5 ways SAP BRIM can optimize the subscription revenue
The revenue model for almost all companies has significantly evolved in recent years, from products to subscriptions. The customer-company relationship is about much more than just selling a product. On the market, the need for optimized consumption revenue streams is in high demand.
Since the entire billing cycle is streamlined and accurate, the company can minimize workload and help accelerate the implementation process by using SAP BRIM frameworks.
Subscriptions business model don’t require big up-front like traditional outright purchase do, but the value it brings to the business is enormous, as it effectively manages churn and enables businesses to upsell additional services to their clients.
Why choose SAP BRIM solutions for your business?
Subscription-based Order Management:
The SAP Billing process guarantees effective service and reliable billing. It also automates payment periods, changes, upgrades, and renewals, giving businesses even more flexibility. Under the SAP Billing process, functions such as handling invoicing hierarchies, specialized brochures, and mutual credit are also managed separately.
Planning and organizing activities based on consumption.
SAP BRIM handles data obtained on a consumption basis in addition to handling subscriptions. It collects, updates, and integrates consumption and activity information in preparation for further collection for pricing and billing. Another benefit of using BRIM is that it can accommodate ever-increasing amounts of user data without any restrictions on scalability.
Quick and Efficient charging depending on your business models:
Develop customer-centric subscription and usage-based pricing models and offer them. Develop, execute, and implement rewards and entitlements with ultimate convenience, and merge the new digital environment effortlessly with supporting APIs. Subscription-based pricing is a win-win situation for both consumers and businesses.
Businesses and customers both thrive from the SAP Subscription Billing model because it gives them more options and flexibility for what they require. It also lets companies maintain steady revenue and build positive, long-term customer relationships.
Businesses can acquire a wide variety of resources about users, including demographics, real-time analytics, and sales force strategies, as well as customer retention. To optimize and enhance the subscription business, they must first establish their main implementation strategies for consumers and evaluate how they convert into revenue.
When you switch to a usage or subscription-based business model you can better track how your customers use your products. You create a more comprehensive profile about your consumers so that personalized offers can be developed. You may recommend multiple alternatives, customer billing, or additional benefits to your customers based on usage statistics.
The SAP BRIM (Billing and Revenue Innovation Management) solution can ensure smooth consume-to-cash business operations from reviewing and billing services (Convergent Charging) to generate invoices for services delivered (Convergent Invoicing) to controlling revenue collections (Customer Financials Management).
This increased level of personalized service and flexibility will help you retain new customers while also strengthening existing customers. You must be able to acquire and centralize consumption data from multiple sources and integrate it into billing information to effectively bill customers.