RevOps - Why Finance and Billing Should be Included
RevOps, or Revenue Operations, is a relatively new concept in the world of business operations. It involves aligning various business functions in...
The World Economic Forum has anticipated that all products will have become services by the year 2030. This is quite a bold statement but as you look around we are heading towards an outcome economy at an increasing speed.
Take a look at for example the traffic and transportation industry, which is facing the biggest changes in the last 100 years. The strongest drivers are clearly visible:
The two last points are quite strong in any industry.
What a great service should actually offer is to make things easier than before. Many digital services are succeeding because of a brilliant idea for easing daily life and diligent service design.
A right to use a service is usually defined with a contract or a subscription for recurring services with an agreed price schema and means to pay.
Trust is also needed for easy collaboration. This is achieved by securing both service delivery and payment in some ways. In business to business, trust is usually created before a contract is signed, but new means are evolving. Artificial intelligence and blockchain will have effects changing the future.
Your recurring revenue customers are likely to expect flexibility in your service content and pricing schemes. You may be considering new business opportunities and looking to move towards a recurring revenue model. Here are some things to consider:
Back to the traffic, transportation, and mobility industry example with a customer case story:
Good Sign’s customer Järvileasing is a newcomer in car leasing. As a challenger, they had the option to start with fresh processes without any legacy. They designed the whole process meticulously from the customer's point of view while emphasizing end-to-end process efficiency, too.
In a fast-moving service business, combining billing and monetization tightly with the end-to-end service process is a key element to success.
This may be easy when offering a fixed-price service like Spotify but may be quite complex if your business has variation in contracts or customer-specific price elements, or when the price will vary based on actual usage.
New capabilities are required to be able to offer smart and demanding recurring revenue business models and processes.
This is why modern software like Good Sign's Billing and Monetization Software has been created to offer recurring revenue end-to-end digitalization capabilities.
RevOps, or Revenue Operations, is a relatively new concept in the world of business operations. It involves aligning various business functions in...
Finding the right pricing model is essential for B2B service businesses to grow and achieve desired profits. Experimenting with different pricing...
Have you ever considered the opportunity cost of an inefficient billing process? Whether it’s from lost revenue due to incorrect invoices or...