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TM Forum defines Revenue Management as the systematic application of effective business process management, best practices, and IT systems to maximize profits, increase customer satisfaction, and create sustainable shareholder value. TM Forum’s Revenue Management Initiative includes every aspect affecting revenue, from the customer, through the Service Provider’s value stream, to the shareholder.
Revenue Management best practices and standards available today from TM Forum include extensive business process definitions, an in-depth revenue assurance solution suite, and an industry benchmarking program. Multiple projects are underway to create additional best practices on hot topics including Fraud Management, Data Analytics and Enterprise Risk Management.
Revenue Management is a term that is quite prevalent in such industries as lodging and airline transportation, but takes on a different meaning in communications because of the dynamic nature of the fixed assets of a network and its service delivery platforms. Unlike the other industries’ view of an unused room or airline seat needing to be filled to generate otherwise lost revenue, TM Forum is defining Revenue Management in a broader sense, to include securing Customer and Shareholder loyalty through a focus on Service Consumer Satisfaction and Lean Value Stream Management, resulting in delivery of Customer Value and Sustained Return.
The Revenue Management Initiative brings together a multitude of disciplines from all areas of the Frameworx models, leveraging the Business Performance Measurement System, and applying the established best practices and standards of Lean Value Stream Management to offer relevant end-to-end value stream flows by which the executives of Digital Service Provider enterprises can transform their companies to compete in the modern industry environment. How to Get Involved Existing TM Forum corporate members are welcome to join the program and take an active role by contacting Steve Cotton, Head of Revenue Management at email@example.com.
If your company is not currently a member, please contact Apostolos Kallis, SVP, Account Management & Sales at firstname.lastname@example.org. The Revenue Management Initiative is just one of many benefits openly available to TM Forum members. Learn more at www.tmforum.org/membership.