Goodbye, traditional transactional business models. Hello, recurring revenue-based business models. There’s a shift happening across all industry verticals, and we call this the shift to a subscription economy. Services over products. Relationships over transactions.
Established enterprises can find it hard to make the shift to a subscription business. And ERP and CRM solutions generally are not built to support the constant pricing and product iterations that define the subscription economy.
To support this shift, businesses need a cloud-based enterprise billing system that offers features that automate billing, collections, and other back office operations to remove the need for manual procedures. An agile and flexible enterprise billing system is essential to monetize and manage subscription businesses. With auto-sync capacities, subscription enterprise businesses can improve their workflow and simplify their business operations.
Enterprises need an enterprise billing system that will:
- Seamlessly integrate with your other ERP and CRM systems
- Automate the billing process end-to-end, from invoicing to collections
- Automate accounting processes, even the most complex, from revenue recognition to audits and sync your accounting records with billing and collections
- Make the customer subscription lifecycle easy to manage
- Provide businesses (from your accounting team to your sales force) with a holistic view of subscription data - including subscriptions, transactions, MRR (monthly recurring revenue) and more
- Enable easy changes to pricing and packaging structures so businesses can offer more flexible pricing models
- Help you to repackage features and products with ease so you can test and iterate as often as necessary
- Empower subscribers to have better control over their own subscriptions and features - this improved subscriber experience leads to reduced customer churn and increased lifetime value of every subscriber
- Increase customer acquisition by allowing customers to buy however they want to
- Create real-time subscriber invoices that are accurate, clear, and clean
- Support unlimited payment gateways and currency types so you can scale internationally
Enterprises need an enterprise billing system designed to keep pace with developing business models. Zuora’s billing solution can help.
To learn more about enterprise billing systems and billing for the subscription economy, download our free e-book on 7 subscription billing mistakes to avoid.