In today's world, modern businesses are understanding the importance of digital transformation to meet customer needs and stay competitive. Customers are more and more online and yesterday's processes and manual work do not work anymore.
However, digitalization itself is not a new trend, ERPs and CRMs are well-known sample milestones on the route. But the speed of change is increasing, and agility and new competencies are needed to be able to serve customers efficiently, online, and in real-time.
Almost all business functions have already been taken online in some way, but digital transformation goes even further, encompassing a new way of managing processes and strategy that is optimized not only for the modern digital reality but also future-proofing those processes.
CHANGING Processes Into More Data-Driven
Digital transformation can be defined as the ability to apply modern technology combined with streamlined processes to reach business goals. Key viewpoints are often considered to be efficiency, usability, and customer insight. Usability and customer experience are of course important to retain your customers. Efficiency means removing any manual processes and utilizing data for automation. Customer insight means having a real-time view of what is happening in your customer base and having the agility to respond.
In many cases digital transformation is concentrating on websites, mobile apps, and user experience, making a nice first step. However, for real digital transformation, more capabilities are needed, and that goes down to the data. How to really collect and utilize data to be able to understand the customers and automate processes, for example:
Much of this goes to the area of efficiently managing products and prices. In fact, for many, the next stage of digitalization - and the factor that truly requires transformation - is the dedication to pricing and billing automation.
- Understanding of what products and services customers are using
- Understanding what kind of pricing would be best for each customer and each situation. For
example, maximize profit or gain market share
- Understanding what the signals for customer churn are
- Ability to remove any manual processes to be able to react in real-time
Billing Empowered by Digitalization
Through automation of subscription management as well as usage monitoring through pay-per-use services, companies have access to an abundance of valuable information, giving them incredible insights on how best to move forward in today's digital marketplace.
An essential process like service billing is ripe for digital transformation. However, it is not feasible that every business can have the ideal solution already in place. What can you do if you discover that your existing billing solution does not align with your targets?
- Make sure to pick a provider with future-proof technology.
- Ensure that the billing process will be agile enough to fit your needs even as they change over time.
- Select a solution with enough features that you can comfortably grow with as your offering develops.
Digital transformation can be applied to the billing process to create new dimensions of agility.
Take us to the test!
If you feel your billing needs will outgrow your current recurring revenue billing solution, or if you are just curious to learn how Good Sign does things differently, feel free to take us to the test! We will gladly take on your challenge and prove to you it can be done, and that the new world lies beyond just subscriptions.