Though originally coined, it’s believed, in the late 1980s as a reference to increasing data volumes, the concept of ‘big data’ really took off in the aughts (ok, fine, the 2000s) when members of Gartner, the global research and advisory firm, expanded the definition to include the 3Vs:
- Increasing Volume of data being stored and used by organizations
- Increasing Variety of data generated by organizations
- Increasing Velocity in which data was being created and updated
In the time since, a broad spectrum of users – retailers, financial services firms, healthcare organizations, manufacturers, energy companies, insurance firms, to name a few – have embraced the analytics surrounding big data as a key technology driving ongoing digital transformation efforts across all industries.
Some of the ways an organization stands to benefit from this analysis, according to Forbes, include:
- Customer acquisition and retention
- Focused and targeted campaigns
- Identification of potential risks
- Product innovation
- Complex supplier networks
So, yes, it’s quite valuable information.
It’s also increasingly complex information. As the aforementioned digitization fuels more channels and an equally exploding number of customer touchpoints, every business must maintain pace with its price point offerings. Why engage in the analytics big data presents if you’re not constantly seeking to uncover and act upon it. Emphasis on the word, ‘constantly.’
RecVue’s monetization platform was keenly designed with this perspective in mind. We excel (no pun inten… er, maybe a little bit) in the ability to infuse large amounts of data and computations into the platform. There’s a reason why $36B in revenue is processed through RecVue by some of the world’s most well-regarded companies.
And do it at scale. What’s the point of processing huge amounts of data if the reporting performance is only going to let you down?
For comparison’s sake, consider the pain experienced by a well-known technology firm requiring about 500 minutes – between 8-9 hours – to run a revenue recognition report. To run the same report under RecVue’s revenue module took 34 minutes, or about 14 times faster. Revenue reporting doesn’t have to be painfully slow.
Beyond the performance, the platform is crafted with tools to drill deep and provide the user with answers to the questions starting with a ‘why’ and even the thoughts beginning with a ‘hmmm.’ The platform’s management usage workbench offers additional enhancements to bring in more meaningful data. It’s more information available and greater visibility into that information to help make sense of it for better, more valuable insights.
Textainer, one of the world’s largest lessors of intermodal containers with a fleet of more than 3.5 million units owned and managed, had little insight into the whereabouts of this fleet due to an outdated billing system and clunky process of 40 unique reports and queries.
Brought in to solve Textainer’s billing requirements, RecVue applied multidimensional pricing factors including size, location and length of term and unique booking details per asset to bill for recurring charges of multi-year contracts. Additionally, RecVue accounted for one-time handling charges, damage collection and other assorted fees, and handled payment agreements for storage warehouse needs for any unused containers.
RecVue helped Textainer enable pricing and contract flexibility and eliminate revenue leakage.
In order to learn what your data says about you, you have to be able to listen first. Contact us today to learn how RecVue’s solutions helped an icon of the car rental industry, global car rental leader Hertz, integrate its billing and partner payment processes across 43K franchise offices, in total handling over 4.5M rental agreements each month.