A broken billing system can hinder businesses that are looking to grow rapidly via recurring revenue business. To keep your business moving, as a business owner, you must ensure you give more offerings and great services to enable your clients to keep on buying for long period of time.Read usage billing for more insights about cloud billing, metering and billing, rating, and payment service for any business, any business ideal and more to that any revenue stream.
In today’s world where competition is stiff in the marketplace if your business isn’t meeting the growing customer needs and demands, you are prone to impede your business success. Additionally, if your billing system is broken, your chances of success are minimal. Therefore, how do you identify if your billing system caters the monetization needs of your firm? Below are 5 signs to tell whether your billing system is broken. How many of the below signs are true of your business?
- You view clients in a fragmented manner
Is your view of your clients fragmented? Your billing system is broken or is heading there!
The key principle of recurring revenue business is that as a business owner, you need to ensure you know your clients. What they prefer, their history and much other important information. However, it will be cumbersome to know all these if your client’s information is not centrally stored. If you store your customer data on numerous platforms such as CRM, Billing, AR, and many other platforms, it will be a difficult task for you and your business. This is because your customer data will be fragmented- meaning it will be spread across numerous systems and hence it will be difficult to synchronize from one system to another. Moreover, your customer experience will also be fragmented as a result of data fragmentation thus depressing customer satisfaction which is a sure sign that your billing system is broken.
- Are you receiving more customer complains about the billing process?
There are possibilities that your customers will not tell you right out, however, they will do it in a way that can cost your business. Maybe your customers will contact your customer service base to have their issues addressed, that’s luckily for your business. Although calls can seem to be costly, it is better than losing your clients. Some clients get fed up and shift to your competitor or even share their displeasure on social media, particularly if problems are frequent.
- Are there revenue leakages within our business?
Revenue leakage is where you might be giving goods and services away or you are not charging for your products appropriately. However, this is as a result of data problems which might be caused by detachment between the sales process, billing, and privileges. Privileges might be caused by problems with billing synch thus usage data might hinder billing and pricing might not as per contracts and many others.
If the above is true for your business, you are possibly losing revenue. You must not let you billing system drag you behind. Get educated on how current monetization platform like usage billing can transform current assets into reliable, frequent revenue stream.