Here at goTransverse we talk a lot about the benefits of intelligent billing platforms, and we’re pretty convincing, if we do say so ourselves. After all, it’s what we do.
But the reality is that not every organization needs intelligent billing— or maybe not quite yet. For some companies whose pricing models are simple or whose customer volume is small — and who intend to remain that way — intelligent billing might seem overkill. But for many, it’s a game changer and for others, could be a game changer down the road as your business evolves. So how do you know if your organization is ready? And when should you be planning to make a change?
Three Signs Your Organization Is Ready for Intelligent Billing
There are three things to look for to determine whether your organization really needs an intelligent billing platform. If any of these three characteristics are missing, and if they’re not in the near-term roadmap, a simpler solution may be a better fit with an eye toward incorporating these down the road.
First, what do your organization’s pricing models look like? Are you offering simple subscriptions or one-time purchase products? If so, an intelligent billing can certainly help you out, especially if you’re offering simple subscriptions to a wide and growing customer base, or if you’re planning to expand those offerings to more complex models. However, if the basic pricing models are the end goal and there’s nothing particularly complex about the customers’ needs, an intelligent billing platform like goTransverse’s, which has the capability to handle much more complicated hybrid and consumption-based billing models, may be a bigger investment than your organization needs to make right now.
For many new and niche companies, customer volume is simply too low to require a large billing platform. Even if pricing models are complex and variable, if the quantity is small and likely to remain that way, legacy systems or add-on components may be perfectly capable of handling rating and invoicing effectively and efficiently.
Finally, the frequency with which customers are using your organization’s products and services is an important factor in determining whether it’s time to embrace intelligent billing. If your organization offers complex packages to a high volume of customers, but those customers are generally sticking to the basics and not using services or add-ons at a high rate, you likely don’t need the power of an intelligent billing platform to manage those invoices.
Intelligent Billing Clears the Path for Rapid Growth
So, if your organization doesn’t meet at least one or two of the three criteria above, there may not be an immediate need for intelligent billing. However, if the company’s roadmap does include those three criteria — for example, if you’ve got a high volume of active customers, and you’re getting ready to switch from a simple subscription to a consumption-based model — it may be worthwhile to invest in or start evaluating a platform that can grow with your organization. After all, a smaller investment in a simple platform your organization has every intention of growing out of it is likely to lead to more headaches and more expense in the long run than a bigger upfront investment in a more powerful platform.
At goTransverse, for example, we are more than ready to handle our clients’ basic subscription offerings, and then as their businesses grow and transform, we can grow and transform with them to continue meeting their needs.
While every business leader knows from experience that big change happens fast (and that big change can only lead to big growth if it’s managed effectively), recent research from MGI has found that 44% of organizations feel their legacy billing systems are barriers to growth.
“To effectively monetize market opportunity, businesses must be agile, flexible and scalable while complying with regulatory demands. The ability to quickly and precisely construct, change and propagate new offers and pricing plans within the operational ecosystems is becoming a sustainable differentiator among the companies leading the charge.”
– goTransverse, Executive Guide to Intelligent Billing
Businesses that see big change on the horizon can prevent logjams by adopting systems that can support their future transformations.
And intelligent billing platforms are designed to do just that. While legacy billing platforms or manual systems require significant time and resources to keep up with changing business strategies such as new offerings or rapid customer acquisition, intelligent billing platforms are equipped to take change in stride, streamlining the logistics and empowering growth.
Billing platforms, intelligent or otherwise, are far from one-size-fits-all, and it’s important to select a system that can meet your business’ unique needs — and acts as a partner rather than simply a vendor, working with your organization to support growth at every step of the way. To find out whether goTransverse’s premier intelligent billing platform is right for your organization, take a tour today!
Clare Corriveau is the Director of Marketing at goTransverse. An award-winning marketer, Clare has built her career in SaaS and demand generation. Prior to joining goTransverse, Clare oversaw North American prospect demand generation at Blackbaud. When she’s not kicking SaaS in marketer-mode, you can find her spending time with her husband and kids, hiking with her pup Pippa and cheering on Michigan State.