Why SAP BRIM And How It Empowers You To Monetize Your Subscription-based Billing
Whether it is Utilities, Insurances, Hi-Tech, Media, or Telco, companies offering subscriptions business have always been able to maintain long-lasting customer relationships with growing revenue. Subscription business model offers the convenience of catering to the consumption needs of the customers while providing companies with the ability to predict revenue through recurring sales.
The subscription model is not without a lot of challenges on its way. Traditionally, products or services are purchased and invoiced: make a product, sell a product, recognize the revenue.
But subscription billing is complex. Companies have to deal with multiple consumed services with several billing dates, calculate charges, and process individual invoices. To make this right, SAP BRIM comes with converged, real-time billing and charging, and it automates any as-a-service charging model.
Consumers across all segments want to engage, and are willing to pay for subscriptions, value bundles and benefits, including price certainty and convenient access to services. For that purpose, SAP BRIM offers a more holistic usage-based subscription bundles that will include services and products bundled together.
A Paradigm Shift Toward SAP BRIM: Why Should You Care?
To capture the fair share of the new growth streams and redefine their value proposition, businesses are offering limited-service access rather than product ownership. Why should subscription service providers consider SAP BRIM? What is the main driver behind the rapid adoption of it?
Companies that once sold products or services on a one-time basis are now convincing many customers to pay recurring fees, rather than purchase a product outright. A future-focused business should shape new operating models which strategically optimize your business performance.
It is important to note that enterprises that plan to invest in smart automation and enable data-driven decision-making can embrace SAP BRIM. Businesses can ensure a new generation of consumers who want low-cost products with excellent customer experience.
As a subscription service provider, it is a good news that SAP BRIM reshapes the way we perform a transaction, product/service orders, billing, cash collection, and account management. Whereas the current billing management systems limit the possibilities of revenue growth, businesses of all sizes and all industries can optimize their core invoice processing and execute cash collection.
Traditionally, subscription billing landscape constituted multiple billing engines – individual, siloed software to bill various consumptions. It also led to problems with compliance and end-to-end traceability of all transactions.
So what SAP BRIM does for you? It facilitates one flexible, harmonized billing engine that brings various channels together into one common billing and receivable management platform.
SAP BRIM’s billing innovation journey pairs Everything as a Service (XaaS) with durable new streams of revenue as it improves time to market and enables you to build customer loyalty and gain insights into customer preference.
SAP BRIM’s key components of SAP Convergent Mediation, SAP Convergent Charging, SAP Convergent Invoicing, modernize your monetization. From managing subscribers and collecting their usage, to raising consolidated invoices, SAP BRIM helps you capture revenue and capitalize on subscription-based business models.
In addition to supporting a very high level of automation and handling growing transactional volumes, SAP BRIM can benefit the subscription economy with,
- Consumption-based pricing
- Usage integration
- Converge siloed order-to-cash process
- Business reporting
- Accelerate time to market for new services
- Manage complex B2B contracts
- Support flexible payment methods
- Lower operational costs for billing and collections
- Transparently handle the end-to-end pricing
- Faster adaptability to the new business model
Optimize Account Receivables
With the integrated FI-CA (Contract Accounts Receivable and Payable) module, SAP BRIM automates accounting movements and avoids manual AR processes. It centralizes the payment terms and enables consistent cash-flow by ensuring that cash collection adheres to the company’s collection policies.
The system enables enterprises to maintain customer are implemented accurately. This level of accurate reporting is made possible by thorough automation, which also avoids manual entry errors.
SAP BRIM helps you rethink your entire accounts receivable function with its core capabilities such as,
- Tactical customer follow-up
- Monitor and track customers’ payment performance
- Credit balance refund
- PO collection
- Invoice overdue alert
Harness the efficiency and agility of the SAP cloud subscription to create and deploy bundles subscription services. To that end, SAP BRIM applies its comprehensive solutions and accelerators to support millions of accounts, transactions, and invoices.
Mobolutions strongly believes that subscription business can be redefined and augmented through SAP BRIM implementation. Our team of experts can help you uncover the new sources of value and provide meaningful experiences by creating real-life results.