MONETIZATION IS A BUSINESS IMPERATIVE THAT IMPACTS ALL ORGANIZATIONS IN THE DIGITAL ECONOMY, REGARDLESS OF INDUSTRY.
PURCHASERS HAVE BECOME SOPHISTICATED “CONSUMERS” WHO EXPECT A RANGE OF CHOICES AND PERSONALIZED “BEST OF NEED” PACKAGES.
In little more than a decade, collecting revenue as recurring payments and shifting to “subscription-based” models of technology ownership has transformed buyer expectations and vendor business practices. The most dramatic impacts affect billing and the related disciplines of metering, invoicing, rating, provisioning, on-boarding, and customer account management.
Most existing billing solutions – although largely responsible for enabling the first wave of shifting buyer behavior and billing evolution – have failed to keep pace with requirements for billing flexibility, real-time responsiveness, increasingly complex monetization scenarios, and data-driven insight into customer preferences. Billing solutions that were built for the last decade of payment evolution won’t support the monetization revolution of the next decade and beyond. Forward-thinking businesses must move beyond the limits of traditional software if they want to create new offerings, empower sales channels and partners, foster customer satisfaction, drive revenue growth, and sustain business profitability.
WHAT TYPES OF BUSINESSES USE BLUIQ?
We're on a mission to address the monetization realities of the ever-evolving digital economy. BLUIQ is the only true multi-tenant, cloud-based billing solution in the market that goes beyond delivering automation to provide a total monetization platform that supports the strategic imperatives of 100+ clients in a variety of industries.
Iterate your new offerings based on what your customers really want and value.
The strategic and operational advantages of software-as-a-services (SaaS) offerings has resulted in mainstream adoption of cloud-based technology by nearly every sector of the global economy. It wouldn’t be an overstatement to suggest that SaaS was the primary driver of the subscription-based and recurring billing models that now permeate all aspects of B2B and B2C offerings.
Vendors of “as-a-service” software and products were the pioneers of new ownership models which required innovative account management, automatic provisioning and on-boarding tools to support a new business paradigm. SaaS vendors were also the first entities to rethink their traditional offerings and create licensing “packages” that bundled similar features and functionality into purchasing “tiers” or subscriptions. Instead of counting user licenses or installation sites, SaaS vendors could offer alternatives based on any aspect of their solution that they could charge for, or limit, based on usage of the solution. Terms like silver, gold, platinum, solo, team, enterprise, and others became synonymous with this product-centric, subscription-based approach to pricing, packaging and billing.
However, over the past decade purchasing expectations in both the B2B and B2C context have also been evolving. Multiple purchasing options and payment flexibility are now “table stakes.” Growth-focused “as-a-service” vendors now must proactively predict the needs of customers and respond with new offerings in real time. Simple product-centric packaging is less meaningful if it doesn’t include the features a customer values most. How does a business manager justify an expenditure for a solution if the the basis for packaging and pricing the solution has no relevance to the benefits delivered? And what’s to be done for customers whose needs fall somewhere between two-tiers of pricing?
Customers are no longer satisfied with a just different way to pay for their offerings. Instead buyers want the to select and purchase personalized offerings, uniquely aligned with their value-drivers. Forward-thinking B2B "as-a-service" vendors need a monetization platform that enables streamlined pricing and packaging iteration that aligns with customer value.
INTERNET OF THINGS
Don’t overlook monetization when building your IoT technology stack.
There is no industry more emblematic of the power of the digital economy than the Internet of Things (IoT). The use of connected data and devices is solving age-old business challenges, creating new market offerings, disrupting existing industries, and creating innovative monetization opportunities. The impact of IoT span all sectors of the economy from agriculture, aerospace and automotive to healthcare, logistics, and telecommunications. Open any business or technology blog and it’s likely there’s an article telling you how your organization can capitalize and build-out the “technology stack” that is needed to ride the IoT wave of the digital economy.
Interestingly, while many businesses can envision the new product and services they can offer their customers, few of these business are getting beyond the promise of potential revenue. This is not surprising since a fundament shift in business discipline also requires a monetization evolution. Business used to managing one-to-one purchases invoices must now manage a digitally-centric business capable of capturing real-time, recurring, usage-based and hybrid monetization opportunities.
Return control of the revenue cycle to partners who can optimize customer relationships.
There is a shift afoot in the technology purchasing activity within organizations. Traditional IT oversight has been sidelined during identification, selection and implementation of new solutions as line-of-business owners can directly source alternatives and make a more apt assessment of a particular technology’s ability to meet business goals. What’s more, the death of the multi-year license fee, maintenance contracts and long implementations, along with the advent of recurring payment models, cloud-based deployments and monthly fees that fall well under capital expenditure constraints, means that functional managers can identify, source, buy and implement a new solution without any IT involvement. According to recent Forrester research, 68% of business buyers “prefer to do their own research versus engage with sales reps to learn about products and services” which means that the dynamics of both direct and indirect sales channels have shifted dramatically
Further, indirect technology sales channels, which have typically focused on selling to the now dis-intermediated IT buyer, are inherently complex. Channel relationships foster a myriad of revenue scenarios, each of which can feature unique processes (both automated and manual), variable pricing requirements, and disparate billing requirements. Now more than ever before, technology vendors and Master Agents needs tools and data-driven insight to manage complex revenue scenarios and assess the effectiveness of all indirect sales channels and partners. And once the most effective channels and partners have been identified, vendors and Master Agents needs the tools to reconnect the relationship owners and the revenue cycle to foster account growth and ongoing opportunity identification.
Evolving beyond connectivity to address customer needs and complex revenue cycle requirements.
The telecommunications industry has not escaped transformation and evolution from the process and monetization impacts of the digital economy. As customer needs have expanded beyond simple communications and connectivity, new telecomm-related “as-a-service” offerings such as “Unified Communications-as-a-Service” (UCaaS), “Call-Center-as-a-Service,” mobility enablement solutions, etc. have forced traditional vendors to adjust operations and revenue activities. New business processes, billing practices, and channel management activities have evolved to a point where they can no longer be supported by existing telecomm billing platforms which were built for connectivity-centric offerings.
Newer "cloud-based" billing solutions intially appeared to be a way to address the evolving Telecom needs. However, more than a few companies have licensed "brand name" SaaS subscription billing and recurring revenue management solutions only to find that they lack the functionality and expertise to get the job done.
NextGen Telecomm vendors need a billing solution that enables connectivity offerings, plus bundled products and services, that are sold via direct and indirect channels and at a scale that can only be handled by a true multi-tenant monetization platform.