As your business continues to grow, rate management becomes a top priority. If you’re interested in effectively adding more products and services to your company and balancing spending rates across the needs of increasing customer expectations, your billing system must adapt to this dynamic environment. More specifically, you’ll need to modify the rates for many customers and products.
BillingPlatform’s offers Mass Rate Management engine that allows you to separate a product’s price from its rate. You can adjust rates without affecting the product identifier, making rate adjustments across multiple contracts simple.
Watch the video below to learn more about BillingPlatform’s sophisticated rating engine. In the video, you’ll explore:
● Common causes of rating errors
● Automation techniques that save time and resources
● Effective management tools for easy rate management
Selecting a billing solution that supports your automation needs is a challenge. So we put together the Comprehensive Guide to Automated Billing Processes, download it today.
Managing Rates across thousands of customers with a healthy mix of products and services can be a challenge for many companies. It requires both tools for mass management as well as the right structures for rate assignment at several different levels of the account and application hierarchy.
Effective mass rate management starts with how products, rating methods and customer contracts or rate plans are modeled in the billing application. The application needs a clear separation between the product definition, rating method, the contracted rates, and the mechanism for collecting the service usage that will be metered against those rates.
This separation of Products, Rating Methods, Rates and Rating Processes is key to managing rates more effectively across an enterprise of products and customers because now rates can be isolated and managed independently without impacting the product catalogue or rating logic.
Another important element of mass rate management is the ability to effectively date a price or rate change. With this feature, you can be proactive about managing rates that will take effect at a future date and create a seamless transition across automated rating processes.
With BillingPlatform’s sophisticated rating structure, you can create several levels at which rates can be managed in mass simply by virtue of a hierarchical association. In BillingPlatform’s dynamic rating engine, these methods are
- Product Default
- Package Default
- Rate Classes
- Account Hierarchies
The rating tiers make for an efficient way of managing rate changes as they come for a single customer or group of customers.
For direct rating updates in mass across all of the structures defined above, BillingPlatform offers the Mass Rate Management tool. The mass rate management tool lets you to define which elements of the data (standard and custom) for each rating context you want to update in mass.
Once you have the structure defined, all you need to do is extract the rates you want to change into CSV or Excel formats, make the mass adjustments in the file, then upload the adjusted rates with the effective dates back into the system. The rate adjustments will reside in the billing system now and will apply according to the effective date of the rate change.