3 Truths about Monetization in the Modern Economy
You Can’t Ignore Billing.
Billing is a means to an end, and is one of the most important functions in a business. Without billing and invoicing, you don’t collect money, and you don’t grow. There are a variety of legacy technologies that tried to simplify the billing process, or improve its efficiency, but those providers are now faced with a harsh reality.
With the concept of “monetization” (simply a more holistic and forward-thinking way of viewing the quote-to-cash process) weaving its way into how products and services are packaged, marketed, and sold, billing is quickly becoming a competitive differentiator. And the longer you wait to change, the more difficult it will become, and the more costly it will be.
The time is now. And if you think it is something you can put off look at the many legacy business models that are being threatened. Today, these 3 truths define the way companies will monetize into the future.
The Pace of Change
New Business Models are Forcing Traditional Industries to Change Faster than ever before
Recent, disruptive brands have grown in leaps and bounds, changing the trajectory of the marketplace itself. New Business models from companies like Uber, Airbnb, and Netflix are disrupting and dominating traditional and long-standing industries - displacing leading businesses and forcing change for survivors.
We live in a Brave New World
With this new, ubiquitous marketplace fueled by the internet and technology comes a myriad of regulations and compliances. These standards are designed to protect the consumer, but they give rise to modern challenges and bottlenecks to realizing new and abundant growth opportunities.
Billing should adapt to Change in Real Time
In order to adapt and ultimately lead as a disruptor in this volatile ecosystem, companies must adopt a culture of constant change and innovation; the monetization systems that support them must complement that culture in real time.
is Not an Option
Billing should conform to your business model, not the other way around
Monetization software should flex to fit to your evolving business model -- not the other way around. Rigid and inflexible systems become a barrier to acquiring and maintaining successful customer relationships.
When considering a monetization solution, keep a long term relationship in mind
Shortfalls today can become catastrophic failures in the future. A system that centralizes the monetization process and evolves seamlessly with your changing ecosystem is critical for future initiatives and paradigm shifts.
Speed to Market
If you can’t provide it fast enough, your competitors surely will
As markets continue to evolve, the window of opportunity for capitalizing on new strategic initiatives is becoming shorter and shorter. It’s becoming increasingly challenging to take advantage of new revenue streams before the competition. To many companies, billing is an obstacle to realizing new revenue potential - when in reality it should be the catalyst.
Billing Should Enhance Front Office Functions
In the past, billing often created bottlenecks to new sales, marketing, operational, and financial initiatives because billing systems remained fixed around industry-specific standards. In today’s fast paced economy, billing can’t afford to be disconnected from other critical business functions, existing merely in the back-office; instead, billing should be used as a tool to enhance front office functions – enabling companies to go to market faster, monetize products, and support customer retention through agile platform capabilities.
Billing Systems Vs. Agile Monetization Platforms
“Agile Monetization Platforms” (AMPs) are replacing Billing Systems with superior functionality. In the age of agility, companies require seamlessly integrated platforms that support the entire monetization life cycle - not just billing systems that only support a section of it. The new Agile Monetization Platform encompases the full prospect to disclosure (P2D) process to include Product development, CPQ, Billing and Rating, Charging, Collections, Revenue Recognition, Reporting and Customer Renewal.
AMP = Faster Time to Market
A truly Agile Monetization Platform can rapidly support any process even if it's peripheral to core billing. These new platforms close the gaps between concept and realization to make speed to market a reality for companies in all industries - allowing them to realize revenue opportunities before the competition.
The Time is Now
Navigating through this new economic landscape will take systems that are easier to leverage and produce results much faster than ever before. Companies who realize the true value of agile monetization platforms will open themselves up to a world of vast and limitless opportunity.
The time is now. No longer is billing just an afterthought, but a tool used to lead disruptive change within a rapidly evolving marketplace.