All the billing challenges midsize companies face can seem almost impossible when applied at an enterprise level. Add to that the rate of disruption that new market entrants introduce when they shake up age-old industries. Large companies have to move fast if they want to stay ahead.
The right choice of billing strategy and platform can make all the difference. Enterprise-class companies need flexible billing systems that meet their back of house needs. They need solutions that address their unique monetization challenges, and they need them to scale quickly.
There’s a shift happening across all industry verticals, to a subscription economy. Services over products and relationships over transactions are now the new norm.
Enterprises are finding it difficult to make the shift to a subscription business. That's because their enterprise billing models are not built to support the pricing and product iterations that define the subscription economy.
However, adoption and the ability to shift is necessary if they wish to keep ahead of competition brought on by new market entrants that are able to shift to customization.
A subscription-based economy has resulted in the need for businesses to develop mass customization models in their corporate billing systems.
The term mass customization may seem unlikely as the two words are opposites, however mass customization refers to the ability to provide customized products or services through flexible processes in high volumes and at reasonable costs.
With this comes the development of new pricing structures to support customization, and a billing system that can bridge your business with your consumer.
As Enterprise business start to invest in customization, they start to understand the needs of their consumers. Analyzing customer data and creating customer personas are no longer a "nice to have" but a necessity when they are deciding on how to expand their product offerings.
This customization opens a world of opportunity for Enterprise businesses as they are able to not only offer more customized services but more value to their customers.
Creating simple solutions like invoice templates that can be easily adjusted and customized for your customers is just one way you can make it easy to add value. Another is to develop flexible product catalogs and get new products into the market quickly.
As customization becomes the new industry standard, so does the need for enterprises billing to offer consumers a means of paying for products or services using the currency they are comfortable with, on e-commerce platforms.
Typically, shoppers in other nations are forced to pay entirely in USD or Euros instead of the currency of their country of residence. This may discourage consumers from completing a transaction online, due to frustration.
With 54% of US customers shopping on websites based outside their home country, the need to offer useful customization in terms of currency is growing in popularity.
As companies add customization, this doesn’t mean they have to add complexity to their finance department. Instead by leveraging recurring billing software companies can manage billing, invoicing and payments on an automatic, recurring basis without the hassle of cumbersome spreadsheets and, substantial billing-related bottlenecks.
By employing a robust subscription billing software, bottlenecks are eliminated, and your business can focus on growth.
Choose wisely, and you will be rewarded. An inflexible solution for your business may limit the implementation of various ideas that can help your business take advantage of new market opportunities.
A billing solution is not just support for the purchase of a product. It's in the reporting, and in the product development stages that you can be adversely affected by an inflexible billing solution.
In order to avoid pitfalls choose a solution that can offer customization with the ability to be adaptable as your business needs change, and provides support throughout implementation.
An essential first step is evaluating whether or not your current platform can support your users' usage data across all products departments?
Here are 7 questions you should ask:
You know your business is continually evolving, between adding products, removing items and making price adjustments to account for overhead changes or production costs.
Without an efficient, flexible billing system, changes would need to be made manually on every invoice, which takes time and opens a business up to potential costly mistakes and revenue leakage.
However, with a robust recurring billing platform in place, these changes are made in a matter of seconds, impacting all customer invoices efficiently and accurately.
Enterprise level companies are facing increasing challenges moving new products through various departments, approvals, and processes, including facilitating proper billing.
The ability to meet Product Manager demands on creative pricing that can be organized into different product offerings with specialized pricing is impossible to achieve if your billing solution is not agile.
In today's fast paced environment, you need a solution that can eliminate supply chain barriers.
Enterprises with inflexible billing systems face the risk of being unable to offer customers the personalized options and plans they desire.
Customer demands can change, and subscription businesses continue to thrive when they can scale their offerings based on usage data to fulfill their needs.
With customers becoming increasingly selective about purchases and other business transactions. They have come to expect personalization, and if they are not satisfied, they will quickly look at the competition to make their purchase.
To stay competitive with the onset of disruptive market entrants, enterprises need to adapt. Their billing systems are no exception. With product catalog flexibility, take your new products to market with innovative pricing options in less time. With LogiSense's complete data mediation engine and RESTful API support, be sure you are billing all of your products and services correctly, avoiding underbilling. Reduce barriers to customer acquisition by offering payment in several currencies.
With Logisense you have the flexibility to meet Product Manager demands on creative pricing.
Your Product Manager will be able to define separate chargeable items easily and then organize them into different product offerings with specific pricing: recurring fees, one time charges, usage inclusions, and accurate rate plans.
With Logisense you can easily define different prices for your subscriptions based on the state of the service. Configure state pricing for the lifetime of service entitlements or adjust as your customer needs change.
With Logisense your microservices architecture is entirely queue driven allowing for tailoring of individual services to be scaled as business needs require.
As event queues meet thresholds, new processes are spawned, incorporate a smooth delivery of new services and correct invoices for your customers.