On the surface billing is an easy concept to understand, but throughout the decades it’s evolved, becoming increasingly complex. It wasn’t that long ago when rigid back-office billing systems were the lifeblood of forward-looking companies. However, as the digital age progressed, the hardware and software of traditional billing products needed to do more than basic functionality. And they needed to do it quickly and efficiently. Today, more than ever organizations require the ability to quickly adapt to changing customer preferences, as well as the influx of disruptive payment models. The out-of-the-box billing products that many companies rely on are no longer able to handle the growing intricacies of today’s billing requirements. We’ve evolved beyond traditional stringent point solutions, and it’s for this reason that a growing number of businesses are switching to a flexible, cloud-based billing system architecture.
The Future of Billing System Architecture is Here
When it comes to billing, you no longer have to make the virtually impossible choice between simplicity and customization. Flexible, cloud-based billing system architecture gives you the best of both worlds. The best billing system platforms on the market today give you the simplicity needed to rapidly make changes with point and click configurability – no code needed!
Read on for the three reasons you need flexible billing system architecture.
1) Adapt to Market Demands
Although out-of-the-box systems effectively execute basic billing activities, they don’t offer the flexibility needed in today’s fast-paced digital economy. Increasingly, consumers are demanding uniquely tailored payment models that are intuitive and easy to use.
Unlike out-of-the-box billing products, billing systems that are architected as true software platforms are highly customizable. This means that they can be easily modified to support any payment model, regardless of its complexity. It also means that users – without a background in coding – can quickly and easily create new applications and develop innovative workflows to support business processes that were previously accomplished either manually or through point solutions.
With a flexible billing architecture you can automate high-volume metered offerings, and support the vast array of operations that comprise your revenue recognition processes. To remain relevant over the long term, organizations must be able to quickly adapt to changing market requirements. Otherwise they risk losing ground to their more tech-savvy competitors. Doing this requires the elasticity that only a cloud-based, flexible billing platform can offer.
2) Increase Speed to Market
Out-of-the-box billing products don’t provide the agility that’s needed in today’s environment. Making changes to pre-packaged solutions often requires skilled IT personnel, which is time consuming and costly – especially in today’s environment where changes occur at a rapid pace.
With a cloud-based billing platform, organizations can launch new product offerings or payment models in hours or days rather than months or years. Customers want a variety of offerings and payment options. Otherwise, they’re quick to churn if the company isn’t meeting their needs. Remaining competitive requires an agile billing platform. One that gives you the flexibility to quickly launch innovative packages, pricing models, and promotions, as well as monetize any product, any service, and any business model.
3) Extend the Financial Ecosystem
Billing is no longer a back-office process that resides in isolation. It needs to interact with your 3rd-party systems such as customer relationship management (CRM), enterprise resource planning (ERP), general ledger, and tax system… to name a few. To create a fully functional financial ecosystem, you need the ability to seamlessly integrate with disparate systems. In most cases, out-of-the-box billing products require significant IT support in order to fully integrate with other enterprise applications, which is time-intensive and costly.
With a cloud-based billing platform like BillingPlatform, you get the extensibility you need to easily connect to new usage feeds, external applications, and 3rd-party internal systems. Through the use of application programming interfaces (APIs) and enterprise connectors, a flexible billing system architecture ensures that your entire financial ecosystem is in sync – all the time. With this capability you’re able to automate your most critical processes and deliver a seamless, end-to-end billing experience.
Prepare for the Future with Flexible Billing System Architecture
When it comes to comparing out-of-the-box billing products to flexible, cloud-based billing platforms, the choice is clear. To outpace the competition, your business needs the agility to quickly solve today’s business problem, and be ready for tomorrow’s uncertainties. Unlike other cloud and legacy billing solutions, BillingPlatform delivers the unmatched agility, flexibility, and extensibility you require to quickly adapt to ever-changing business needs. Contact us to learn more today.