurate billing and analysis of service consumption. Transformation – Creating transactional records for customer billing and other analytics. Augmentation – Converting the validation codes to a format the billing system can use.ĥ.
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Validation – Confirming each event field such as time, data, usage, etc.Ĥ. Correlation – Compiling the aggregated data into a single event.ģ. Aggregation – Taking a single event and breaking it into multiple events that a billing system can process.Ģ.
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There are five essential functions within mediation.ġ.
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Measuring all service usage, including what isn’t billed, can tell you a lot about your customers and where you may be leaking revenue. Companies run analytics to measure consumption during peak times to establish rates and ensure that SLAs are being met.