In this quickly evolving, consumer-driven world, we know speed and agility are key characteristics of a successful business. When market demands or user feedback indicates the desire for new products and services, a company that can deliver quickly will keep its customers loyal and engaged, while companies whose slow or outdated product launch procedures leave their customers high and dry will find themselves struggling to maintain their bottom lines.
Traditionally, organizations’ back-office systems aren’t set up to launch new products and services quickly, especially under dynamic business models. So when a business sets out to expand its offerings, there’s a lot that can go wrong as communication jams prevent disparate teams from staying on the same page, the product catalog with its many SKUs becomes too unwieldy to manage and the legacy billing system requires new, custom-coded add-ons to handle any additions or updates.
The result? Extended time to market, lost revenue, missed cross-sell and upsell opportunities, jumbled orders and disenchanted customers.
In order to be truly agile, a business must be able to launch new offerings quickly and smoothly, beating the competition to market without interrupting service, inconveniencing customers or draining resources. For many organizations, the key is intelligent billing.
4 Ways Intelligent Billing Can Streamline the Go-to-Market Process
Intelligent billing platforms are a means for businesses to provide automated, user-friendly and customized billing experiences at scale, offering countless product and service configurations, pricing models and promotional opportunities without the hassles of custom coding or manual tracking.
The flexibility and automation intelligent billing platforms provide make them the ideal solution for businesses that are frequently updating or adding to their offerings catalog, as they can greatly reduce the time it takes to launch new products and services.
1. Flexible and an Easily Configurable Product Catalog Keeps Offerings Organized & Connected
Under many legacy systems, companies have to manually input and track every new product variation, order configuration and pricing model, leading to logistical headaches and back-office delays. But the right intelligent billing platform — with a powerful and flexible product catalog — can accommodate any number of products and billing configurations, allowing you to have one SKU with multiple pricing structures beneath it, automating product recommendations and pricing variations for complex orders.
2. Intelligent Workflows Keep the Back Office Connected
Without effective communication between systems and teams, an efficient go-to-market process is nearly impossible. That’s why a key function of an intelligent billing platform is an billing platform that performs essential components of each step in the quote-to-cash process that can automate the workflows that keep all the internal processes working together and flowing smoothly. A good billing solution has an action frameworks that allows external communications to other systems and directly to your customers to keep them up to speed.
3. Endless Promotional Configurations Launch New Products on the Right Foot
Bringing a new offering to market (and outdoing the competition) requires serious promotional legwork, and a good rating engine in your intelligent billing makes that easy, too, supporting offers for both new and existing products and services and even enabling easy AB price testing. These can be tailored in myriad ways—time period, geographies, market segments and more—to keep existing customers engaged and find and attract new buyers.
4. Global Scalability Ensures that, Once the Offering Is Live, You’re Ready to Grow
Ideally, a quick launch leads to rapid expansion into new market segments. But for companies that rely on legacy systems, that kind of success only leads to more problems as they quickly outgrow their business processes. But the right intelligent billing platform can scale right along with you, handling increased volume and complexity and even managing multiple countries taxes, currencies, languages, payment methods, etc.
In today’s fast-paced business landscaping, the winner isn’t always the best solution — often, the most successful offerings are the first to market. And companies that rely on legacy systems tend to find themselves bogged down in manual tracking, custom coding and any number of roadblocks when the outdated platforms can’t support the growth. But goTransverse’s premiere intelligent billing platform can give your organization the speed and agility it needs to send new offerings to market on time, every time.
To learn more about how goTransverse can help your business convert a legacy billing system and gain a critical competitive edge, schedule your personalized demo 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.