What is the ideal billing solution for your company? What kind of architecture fits to your business model? How can you reach maximum efficiency at a minimum cost? These are just a few issues that enterprises face when choosing the right billing system. Before you take any action read this post.
In today’s product development cycle, products and the technologies they’re based on change rapidly, as do the number of competitors for market space. This demonstrates that time to market and finding ways of optimizing it are critical components that directly affect revenue. For instance, if your product launch is delayed by 6 weeks because your billing system has difficulties adapting to new offerings that’s 6 weeks for your competitors to capture market share, and much less revenue for you to pursue when you finally do go to market.
The faster your billing software can adapt to change, the better you’ll be able to manage and predict your time to market and get new products out before opportunities are missed.
If we dig deeper into the bottlenecks created by internal billing operations, it’s very clear that billing can get in the way of increasing sales in a timely manner. This shows one of the key advantages of Billing Platform: the reduction of product launch cycles from weeks to minutes.
Importance of Supporting Multiple Charging Models
While industry-specific billing methods, products and services supported by billing software solutions designed for a specific purpose and charging model used to suffice for most companies 10 years ago, the pressures of globalization and technology demands that companies bill “outside of the box” and support constantly evolving charging models, products and services.
This need can be seen in many market areas, one of which is the telecommunications space – where service providers face dynamic changes in technology coupled with the increasing demand for these new products and services at lower prices.
Creative pricing, billing and rating models to support intense competition globally will define fitness for survival in this brave new world.
For some enterprises, the ability to bill for multiple charging models causes a dynamic increase in sales and marketing opportunities – on the other hand for some companies, this means the difference between life and death.
Billing applications that silo billing into a predefined schema impede the growth and evolution of the enterprise. In order to succeed and stay ahead in today’s global economy, businesses need to be nimble enough to follow evolving customer expectations.
Choose a Good System Architecture
The new momentum around cloud computing is a natural counterpart to the global, technological progression we are experiencing right now. It is becoming the norm for small businesses and is slowly gaining popularity with large enterprises.
Essentially, Platform-as-a-Service (PAAS) offerings are becoming the cloud’s answer to the scalability problem – offering an extremely customizable system focused around essential business functions such as AP, CRM or Billing. SAAS is still alive and well with companies like Salesforce owning the industry. It’s newer PAAS players like BillingPlatform that are taking on a more leading role.
Main target of successful business IT systems today is to support your company in staying ahead of your competitors as a leader in innovation. It aspires to help companies drive demand and market capitalization by facilitating creative ideas instead of undermining them. With BillingPlatform’s cloud billing solution, the deployment of PAAS decreases the cost of customization by making your lightweight, cloud application as robust and specific as it needs to be to support your initiatives when it’s needed.
Billing Platform solution overview
Let’s have a closer look at the Billing Platform solution. Our billing system is the industry's most scalable, high-volume billing platform; able to rate any kind of metered, subscription and ad-hoc services while administering clients products and rate plans. We make it easy to quickly and precisely implement any type of pricing and rating model; and roll out new products and services so our customers can easily turn ideas into cash.
Our solution enables you to create usage based products and services in multiple currencies and time zones. Collect service usage from any sources, and allow the billing system to automatically rate and invoice it via its well designed, configurable mediation engine. Intuitive tools for usage mapping and parsing logic let you process any type of metered usage; define which elements of the usage data to monetize; or simply collect for dashboard and display purposes.
BillingPlatform’s comprehensive subscription management further enhances your ability to monetize any idea. Develop any simple or compound subscription with automated behaviors to support: Pre-paid and post-paid rating, invoicing and charging; Renewals; Overages; Entitlements management; Credit card and ACH handling; Customized invoice system and custom subscription tiers; and a lot more.