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Innovation vs. Efficiency – It Doesn’t Have To Be One or The Other

January 22, 2021

It’s not uncommon to think that innovation comes at a price to efficiency. After all, innovation typically changes the way we do things, and efficiency means improving productivity with minimum effort or expense.

At BillingPlatform we see the two going hand-in-hand. As the most innovative FinTech solution on the market today, we’ve built innovation into our core. The configurable platform allows for unlimited, functional extensions. So you can change it to do whatever you need it to, and to support the way you do business. This not only increases productivity and efficiency but most importantly, helps drive revenue growth.

How Do We Do It?

The platform is built with a metadata architecture, which allows for the rapid expansion of core platform features by business users. That means you can configure new solutions in-house with your current staff. Additionally, when you extend the platform or build something new, BillingPlatform automatically integrates with your core product and rating engine and other external systems. This way you can run reports against the new configured data without having to write a line of code.

With this functionality, new products and packages, the user interface, new data structures and more can be rapidly developed. Added speed and flexibility supports business processes needed to respond to market and customer demands. Plus, the out-of-the-box (OOTB) monetization capabilities natively address all dimensions of products, rating modalities and service management:

  • Built-in, configurable, high-volume usage mediation supports the monetization of any type of data at scale
  • Flexible subscription management supports all types of recurring subscription methodologies
  • Access to data elements from Accounts, Products, and any other, custom or standard, data element from the core rating engine ensures that any charging rule or business logic can be applied to any standard rating method at scale

Innovation Is Key To BillingPlatform’s Culture

Not only is innovation built into the core of the product, but it’s also a core value of our culture. The Innovation Lab is a great source for ideas both from employees and customers as well as a successful and valuable tool to showcase the flexibility of BillingPlatform’s product.

Employee participation in product feature development extracts valuable contributions from those on the front lines of delivery, support and sales. In the true spirit of innovation, we invite all our employees to participate in the innovation and continuous improvement of the product. This happens through a formal, idea submission and company-wide voting process twice per quarter to introduce at least eight new features into the product per year. These innovations are then made available to customers for free and many become part of the OOTB product.

Customer input is also critical. The Innovation Lab is an open forum for customers to contribute ideas for rapid prototype and deployment of real-life solutions to real business problems. BillingPlatform’s customer success program includes periodic, voluntary monitoring and analysis of customer business users. As they use the app we evaluate how to improve the “day in the life” of end-users and improve productivity as well as overall customer satisfaction.

Additionally, BillingPlatform provides an open and direct channel for customer feedback, learning, and real-time solutioning with its “Ask-the-Expert” and professional services program. Our intention is to empower customers to fully leverage the capabilities of the platform so we meet all of their unique business needs.

Learn more about the Innovation Lab and how we combine innovation and efficiency to solve the challenges facing enterprises today.

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