RevOps is mostly referred to as the operational activities of Sales, Marketing, and Support bundled together to better serve the client’s needs across the full customer journey. By putting the client in the center, the result should be smoother transactions, higher customer satisfaction, higher CLV, and in short: more growth. How should finance be involved and should billing be part of RevOps? In this blog, we will argue that is essential to include finance and billing in your RevOps strategy.
Decomposing Silos and Aligning Efforts
For too long, the Sales, Marketing, and Customer Service department have been working with separate systems, making handover processes difficult.
A recent study * showed that 69% of respondents indicated the different departments used different terms to describe the customer journey. In the best case, a shared CRM tool could take some of that burden away, but the handover to ERP for supply chain and Finance still left Customer Service with many different systems to work out the client status.
RevOps aims to change all that and propose a smooth transition while at the same time uncovering hidden opportunities by aligning the customer data.
Where Does Billing Sit in The Mix?
Interestingly, many articles on RevOps restrict themselves to the Customer side of the business, and only about half of them include Finance. And most put billing firmly in the Finance corner, even though over a third of client interactions are triggered by sent invoices. So, while internally you might consider billing a task of the finance department, your client is certainly viewing it as part of the customer journey. As a result, your customer support could for a large part be busy resolving billing-related issues.
Closing the 360-Degree View With Monetization
The promised land of RevOps can only be reached if we include Finance and Billing. Optimizing processes should include billing in the customer interaction. In SaaS business especially, but also in other business models, it is essential to analyze and optimize transactions and customer profitability. A large part of this data is at your fingertips in your billing system. Pricing optimization, and contract setup improvement, all come down to analyzing invoicing behavior.
Integrating Billing In RevOps
To integrate billing in RevOps, billing data must be visible for customer service, flexible to align with marketing and sales efforts, and have integrations with ERP/Finance and contract data. Agile billing systems like Good Sign are built for this and provide the best platform to provide a smooth and optimized client journey and transparent billing insights. Start by aligning your contracts and billing software and build from there. You will quickly see results and better insight into your profitability.
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.