You know that a flexible, transparent billing experience is critical to keep customers engaged, and you know that both traditional and digitally native companies are shifting to consumption-based billing at ever-increasing rates. So you’ve decided it’s time for your organization to get on board and modernize its billing systems.
The first step is identifying the intelligent billing platform that will make it possible. But if the task of evaluating potentialpartners seems daunting, you’re not alone. According to the IDC MarketScape: Worldwide Subscription Relationship Management 2017 Vendor Assessment, only 20% of digital product and service providers have the right systems in place to support their evolving business models.
The right intelligent billing platform — which will drive more revenue, streamline business processes, enhance visibility and improve customer relationships — is critical, but with a wide variety of options on the market, it can be difficult to know where to start. Breaking down the process will make it easier to make an informed, empowered decision.
4 Ways to Streamline the Search for an Intelligent Billing Platform
1. Create a Team
There’s no reason for one person to tackle the process alone, so start by putting together a dedicated team to own the project. This team should include an executive-level champion, a strategic project manager and a member of the technical team, as well as employees with deep visibility into the organization’s current billing platform’s strengths and shortcomings. The range of perspectives and expertise will ensure nothing critical is overlooked, and the sense of ownership will ensure the project stays at the top of the priority list.
2. Outline the Company’s Needs
Start by getting crystal clear on what problems the new, intelligent billing platform needs to solve. Is the organization experiencing revenue leakage? Are customers unhappy with the user experience? Have your consumption-based offerings become too complicated for current tracking processes? Is the business outgrowing systems faster than they can be implemented? Clarifying key business requirements will give you a sense of direction as you begin the search for a partner.
3. Define Success
Based on that list, establish concrete, quantifiable success metrics. This will help your organization prioritize needs and identify top candidates based on how well their offerings align with your requirements. These metrics will also enable the organization to track the ROI once the new system is up and running, measuring spend against quantifiable outcomes.
4. Identify Key Components of the Ideal Platform
With your requirements and priorities in place, you can start to put together a “wish list” of characteristics your team will look for in the new platform. If revenue tracking is your top concern, you may look for automation and reporting capabilities; if your business is growing and evolving rapidly, you may be more concerned about flexibility and configurability, in which case you’ll want a platform capable of agile monetization; if customer privacy is paramount, you’ll want to focus on security.
Now that you’ve got a clearer sense of the needs your organization’s new billing platform needs to meet, you’re ready to start evaluating your options. Remember, however, that you’re searching for more than just a software solution — you’re choosing a business partner. At goTransverse, we have the preeminent intelligent billing platform to support our clients’ evolving needs, and we’re ready to work with you to grow and scale your business.
For more information about how we can help your organization gain a competitive advantage by making the shift to an intelligent billing platform, contact us at email@example.com today.
Michael Beamer is a 24-year technology and business leader with unique experience helping companies maximize the business impact of technology. In his current role as president of goTransverse, he is dedicated to providing clients a flexible billing touch-point that creates long-lasting customer relationships and increasing customer lifetime value.