Following a series of mergers that left Boston Advisors with two different billing structures, two separate invoicing processes, and legacy fees, the firm recognized the need to increase billing efficiencies and improve revenue analysis. Boston Advisors, a longtime Axys(R) customer, selected Advent Revenue Center(TM) for its flexible and scalable rules-based architecture, which easily accommodates the specific needs of individual clients.
With Advent Revenue Center(TM), Boston Advisors is able to address diverse client requirements while standardizing its billing processes and reducing operational inefficiencies.
"There are certain rules that are consistently applied across every account, but there's a wide degree of variation between the different types of clients. The rules feature allows us to accommodate any variable in our fee structure," said Rick Shea, Treasurer, Boston Advisors. "With Advent Revenue Center(TM), there is nothing we can't do, no accommodation we can't make from a systems perspective -- that is clearly a big win for us."
In addition to the efficiencies gained through standardizing the billing process, the integration with Advent's Axys(R), the firm's core portfolio accounting system, allows the firm to transfer portfolio data automatically into Advent Revenue Center(TM), further reducing staff time and eliminating the need for manual intervention and calculations that may result in errors.
"To give you a rough idea of the time savings we see with Advent Revenue Center(TM), we used to have one full-time person who did nothing but billing. Additionally, we had another person who spent at least two weeks a quarter on billing, not including the time spent writing code and customizing our previous billing package," continued Shea of Boston Advisors. "Now, it's just one person's responsibility, and I would say we reduced the time involved by as much as 80 percent. Advent Revenue Center(TM) makes our life that much easier."
"Advent Revenue Center(TM) represents an exciting extension of Advent's suite of industry-leading, mission-critical solutions for the investment management industry," said Michele Holton, Director, Product Marketing for Advent. "As with all of our products, Advent Revenue Center(TM) addresses a key pain point for our customers, which allows them to focus less on infrastructure and more on the success of their clients."