Improving Financial Reporting and Reducing Revenue Leakage at Vodafone Iceland with exMon’s Continuous Monitoring Solution
To improve efficiency and reduce revenue leakage within its financial closing processes, Vodafone Iceland implemented exMon’s continuous monitoring solution. With exMon, Vodafone was able to identify and evaluate potential revenue leaks and improve data quality, leading to a 74% drop in billing data processing errors within a 12-month period. By focusing on business value, Vodafone Iceland has been able to strengthen its customer relationships and establish a positive cycle of renewing data checks.
Vodafone Iceland Limited is a telecoms network provider, offering a full suite of mobile network, landline and broadband services to individuals and businesses within Iceland. The franchise of the global Vodafone telecoms group currently has more than 370 employees and boasts $93M USD in revenue.
Vodafone Iceland has been using exMon since 2010, continuously monitoring its data and services with an emphasis on customer satisfaction, revenue leakage, and fraud monitoring.
Vodafone Ireland wanted to improve efficiencies within its financial closing processes, to eliminate time-consuming and error-prone manual processes, as well as recurring revenue leakage associated with:
- Goods and services not being billed
- Invoicing errors
- Lost renewals
Vodafone soon found that the quality of financial reporting data was low and inconsistent from month to month. For example, on some days data was lost in transit, while on other days, new data attributes or sets such as account numbers of other customer information fields were not mapped consistently, causing bad data to infiltrate systems and reach financial ledgers.
The company needed to provide management teams with ease of access to financial data, to support greater accuracy within financial reports.
Vodafone required a solution that offered continuous data quality monitoring while also providing ease of access and use for management teams, to support financial reporting and ultimately, reduce recurring revenue leakage.
Head of Financial Planning and Analysis (FP&A) at Vodafone Iceland, Maria Arthúrsdóttir, was the main driving force behind implementing a new BI and CM (Continuous Monitoring) solution that could deliver.
exMon was implemented to:
- Assure revenue: Vodafone could now identify and evaluate potential revenue leaks and use exMon’s automated CM for situations where the greatest risks and losses were experienced, and then gradually work their way down the list to less at-risk areas
- Create process efficiencies: by implementing CM checks with exMon, and improved BI capabilities using Microsoft Business Intelligence throughout different points in the closing cycle, the company was able to analyze financial data in a more comprehensive and efficient way, with automated checks
- Improve data quality: no more bad customer data flowing between systems, resulting in incorrect billing – CM enables a clear and concise view of complex customer data, and alerts analysts to any data errors, Vodafone Ireland experienced a 74% drop in billing data processing errors within a 12-month period
Employees at Vodafone Iceland can now see and appreciate the value of CM as it has enabled them to prioritize workloads and focus their energy, time, skills, and resources on providing business value, by reducing and even eliminating repetitive manual tasks.
“We have high expectations about expanding the use of the CM system. Today, the main emphasis of the company is to build a trustworthy long-time relationship with our customers. Companies are increasingly realizing that investment in customer care pays off, whereas ever-increasing acquisition costs per customer don’t.
We see opportunities in using CM in different ways, in analyzing customer behavior and customer account data. We still have a long way to go to map out possible ways to use exMon to increase the mutual value of customer relationships, and we expect to discover new areas of usability in the future. Our goal is to steadily enhance the quality of our business processes and establish a positive cycle of renewing the set of data checks.” – Maria Arthúrsdóttir, Head of Financial Planning and Analysis (FP&A) at Vodafone Iceland