Most organizations in the telecommunication, public transport, and electronic toll collection, industries today enable consumers to utilize their services without any human contact. The systems are often categorized and maintained as records of event data. In preparation for the invoicing, these factual incidents are immediately tracked and reported following a fixed timeline.
SAP solution for convergent invoicing provides a flexible strategy for billing and invoicing process automation. The module streamlines collections and receivables management by maintaining a single, consolidated stream of receivables per customer, rather than multiple parallel streams.
SAP solution helps customers get billed faster and better, so they pay for services faster. And the solution helps build trust with partners because they have more visibility into payments.
The Value Drivers of Convergent Invoicing
- Enhance customer loyalty by producing simple, easy to interpret features on a single bill for all offerings.
- Reduce outstanding purchase days by facilitating understanding of bills to ensure timely reimbursement, without conflicts.
- Minimize operation and maintenance costs by reducing clear, standardized billing payment processing inquiries.
- Reduce the financial expense by consolidating the invoices and charging goods from multiple billing sections.
- Reduce the cost of the accounts receivable by integrating various billing points of invoices and charging items
Convergent Invoicing is important to creating consumer trust. It offers a perfect way to consolidate all billing functions and to make billing more transparent. The user is still well understood, which enables you to connect and discount services afterwards. You can also offer efficiently and easily advertise your goods.
Consumers can receive a consolidated invoice from one or more suppliers instead of receiving multiple individual services invoices, which shall include the total cost of services used in a specified timeframe, along with a detailed description of each service.
On the other hand, consumers could also indulge accessing all the expenses in a single invoice for the different services they use. Since convergent payment will not hide anything from customers in terms of their use of resources, it enhances consumer loyalty.
Benefits of Convergent Invoicing:
- Increase customer loyalty and reduce expensive invoicing issues.
- Unify billing details in a single, concise description from different fields and organizations.
- Integrated and finalized flexible invoice.
- Manage in a single solution all user invoicing and payment receipt output.
Although, the industry is evolving at a rapid rate and the requirements are increasing sharply. To improve customer trust, companies need to ensure accurate billing of every service. Apart from other functions, Invoicing is the biggest area of concern in today’s time. A simple solution can immediately improve your billing and at the same time allows you to come up with attractive service packages for your customers.