Metered Usage Service Enhancements
(Doc ID 2264159.1)
Last updated on DECEMBER 04, 2019
Applies to:Oracle Lease and Finance Management - Version 12.2.5 and later
Information in this document applies to any platform.
This note provides a description of Metered Usage Service Enhancement features introduced in OLFM as of the 12.2.5+ Delta 4 patch.
• Enter meter reads for metered usage service
• Allow users to enter and update readings for meters/counters for usage periods
• Derive read date based on recent billing period closest to the system date
• Perform validations on the readings
• Submit readings to Install base for billing
• Capture, view, and process consolidated groups and allowances
• Provide ability to add an asset to an existing usage line during rebook
• Provide ability to update passthrough usage during rebook
• Align billing due dates for rent and usage
• Provide ability to define pricing for single and consolidated counters
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. When a vendor bills for a service contract based on usage, Lessors need the ability to bill and collect from customers and passthrough the disbursement to the vendor. To insure optimal cash flow, insure customer and vendor satisfaction and keep operating costs low, especially in high volume environments, billing for metered usage services must be highly automated and accurate. Once the usage period is billed, system should have the flexibility to align the due date of usage invoice with the next rental due invoice date to achieve the above mentioned goals. A single invoice with multiple lines for various charges, avoid multiple invoices and makes it operationally effective and easier for the customer to comply with the payment terms and also keeping a track of these invoices.
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.
Customers often need the ability to make changes to the existing usage line during the life of the contract. When a rebook is activated, provide ability for the user to make changes to the usage pass-through details and add an asset to the existing usage line.
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