Integrated solutions offer a comprehensive view of the product landscape and support clients in taking better decisions. However, developing such solutions is a difficult task and needs the capabilities of a vendor with deep experience and expertise in the relevant area. The client, a low-cost carrier, was keen on using integrated solutions in order to improve process efficiency and guard against revenue leakages. Coforge’ Integrated Revenue Accounting solution helped the client achieve just that through timely and accurate revenue accounting.
About the Client
Jeju Air, a South Korean airline is a low cost, high-quality carrier for business and leisure travelers. The airline offers scheduled domestic services between Jeju and the South Korean mainland. It currently operates 24 Boeing 737-800 aircrafts and plans to add five or six aircrafts per year to grow to a fleet of 40 Boeing 737-800s in 2018.
Established in 2005, the airline, a mid-sized carrier carrying 5.5 million passengers in a year, was grappling with issues such as mismatch between its growth and ability to align its IT systems, and mismatch between the existing revenue accounting function and industry standard requirements. The passenger load across scheduled and charter segments was also growing constantly. Less automation and control, and overdependence on manual analytics further added to the airline’s troubles.
The client’s in-house teams were already struggling with the existing revenue accounting function. At the same time, they were asked to monitor credit card reconciliation, refund approval, interline analysis, and deciphering of data, which only added to their difficulties. The client wanted an integrated revenue accounting solution that:
- Reduced revenue leakages and maximized recovery
- Helped in invoicing and billing to credit card companies on different billing cycles followed by reconciliation and posting in SAP
- Allowed General Sales Agent (GSA) and station to access and view billing analysis and billing settlement plan
- Provided an option for value correction and ticket correction by GSA and station
- Provided a refund approval process
- Provided Korean language support for passenger names and reports
To carry out this transformational engagement, the client realized that they needed a strategic partner with strong domain expertise in revenue accounting. Coforge was the ideal choice.
The client joined hands with Coforge for its Integrated Revenue Accounting solution—MonaLisa. MonaLisa provides a feature-rich, business analytics-driven engine that acts as a catalyst for increasing efficiency through accurate and timely revenue accounting.
The Coforge integrated solution included a license for its MonaLisa revenue accounting solution, customized solution for credit card reconciliation, refund approval, GSA, station access, and Korean language support.
Some of the salient features of the solution included:
- Modularity and scalability to expand operations
- Simple and easy-to-use system with comprehensive revenue accounting functionalities
- Hassle-free and timely updates/upgrades because of close collaboration with IATA for future revenue accounting practices
Delivering More Value
- Our team of experts provided high throughput quality and ensured better revenue flow for the client with accurate billing and verification.
- More Cost Benefit: It was possible to track progress against goals, identify key trade-offs, and enable decision-making to re-align financial resources.
- More Efficiency: Coforge’ revenue accounting services helped the airline streamline processes, increase business efficiency, and guard against revenue leakages