Driving Need for billing capabilities by delivering agile monetization.
The Covid19 pandemic compelled businesses to change their business model to ensure sustainable profitability and development. The key motivation for digitalization is this uncertainty. Enterprises need agile and adaptive platforms to look at new market scenarios and implement technology capabilities throughout their core businesses.
Why Does Billing Remain A Challenge?
According to Markets and Markets, the subscription economy is estimated to increase from $4 billion in 2020 to $7.8 billion in 2025, however, businesses are struggling to manage consumers, packages, and charges effectively.
Billing is a difficult operation due to the difficulties of customer acquisition, engagement, and administration, with businesses striving to customize pricing, manage quotations and agreements, execute transactions, and automate the service fulfillment process. Customers can make a brand value assessment depending on the quality of their billing experiences.
Monetization refers to the economic relationship that exists between a company and its clients. In the perspective of monetization, flexibility refers to the capacity to swiftly produce and adapt new offers hence maximizing the efficiency with which a company can bring new product offerings to market.
The cloud services allow enterprises of all proportions to analyze the consumers’ needs for subscription and use products and services across all industries. Nevertheless, a system that is flexible enough to meet the need for the new economy’s order-to-cash procedures is needed to develop into all future potential.
Factors that drive agile monetization:
- Businesses need to be more agile in digital transformation.
- The company should offer different flexible pricing plans
- Companies must concentrate on accurate invoices, collect, report, and forecast revenue.
- Strategic differentiation is necessary.
- Traditional ERP solutions have lagged.
Although ERP is already common terminology and core technology for mid-market and Fortune 1000 firms, industry developments predict that the next transformational business technology is just around the corner.
Agile monetization platform (AMP) technology is the next revolution. This technology was created due to the lack of flexibility to provide customers with modern buying, price and consume preferences, quickness, and frictionless freedom.
Agile Monetization Platform
- Revenue Recognition
- Agile Billing Engine
- Customer Relationship Management
- Configure, price, and quote (CPQ) .
Agile Monetization Platform requires a new corporate strategy that provides company uniqueness and efficiency while offering a seamless consumer experience.