Our year at Good Sign has been extremely exciting. Billing as an industry is gearing up and we have seen an enormous push in interest in our field of business. So, what trends do we see and expect to further develop in 2022? And why should you also be more excited about billing?
Here are the 5 interesting trends for you
1. Customer Centricity Will Rise, and it Will Impact Billing
Customers are increasingly demanding and want to be in control of their relationship with their suppliers. The trend that billing becomes an integral part of the client experience is moving over from B2C to B2B.
The invoice as a moment of truth demands clear presentation, actionable insights, and the option to alter the relationship based on findings. Forerunners in the industry can advise their clients based on current usage in the service industry.
2. The Revenue Opportunities Trend And The Holistic Client Engagement
Companies can no longer afford to break up their processes in silos. Especially in services, client engagement forms an integral part of the business. Traditional IT silos such as CRM and ERP, with billing being part of ERP are replaced by more holistic thinking like RevOps, and rightfully so since 35% of client interactions are triggered by billing. That not just puts billing in the center of your RevOps strategy, but also presents a great opportunity to increase client satisfaction and the overall profitability of your company.
3. Data and IoT Will Dominate the Next Generation of Billing Cycles
Billing should be automated, sure. But billing triggers are nowadays automated as well, and we see more and more clients rely on IoT-driven and otherwise automated billing triggers.
This requires flexibility and versatility from a billing system to capture and process the billing triggers. Also to adapt your business model to the new opportunities that come with the trend of automating billing triggers and to billing on a much more detailed level. In 2022 we expect the adaption of data-driven billing triggers to increase further.
4. Servitization Will Become Dominant In A Service-Led Society
As we live in a service-led society, servitization, meaning the transformation from products to services, will be a key instrument for product companies to transform their business and their business models.
We see clients move from simply adding services to their product now adopting new business models such as pay-per-use and subscription billing. This has severe implications on the monetization process, including billing.
The change from product to service is technically driven by IoT and other usage measurement tools, and we see demand for agile billing systems like Good Sign that can adapt more service billing functionality.
5. New Automation Puts Billing at a New Place in the Functional Architecture
Traditionally, billing sits firmly in the ERP side of the functional architecture, next to the finance suite. But ERP is no longer as rigid as it was 10 years ago, and new thinking demands a more centralized role for billing, working well with CRM, contract management, finance, and payments. With today’s middleware solutions, system integrators are actively looking for agile billing systems to deliver on those requirements, and they look beyond the traditional suite to find this needed flexibility.
Call it a process in the middle, but with new automation patching up your old system with a band-aid, is no longer a viable way forward. Old workaround with Excel sheets or manual lookups and inputs will no longer be sustainable.
Good Sign is listed in Forrester's Now Tech B2B SaaS Recurring Billing Management Solutions Q3 2021 report
Listen to the experts: Taija talks to Igor Stenmark from MGI Research
If you want to catch up with what is going on in the field of billing, Taija Engman from Good Sign recently teamed up with Igor Stenmark, the billing expert from MGI Research for a chat on the key trends in billing in 3 short videos.
Taija Engman Igor Stenmark
Take us to the test!
If you feel your billing needs will outgrow your current 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 is closer than you might think.