FIXING BILLING PROBLEMS BEGINS WITH DISCOVERING THE ROOT CAUSE
IT'S ALL ABOUT DATA
The terms “monetization” and “billing” are used interchangeably despite very different meanings. Billing is a business process while monetization is a business discipline. Billing focuses on collecting transactional debt where monetization turns what customers value into new offerings and revenue. Due to these fundamentally different contexts, solutions that promise to address billing automation can’t create an optimal environment for monetization. This disconnect leads to frustration, stalled implementations, and underwhelming ROI.
It’s been our observation that most companies that believe they have a billing problem actually have an underlying data issue that’s preventing effective monetization of products and services.
THE SIX FACETS OF
BLUIQ DATA-ENRICHED MONETIZATION
We approach monetization with a unique data-centric mentality that focuses on connecting disparate information sources, solving complex billing scenarios, creating new insight from related data, uncovering useful intelligence about what customers value, and driving growth through new offerings.
MONETIZATION INTELLIGENCE & NETWORKED DATA (MIND)
No matter how masterfully a solution is engineered, technology alone can’t solve business problems.
Unlike most SaaS vendors, BluLogix enwraps our technology with a culture of partnership focused on understanding your business and delivering total monetization enablement. Our discovery begins during the sales process, continues with implementation support, and doesn't conclude until your organization has a monetization framework tailored to your business. No more stalled implementations. No more frustration with a solution that doesn't address your business needs. No more broken vendor promises. BLUIQ fully enables businesses for long-term monetization success by thinking differently and partnering consultatively.
Our monetization experts working side-by-side with clients using our proprietary MIND Methodology™ to map the current state of "quote to cash" processes, existing technology and systems, any manual processes and workflows, as well documenting the entire customer engagement lifecycle. A "gap analysis" compares the current state with a desired future state, leading to the creation of a Monetization Management Framework that can be used to measure and manage your business.
The core of data-enriched monetization is the ability to aggregate, consume and synchronize disparate information regardless of source.
Traditional billing solutions focus on automation using data from the product itself. Because operational data is one-dimensional, new offerings often rely on the iterative repackaging of the same product features into tiered-products and pricing levels. When customer needs shift, or full automation requires connecting to additional data sources, existing billing solutions can’t keep pace or support new offerings.
Within a data-enriched monetization environment, there are multiple data streams that need to be actively consumed, monitored, and managed. For example, identifying relationships between aggregated data sources generates new context-based information. Incoming streams of new information, regardless of source, must also be continually consumed and incorporated into a data repository. Finally, data-enriched monetization as a process unto itself, generates proactive insight, captures trend information, and measures outcomes that become a monetization-specific data source within the repository.
BLUIQ can incorporate all relevant internal and external data sources to automate billing and invoicing, create multi-dimensional offerings, and tailor monetization scenarios for any business model. The BluIQ Platform Data Layer and Super Engines are architected to synchronize, manage, and monitor all data flows to enable the information needs of any monetization framework.
Adopting a data-driven approach to monetization requires a sophisticated technology platform to configure, coordinate, and control revenue-centric and go-to-market monetization activities.
Data-enriched monetization depends on a continuous flow of information and insight. Data must be consumed, integrated, and synthesized to inform decision-making. Processes and workflows must be automated to manage critical business processes efficiently and configured for specific business requirements. Business rules must be enacted to trigger real-time notifications and automate events. And, most critically, the entire platform must exist in a true multi-tenant instance to enable sophisticated data intelligence, handle complex business scenarios, and offer true scalability as a business grows.
The Monetization Layer, at the heart of the BLUIQ platform, automates all aspects of billing, financial, and revenue management for any business model; manages configuration and presentment of new products and services; and coordinates customer management.
ARE YOU READY to
create a monetization framework?
Consider, how effective is it to iterate new offerings rapidly if your products, pricing, or packaging are not what customers want? Does it improve your business if you doing the wrong things more quickly?
Data-enriched monetization relies on an environment that is architected to create intelligence about B2B buyers and their needs, so you can focus on creating offerings that align with what customers value. Within a data-enriched monetization environment real-time monitoring, event notifications, and predictive insights improve your ability to spot opportunities. But identifying opportunity is just the first step of getting a new offering to market. If your existing billing solution doesn’t support the monetization requirements of a new offering, you may be stuck waiting for your vendor to deliver customized functionality.
The BLUIQ Go-to-Market Engine streamlines product and service configuration, uses decision-data to help define new product and services, initiates monetization models for new offerings, and configures customer engagement points. BLUIQ returns control of new offerings to your business and features simplicity and self-reliance not available from any other vendor in the market today.
There’s a fundamental difference between efficiency and effectiveness.
As management guru Peter Drucker once observed, efficiency is doing things the right way. Most billing solutions promise more efficiency and sell a vision of capturing transactional debt, iterating new products, and acquiring new customers more expeditiously. In contrast, Drucker suggested that effectiveness is a measure of doing the right things. Within a data-enriched monetization context, this means being able to measure and determine which offerings generate the most profitable growth and drive customer loyalty. After all, would you rather be good at doing things fast – even the wrong things – or would you rather be very good at determining the offerings that will drive growth? What if you could be fast and effective?
The BLUIQ Management Layer features advanced analytics that go beyond just measuring efficiency to provide decision-making data about monetization effectiveness. Combined with our Go-to-Market Engine, organizations can respond with "informed agility" that relies on decision-data to introduce new offerings. What’s more, our data-driven approach means that we can generate unique metrics and benchmarks such as the cost of revenue, the LTV impact of new value-aligned offerings, churn risk, product utility, and more.
When was the last time your Board of Directors asked you to give them an update about your billing effectiveness? Our guess is probably never.
Your key stakeholders are likely to be asking you questions about profitability, revenue growth, customer satisfaction and loyalty as measured by LTV, churn risk, and new product offerings that increase competitive advantage. At the root of these questions is a desire to understand how effectively your organization is responding to changing market conditions with new offerings that convert into profitable growth. In other words, how good are you at monetization?
Changing your billing practices won’t ever do much more than improve your tactical efficiency and most billing solutions will hold you back from driving true monetization effectiveness. Instead, organizations that want to create long-term strategic value and drive profitable growth must shift their corporate mindset to embrace monetization as an enterprise-wide imperative. This means engaging multiple functional areas - the executive suite, finance, product development, marketing, sales, and customer success in a unified effort to align new market offerings with customer value. And it means choosing the right partner to enable your monetization success.
BLUIQ is on a data-driven mission to revolutionize monetization and drive growth for B2B enterprises. Our total monetization enablement approach delivers a monetization framework and true multi-tenant platform architecture to plan, implement, measure, and manage strategic monetization activities.