Enter and Update Meter Reads for Service and Usage (Doc ID 2231861.1)

Last updated on SEPTEMBER 27, 2021

Applies to:

Purpose

Business Background

Usage based business is a growing trend in today’s business environment due to the emergence of a subscription, or “pay per use”, economy. Customers are becoming more aware of the cost of doing business, particularly with the regards to the costs paid to acquire, operate and maintain equipment, and are seeking ways to reduce costs and make it easier to move from one supplier to another or to make a more immediate change in their asset mix. As this trend emerges, customers are looking to be serviced by suppliers who can combine the acquisition, operation and maintenance of asset costs into a simplified billing structure, often based upon usage.

In cases where usage of the equipment can be used as the basis for billing the customer, meters or counters are used to track the usage output. This usage information can also be valuable in understanding the customers’ use of the equipment and used to determine recommendations about changes in asset mix and optimal services to provide. However, capturing, managing and reporting metered usage can be cumbersome and tedious. Therefore, vendors and lessors are increasingly seeking more support for usage based business and to automate, streamline and simplify the capturing of metered usage.

This note provides a description of the enhancements for entry and update of meter reads of service and usage in OLFM. The enhancements contain:

• Ability to enter and update meter reads for a contract
• Ability to derive meter read date
• Validate meter reads
• Submit meter reads to Install Base

Details

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