In today’s digital landscape, customers are increasingly finding more value in flexible business models, which in turn require businesses to be agile in their contracts — and by extension, the revenue recognition process. These models come with plenty of upside for the business, but new pricing models such as usage-based pricing, new products, or product bundles introduce complexity into the revenue recognition process. This can require additional time and resources to close the books and ensure the accuracy of final revenue numbers. Revenue automation makes it possible to handle greater complexity with fewer resources, streamlining the process for employees across multiple departments (i.e. finance, sales, management, etc.).
“What we find is that with some of these old systems, if you want to launch a new offering, you have this really intensive long project just to implement a simple bundle. And you know, we have to react quickly to the market. And that is something that is just so critical.”
— Hyrum Steed, Director of Revenue, Cricut