In the Summer of 2020 Park Place Technologies (“Park Place”) went live on SOFTRAX Revenue Manager, replacing their previous revenue recognition system. This system, like many on the market today, while automated, required manual intervention on a contract-by-contract basis to ensure the proper revenue recognition treatments were applied. Like many systems the effort to ‘set the contract up’ for revenue recognition was on the order of anywhere between 20-30
minutes per contract.
By Summer of 2020, Park Place had implemented SOFTRAX Revenue Manager and was now starting to process contracts in full automation. SOFTRAX Revenue Manager provides full Level III automation, meaning that it is not only capable of automating the various revenue treatments that must be applied to a contract, but also the decision process as to which treatments should be applied to each contract entering the system. This includes the initial processing of the contract and the complex post-processing that can occur afterward. Most importantly to Park
Place, they have visibility to the position (accrued revenue or contract liability) at the unique asset level, an essential KPI used by all parts of the business. Prior to the implementation of SOFTRAX Revenue Manager, reporting on asset position was cumbersome and time-consuming.
In the first month after go-live, Park Place estimates they saved 40-50 (person) hours vs. how these contracts were processed in the semi-automated prior system. By August Park Place was saving over 60 hours a month, despite a significant and progressive ramp in the number of contracts processed in each month.
“We began to see significant efficiency improvements within two weeks of go-live. We are a growing business. Softrax is a Win-Win for us. We have dramatically increased our transaction volume through organic and M&A related growth without a need for increased headcount. Also, we have far more faith and comfort in our security and controls, despite our lower cost of operation.”
-Corey Turner, Revenue Manager, Park Place Technologies
“Park Place Technologies is a business on the rise. They have transformed in the few years we have been partnered and demonstrate a commitment to financial controls at the top of their peer group. We are over-joyed that the Level III automation we have developed in our Revenue Manager solution has ensured fastest growth without back-office limitation for Park Place.”
Tom Zauli, Senior Vice President and General Manager, SOFTRAX
SOFTRAX provides the only complete revenue management solution that combines enterprise-level billing and revenue recognition capabilities in a multi-tenant cloud-based tool. Independent modules seamlessly integrate with each other and existing core systems to deliver enterprise-level functionality that streamlines the entire revenue management process and advance an organization’s path toward continuous without the need for large platform customization or replacement.
We would greatly appreciate an opportunity to help your company and you reach full revenue
automation. Please contact SOFTRAX today at firstname.lastname@example.org, or 972.715.4028.