Park Place Technologies (“Park Place”) wanted to replace their revenue recognition system, which while automated, required manual intervention on a contract-by-contract basis to ensure the proper revenue recognition treatments were applied. The effort to ‘set the contract up’ for revenue recognition was on the order of anywhere between 20-30 minutes per contract.
Park Place found the solution for true automation in SOFTRAX. The company implemented the SOFTRAX Revenue Manager and was able 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.
Download the full case study to better understand the challenges facing Park Place Technologies and how SOFTRAX helped provide solutions that brought efficiency and automation to their organization.