SAP Convergent Invoicing – New Features and Future Roadmap
SAP Convergent Invoicing is a component of the SAP Billing and Revenue Innovation Management solution that allows companies to integrate revenue sources from disparate sources, maximize profit services, and deliver a single invoice to customers.
The SAP Billing and Revenue Innovation Management system currently has hundreds of large clients that take advantage of the expertise to offer these features utilizing highly automated and efficient procedures for dealing with massive volumes.
A comprehensive method for automating billing and invoicing processes is provided by SAP’s CI module. Instead of managing several separate sources of receivables for each user, the module maintains a single, consolidated source of receivables for customers.
Why Use SAP Convergent Invoicing
Using the SAP CI module, customers can be invoiced quickly and more accurately, allowing them to pay for services promptly. In addition, the solution seeks to enhance credibility with customers because they can see more information about their transactions through it. According to SAP research, businesses that increase billing and invoicing capabilities to accommodate customer demands experience a 27% reduction in customer complaints.
In addition to reducing billing-related customer queries, a well-designed invoice can engage customers and contribute to the profit margin. Streamline the data in a single convergent invoice by providing detailed insights.
New Features in SAP Convergent Invoicing
It is necessary to fabricate intercompany invoices using the SAP CI module, which facilitates billing between company codes. CI enables these diverse intercompany transaction scenarios by leveraging traditional operations like billing and invoicing of end customers and giving equal flexibility.
To achieve total sales, it is necessary to mitigate sales costs, which will be recorded as expenses in the financial accounting system.
Cost items can also be automatically generated when billable products are migrated from the system to use it, based on the customizable settings for cost posting.
The Future Innovation Roadmap for SAP CI
- Optimizing the analysis of managing and profitability by including costs of consumption for services
- Enhance and improve subscription forecast information for cash and liquidity management.
- Complaint resolution in customer service
- Integrating customer-specific information to billable items in separate custom tables without changing the billable item model.
- With SAP Revenue Accounting & Reporting, customers may comply with legal revenue recognition standards by simplifying configuration and integrating standard procedures.
- Convergent invoicing streamlines invoice reversal–document handling
- For consumption-related services, provide cost control and cost recognition
- Set up a reconciliation between the sales and distribution invoicing documents and the sub-ledger contract accounting records.
SAP CI can give real-time information into customer behavior and can quickly modify pricing and revenue management methods to help maintain customer loyalty and profitability. Accelerate quick expansion with a system that grows from modest implementations up to hundreds of thousands of customers.