The appeal of recurring revenue from subscription services has enticed enterprises across industries to take advantage of this age-old business model. No longer is it just newspaper or cell phone subscriptions, today it’s subscribing to services from car manufacturers instead of buying a car or to a medical imaging device company instead of buying the $100k+ device outright.
Sounds simple enough, but when you get into the nitty-gritty details of how you will support these new models, there is a lot to consider.
- Can you accurately process and calculate the usage of the service?
- Are you able to gate functionality based on the level of the subscription?
- Can you accurately recognize revenue for frequent changes in products and pricing?
Watch this session to learn best practices for incorporating subscriptions into your product mix and why keeping people and processes in mind is critical before jumping in with both feet.