cVidya Unveils Revenue & Risk Assessment Service for Utilities
London (PRWEB UK) 6 May 2014 -- cVidya, a leading provider of Revenue Analytics solutions for communications, utilities and digital service providers, today unveiled a new Revenue Assurance risk and maturity assessment service designed specifically for utility companies.
Drawing on cVidya’s in-depth work within the TM Forum trade association to develop a highly robust risk and maturity assessment methodology, the new service will enable utilities to fully understand their exposure to revenue leakage and suggest immediate mitigation actions. Utility industry statistics indicate that annual revenue leakage and fraud losses worldwide are about $200 billion, ranging from 1% to 5% in developed countries and up to 20% in developing countries.
cVidya estimates that about 50% of utilities’ revenue leakages are caused by internal processes, which may require Revenue Assurance interventions.
Unless utilities take preventative steps, these figures are likely to rise with the deployment of smart grids, which introduce more complexity into the business. At the same time, the demand-response mechanisms utilities are adopting to contain demand in peak periods depend on a robust approach to Revenue Assurance that ensures customers pay the correct price for the energy they use.
With increasing competitive and political pressures to restrain energy costs, Revenue Assurance is rising up the agenda of the utilities industry. In the past 12 months, cVidya executives have been heavily engaged with the utilities sector, speaking at industry events focused on Revenue Assurance. cVidya’s new Revenue Assurance risk and maturity assessment service for utilities will be available in June.
“The data tsunami being unleashed by the widespread deployment of smart meters is fundamentally changing the utilities business,” said Alon Aginsky President and CEO of cVidya. “Smart grids and smart meters could enable the industry to better balance global energy supply and demand, but only if they are optimized using advanced analytical solutions that track customers’ actual usage and ensure consumers and businesses pay the correct rates for the energy they consume.”
Notes to editors
cVidya leads the Revenue Assurance group of the TM Forum, which is a global, non-profit industry association focused on simplifying the complexity of running a service provider's business. The Forum has 900 member companies.
Based on the telecoms industry’s leading Revenue Assurance platform, cVidya’s MoneyMap® solution incorporates industry standards and vast deployment experience with large companies. It provides the automation requirements to manage the revenue leakage risks through three main modules: Configuration, Usage and Rating & Billing Verification.
About cVidya
cVidya is a leading supplier of Revenue Analytics solutions to communications, utilities and digital service providers. cVidya provides operators and utilities with a complete solution, encompassing a big data technology platform and analytical applications designed to optimize profits and support operational and strategic decisions.
cVidya’s Business Protection offering, which supports Revenue Assurance and Fraud Management, enables operators and utilities to quickly identify and prevent risks. Its Business Growth offering, which encompasses Marketing Analytics and Sales Performance Management, enables operators and utilities to analyze marketing efforts, revenues and margins, and to deliver the right offers to the right customers at the right time.
cVidya has achieved rapid ROI for more than 150 customers globally, including British Telecom, Telefonica Group, Vodafone, AT&T, MTN and DTAG.
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Julia Lopez, http://www.julietltd.com, +44 7432144804, [email protected]
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