4 Features that Automate the Billing Process
If you have a complex billing model, your main goal is to automate as much as possible so that you can focus less on maintenance and operation and more on innovation and growth. When selecting a billing vendor it’s important to keep in mind that the billing system should conform to your business -- not the other way around. A truly agile monetization platform should be able to simplify complex processes, dramatically reduce operating expenses and increase speed to market. Below are 4 things to look for:
1. Dynamic Rating Logic
For those organizations whose products don’t fit into the standard modes of traditional metered or subscription rating, there’s a solution that provides tremendous flexibility without requiring custom code or add-ons. Dynamic Rating Logic using configurable formulas allows you to charge based on any dimension or logical path.
The concept of end-user ability to formulate complex algorithms for rating is supported by self-aware systems that give the user access to the underlying data. This allows the user to build decision logic around elements of the customer or product, or other components of the surrounding business environment like time or region.
Classic examples of logic-based rating are: incentives for off-peak hours, preferred usage discounts, and pricing based off of physical dimensions such as length and width. The bottom line is that with dynamic, configurable rating logic, you are free to design and control your strategic product and pricing initiatives with the speed, velocity and specificity necessary to realize them.
2. Advanced Workflow Automation
Workflow allows you to automate key business processes around events, attributes and/or time. It adds a configurable layer to an information system that transforms it from a simple data repository to an intelligent, aware servant to your business operation. For example, many vendors offer this feature as a way to remind customers when their subscriptions are about to expire, automate dunning flows, apply discounts, etc. But some companies require more advanced automation that can only be accomplished on a truly self-aware, metadata-driven monetization platform.
Advanced workflow not only automates simple credit card expiration notifications, rate adjustments, taxes, penalties, etc. but also supports comprehensive business logic, formulas, and business rules that can be easily defined without having to hire a developer to write and deploy custom code. It gives your organization the ability to provide advanced automation that does things like seamlessly execute pricing events based on any condition; trigger custom invoice, credit or CPQ approval flows; or automate sophisticated mediation and charge routing processes. It essentially gives the organization a way to quickly and creatively support and automate any business or system process.
3. Business Productivity Toolkit
A few vertical-specific examples include:
The ability to simplify a complex assembly of pricing packages across a catalog of thousands of products and services with multiple tiers and rate overrides.
The ability to quickly configure percentage-based, pricing options across millions of media products for rent to millions of subscribers nationwide.
Ports and Logistics
The ability to manage approval processes for hundreds of demurrage invoices in bulk, and calculate time-based rating splits across several cargo containers according to pricing tiers, discount periods and holidays across an adjustable date range.
A powerful business productivity toolkit gives you the creative control to enhance your front-end application to help team members work faster, with more accuracy to give your organization and its customers the best service possible – regardless of industry.
4. Event-based billing cycles
Companies who have large invoices that contain an array of charges are sometimes bogged down when a customer disputes a single charge on these massive invoices. One solution to this problem is to split a large invoice into multiple, smaller invoices and send each invoice out to the appropriate approvers as soon as the product or service is delivered. The problem is that doing this manually can be a very long, error-prone and arduous process.
The good news is that this entire process can be easily automated with a feature called event-based invoicing cycles. This feature allows you to define invoicing cycles based off of a single event (or group of events) that signals the close and delivery of an invoice. It also provides the ability to group like charges around a defined filter to essentially split invoices along a defined boundary. Customers will be sent invoices automatically as soon as the particular “event” is triggered, creating a real-time, targeted invoicing process that can significantly simplify and accelerate the order to cash process.