You Can’t Ignore Billing. Billing is a means to an end, and one of the most important functions in a business. Without billing and invoicing, you don’t collect money and you don’t grow. A variety of legacy technologies have tried simplifying the billing process, or improving its efficiency, but those providers are now faced with a harsh reality.
With the concept of “monetization” (simply a more holistic and forward-thinking way of viewing the quote-to-cash process) weaving its way into how products and services are packaged, marketed, and sold, billing is quickly becoming a competitive differentiator. The longer you wait to change, the more difficult and costly it will be.
The time is now. If you think this is something you can put off, look at the many legacy business models that are being threatened. Today, these three truths define the way companies will monetize in the future.
1) The Pace of Change is Accelerating
New business models are forcing traditional industries to change faster than ever before
Disruptive brands have grown by leaps and bounds, changing the trajectory of the marketplace itself. New business models from companies like Uber, Airbnb, and Netflix are disrupting and dominating traditional, long-standing industries, displacing leading businesses and forcing change for survivors.
We live in a brave new world
With this new, ubiquitous marketplace fueled by the internet and technology come countless regulations and compliances. These standards are designed to protect the consumer, but they give rise to modern challenges and bottlenecks in realizing new growth opportunities.
Billing should adapt to change in real time
To adapt and ultimately lead as a disruptor in this volatile ecosystem, companies must adopt a culture of constant change and innovation. The monetization systems that support them must complement that culture in real time.
2) Compromise is Not an Option
Billing should conform to your business model, not the other way around
Monetization software should flex to fit your evolving business model, not the other way around. Rigid and inflexible systems become a barrier to maintaining successful customer relationships.
When considering a monetization solution, keep a long term relationship in mind
Shortfalls today can become catastrophic failures in the future. A system that centralizes the monetization process and evolves seamlessly with your changing ecosystem is critical for future initiatives and paradigm shifts.
3) Speed to Market is Critical
If you can’t provide it fast enough, your competitors surely will
As markets continue to evolve, the window of opportunity for capitalizing on new strategic initiatives is becoming shorter. It’s increasingly challenging to take advantage of new revenue streams ahead of the competition. To many companies, billing is an obstacle to realizing new revenue potential; in reality it should be the catalyst.
Billing should enhance front office functions
In the past, billing often created bottlenecks to new sales, marketing, operational, and financial initiatives because billing systems remained fixed around industry-specific standards. In today’s fast-paced economy, billing can’t afford to be disconnected from other critical business functions, existing merely in the back office. Instead, billing should be a tool to enhance front office functions, enabling companies to go to market faster, monetize products, and support customer retention through agile platform capabilities.
Billing systems vs. Agile monetization platforms
“Agile monetization platforms” (AMPs) are replacing billing systems with superior functionality. In the age of agility, companies require seamlessly integrated platforms that support the entire monetization life cycle, not just billing systems that only support a section of it. The new agile monetization platform encompasses the full prospect to disclosure (P2D) process including product development, CPQ, billing and rating, charging, collections, revenue recognition, reporting, and customer renewal.
AMP = Faster time to market
A truly agile monetization platform can rapidly support any process even if it’s peripheral to core billing. These new platforms close the gaps between concept and realization to make speed to market a reality for companies in all industries, allowing them to realize revenue opportunities before the competition.
The Time is Now
Navigating this new economic landscape takes systems that are easier to leverage and produce results faster than ever before. Companies who realize the true value of agile monetization platforms open themselves up to a world of vast opportunity.
The time is now. No longer is billing just an afterthought, but a tool used to lead disruptive change within a rapidly evolving marketplace.