The Need for Proactive Enterprise Risk Management
A report from the Communication Fraud Control Association (CFCA) reveals that telecom fraud increased 12% in 2023, equating to an estimated $38.95 billion lost to fraud. With the Internet of Things (IoT) revenue expected to grow to USD $1.1 trillion by 2025, telecom operators need to consider all scenarios and eventualities as the astronomical growth leads to new revenue threats, highlighting the importance of a robust enterprise risk management framework.
Enterprises face important decisions regarding the offering of products or services and the implications that these have on the top and bottom lines. In order to maximize a company’s revenue and be innovative with new products or services, enterprises need to be aware of all business processes and potential risks to make logical corporate decisions including decisions that involve fraud prevention and revenue protection.
With an ever-changing risk profile in today’s dynamic and disparate world, the reactive or wait-and-watch enterprise risk management approach can be challenging. To achieve effective risk management, a proactive approach is essential for enterprises to identify and address risks before they occur. Previously Unknown risks may remain undetected for a period of time, leading to missed detection.
AI-Driven Enterprise Risk Management Solutions for Telecom
Out-of-the-box revenue management solutions often do not address real-life scenarios as well as revenue assurance risks specific to processes, products, and services. With such a generic solution, enterprises do not have the full in-depth knowledge of all areas of the business needed to fully assess and deal with revenue threats.
Proactive risk management is a forward-looking approach that can manage both existing and emerging revenue leakage risks, helping enterprises adapt quickly to unwanted events or crises. Neural Technologies provides end-to-end advanced Revenue Protection solutions leveraging artificial intelligence (AI) and machine learning (ML) technologies to analyze vast amounts of data in real-time, identifying anomaly or atypical risk trends and patterns. Predictive analytics capability enables enterprises to anticipate potential risks and develop plans to mitigate revenue leakages.
Neural Technologies’ ActivML (AI and Machine Learning) solution is a powerful tool equipped with a comprehensive suite of advanced machine learning models combined with AI explainability analysis, specifically designed to address the unique complexities of telecommunications business operations. One of ActivML's unique advantages is its Business-Enabled Automated Model Building, Training, and Deployment feature, which empowers business users and non-specialized experts to build, train, and deploy AI/ML models, allowing telecommunications companies to integrate AI and machine learning easily into their operations.
End-to-end AI-driven revenue management solutions, like those offered by Neural Technologies, encompass the entire management including fraud detection, revenue and business assurance, bad debt risk management, investigation, integration with other systems, root cause analysis, defining necessary actions, and ultimately closing the issue. By incorporating all these processes into one integrated solution, companies gain a streamlined and effective approach to identifying and resolving any revenue management challenge. Furthermore, Neural Technologies’ Revenue Protection solutions are highly flexible and customizable to tailor to the specific business needs for sustainability and growth.
With Neural Technologies’ proactive revenue management solutions, telecommunications companies are equipped with the tools needed to properly manage and protect their end-to-end revenue management chain, through fraud prevention and revenue assurance processes, to ensure superior revenue intelligence.
Integrating these solutions within an enterprise risk management framework and by harnessing data analytics and monitoring, our solutions can proactively identify potential risks and anomalies in revenue streams, empowering businesses to take strategic measures to mitigate financial risk and safeguard their business against future uncertainties. The incorporation of AI and machine learning further strengthens these capabilities, paving the way for more resilient and intelligent revenue management strategies in the years to come.
Neural Technologies' Revenue Protection suite offers unparalleled protection and efficiency, ensuring that businesses can navigate the complexities of the modern telecom landscape with confidence and agility.
Our Revenue Protection suite of solutions includes:
