‘Anything as a Service’ (XaaS) business models are driving the technology industry, be it SaaS (Software as a Service), PaaS (Platform as a Service) or IaaS (Infrastructure as a Service); the market has become more competitive than ever. Having BSS and OSS in place to support the sale of these services is necessary to ensure that the back-end systems are functioning smoothly, allowing for focus to be placed on innovation and faster time-to-market, better customer service and to be able to reap the benefits of cloud computing services.
The cloud market is set to grow to over $260 billion by 2020, with the list of cloud-native subscription services growing with the likes of Office365, hosted telephony services, Google Apps and so on, adopting a modern monetisation engine that is capable of accurately billing for these services is essential. Companies wishing to provide hybrid cloud solutions that combine subscription and usage too will need a strong back-office architecture to support these. The right cloud-based monetisation engine will provide support to businesses that are offering cloud services and allow for increased flexibility, customer satisfaction and real-time reporting, boosting efficiencies throughout the business.
Modern Monetisation Systems
With the rise of flexible billing cycles, inventive package deals and dynamic pricing structures, generating revenue from cloud computing is entirely different from the traditional way of billing for services and one-off charges. As the complexity grows, selling digital goods and services require monetisation solutions that offer:
- Quick and easy pricing structure amends
- Accurate and transparent billing
- Easy integration with third party solutions
- Visualisation of business-critical metrics
- Real-time views of margins and profitability
- Smooth customer onboarding
This list of necessities goes far beyond what billing solutions of the past can offer. Back-office systems need to be agile and versatile and able to emulate and mould to the developments within the ever-changing tech market. Offering a suite of cloud-native offerings means there is a need for complete flexibility when it comes to delivering, changing and cancelling services and these are simply not available in traditional billing systems.
Enhancing the Customer Experience
Billing systems affect every area of the business. Not only do these back-office systems allow for businesses to provision an extensive portfolio of services and revenue assurance, but they also become a part of fostering a much more streamlined customer experience. There is an emphasis put on these modern third-party monetisation solutions to offer great customer experiences. Billing and invoicing are one of the main touchpoints businesses have with their customers once the initial sale has been completed. Cloud-based billing offers accurate, transparent and timely bills all of which offer competitive advantages which in turn increases customer lifetime values and minimises churn.
As consumers are increasingly in the driver’s seat, it is important for businesses to create and adapt processes to make sure that ongoing relationships are well-maintained. The right cloud-based billing engine will most definitely provide a competitive differentiator as this key process will open up a number of strategic advantages.
Digital business models are being adopted by a variety of companies including the likes of Amazon (AWS), GoToMeeting and Dropbox. The provision of XaaS is growing, and fiercely competitive in nature. Only monetisation systems that allow for companies to bill for products, services and events through an agile system with the ability to manage such complex and diverse packages are suited to support the billing of XaaS services. Now is the time to examine the ways to grow revenues and customer retention, while monetising these new business models.