Moving to a subscription-based business model is a popular way for companies, including those that have cloud-based offerings, to drive recurring, predictable revenue streams for their business. Subscription management is about attracting and retaining happy, loyal customers in order to maximize the customer lifetime value. This requires constant visibility into customer behavior—including usage—to create up-sell, cross-sell and net new revenue opportunities as well as to reduce customer churn.
Subscription management moves beyond the ability to bill or charge a credit card at a given frequency for a certain amount. It encompasses automatically turning services on and off, validating entitlements, checking usage, analyzing customer behavior and more.
TRACT® is a full-service subscription management platform and was named as one of “The Eight Subscription Billing Solution Providers that Matter Most” in The Forrester Wave: Subscription Billing Platforms, Q4 2015.
The subscription management capabilities in TRACT allows users to do the following:
- Rapidly launch new services or modify existing services and pricing plans
- Accommodate on-the-fly changes to subscription terms and payment options
- Easily tailor subscriptions for conditional-specific pricing, customer-specific pricing, channel-specific pricing and/or consumption-specific pricing
- Automatically or manually provision, cancel, degrade or temporarily disable services through comprehensive entitlement management
- Manage add-ons, upgrades, term extensions, auto-renewals and changes in services
- Automatically pro-rate charges on order or on cancelations and subsequently generate a single invoice for renewing services with differing active terms (co-termination)
- Invoice, collect and manage revenue in local, foreign and custom currencies
- Handle free trial periods, one-time fees, promotions, refunds, email receipts, etc.
- Provide consistent order capture across channels, business units and geographies
- Fully manage the customer lifecycle with a 360-degree view into subscribers through powerful business intelligence dashboards, reporting and analytics
- Integrate with most popular ERP, CRM and eCommerce systems as well as most other internal systems accessible through APIs