Thriving on wafer-thin margins, airlines today are relentlessly trying to stem revenue leakages through multiple audit methods ranging from simple manual reviews, workflow automation to analytics-led process controls.
WNS' new and improved Verifare PlusSM is a fully automated, holistic and web-based fare audit solution that enables airlines maximize revenue recovery and minimize revenue leakage. It offers a comprehensive audit services across the ticket lifecycle for all types of fares sold worldwide, through any type of distribution channel. It supports airlines in maximizing revenue with minimal investments by automating and standardizing the audit process.
Verifare PlusSM, in its new avatar, not only helps recover lost revenue but also enables airlines to take preventive steps to mitigate future revenue losses. The technology solution is embedded with Interactive Data Enabled Analytics - a framework that provides actionable insights based on systematic analysis of ticketing / audit data. Identifying specific trends or pattern of errors along with the cause and dollar impact enables an accurate visibility into revenue leakage and identifies areas, which need better controls and automation.
Key Benefits Delivered by Verifare PlusSM :
- Savings potential of USD 200-250 million through revenue recovery
- Additional revenue recovery of 30 percent through second pass audit services
- Revenue recovery of 0.75 - 1.00 percent against the total sale revenue
- Accuracy of 98 percent for debit memos
- Turnaround time of 30-60 days from date of ticket issue
- Collection rate of 70-75 percent for proposed debit memos
- Pricing advantage with outcome-based (transaction pricing) engagement model