As organizations strive to keep up with evolving accounting standards worldwide, managing revenue recognition processes has become more challenging than ever. This is where Oracle Revenue Management Cloud Service (RMCS) comes into play.
Oracle RMCS is a comprehensive software solution designed to help organizations manage critical revenue recognition processes and maintain compliance with the latest accounting standards, such as ASC 606 and IFRS 15.
Read on to learn more about Oracle RMCS and how our senior-level Oracle consultants can help you maximize the technology you already own.
What is Oracle RMCS?
Oracle Revenue Management Cloud Service, or RMCS, is a robust software solution that helps businesses understand, manage, and optimize core revenue recognition processes. It provides intelligent tools that enable better compliance with industry requirements and accounting standards, such as ASC 606 and IFRS 15, which mandate that revenue must be recognized when earned instead of when the payment is received.
Oracle RMCS streamlines the revenue management process by automating the following tasks:
- Performance Responsibilities: Track and recognize performance obligations in contracts.
- Contract Management: Manage key contract information and customer details.
- Revenue Identification: Automate the identification of revenue based on performance obligation satisfaction.
- Transaction Price Allocation: Allocate transaction prices to performance obligations.
- Analytics and Reporting: Improve analytics and insights reporting related to revenue identification.
- Journal Submissions: Create accounting submissions for revenue identification.
Main Capabilities of Oracle RMCS
Let’s take a look at the main features of Oracle RMCS for business users:
Flexible Billing
Oracle’s RMCS application allows users to generate invoices in real-time, as a batch, on-demand, or based on a predefined schedule. This includes data input into the system outside the billing cycle, allowing banks to produce invoices anytime.
With Oracle RMCS, invoice creation is no longer constrained by batch processing windows or data cutoff periods, giving financial institutions more flexibility across revenue and billing strategies. It also accommodates intricate transactions like credits, rebates, adjustments, and corrections across different metrics, including volume, time, transactions, and events.
Business Level Cloud Service
Oracle’s RMCS application delivers dynamic enterprise management capabilities to support the global integration of services across new and existing business lines.
Multifaceted Pricing
The Oracle Revenue Management and Billing Cloud Service platform helps banks and other financial institutions establish consistent pricing for a complex range of products and services and maintain flexible pricing options based on customer, channel, segment, buyer context, customer relationship, and currency metrics.
Simplified, multi-channel pricing management minimizes the time and manual effort required to create and manage various charge codes within a pricing and billing system, further improving efficiency and enabling organizations to set more competitive transaction prices.
Deal Management
Oracle RMCS offers comprehensive deal pricing functionalities to improve profitability by reviewing client pricing histories, analyzing deal profitability, and conducting ‘what-if’ scenario comparisons during negotiations.
Subscription Management
With Oracle’s service-based billing functionality, customers pay a subscription fee for product or service access based on measurable metrics, such as volume, usage, and duration. This service allows for usage-based charges through prepaid or pay-as-you-go plans, including one-time or recurring fees to cater to various customer needs.
360 Degree View of Customers
Oracle’s dynamic revenue management platform allows financial organizations to leverage intelligent interfaces that deliver real-time, complete views of customer relationships to easily access account history and understand customer behavior.
Transaction Feed Management
The cloud-based revenue management solution supports automated transaction uploads related to pricing and billing, allowing factors like a beneficiary, remitter, or third party to handle different charges or receive commissions for a single transaction. This, in turn, streamlines processing rules, significantly reducing processing times and minimizing operational costs.
Key Features
- Dynamic analytics capabilities
- Seamless integrations with Oracle and non-Oracle solutions
- Top-tier service customization and scalability
- Pre-built support for multiple lines of business
- Innovative, flexible price bundling, promotion, billing, collection capacity, discounting, and rating features.
- Self-service compatibility via intuitive user interfaces
- Intelligent transaction pricing and rating strategies
- Consistent visibility into current financial positions and exposure
- Complete support for the end-to-end revenue lifecycle
Key Benefits of Oracle RMCS
- Quick launch for new subscription services
- Enhanced decision-making through price recommendations and scores
- Rule-driven configurations for aligned pricing and product lifecycle management initiatives
- Cloud deployment best practices, dynamic security features, and future-proof services for reduced risk
- Cost savings through standardized billing and revenue operations
- Scalable architecture that offers high performance and bandwidth for mixed workloads
- Intelligent handling modifications through configuration and software customization capabilities
How We Can Help
Whether you need help outlining plans to deploy a new Oracle solution, finding the best-fit solution for your organization’s revenue recognition needs, or navigating integrations within your current Oracle ecosystem, Surety Systems has your back.
Our team of senior-level Oracle consultants has the functional knowledge and real-world experience needed to understand your project needs, create effective action plans, and prepare your teams for long-term success.
Contact Us
Are you interested in learning more about Oracle RMCS and how our expert consultants can improve your experience across the Oracle landscape?
Contact us today!
