Most companies are facing challenges in maximizing their profits and retaining customers. Few of the researched reports have claimed that investing in enhancing customer experiences is one of the best ways to resolve such problems. Focusing on the customer journey from mapping to after-sale service and improving their experiences in the long run throughout the process is the proven tactic to retain customers.
As stated by Forbes, businesses that focus on customer experience may see an up to 80% increase in revenue. Moreover, offering them exposure to advanced tools for transparency such as email templates, text messaging, 24*7 chat service to communicate, AI based interactions for strengthening the relationship can escalate the revenue significantly. 75% of customers expect companies to use new technologies, according to Salesforce.
Let’s see how billing modernization could be a winning tactic for your customers and win their trust:
1. Dynamic Pricing:
Being in a world with a strong presence of online and offline marketplaces, having a supportive dynamic pricing strategy over all the platforms has become necessary. Attracting customers from all parts of the world and every demographic segment could become much easier with dynamic pricing. Being completely transparent with your customer can create the best experience for them through different pricing strategies.
2. High Personalization:
Fine-tuning marketing strategies through a highly personalized approach can lead to a great way of dominating a market. Nowadays, each customer possesses their own unique identity and expectation level from the service provider. And to serve such strong personalities, it has become necessary for service providers to adopt personalization as an individual preference and empower them with new revenue streams.
3. High-Speed Networks:
Enabling the billing infrastructure with modern cloud-based services ensures a tuned-up approach for success. Businesses can achieve remarkable transformation by modernizing the billing structure through digitally enabled services. The real-time billing capabilities will enable businesses to expand various geographic boundaries and witness the most up-to-date accurate data.
4. Greater Flexibility:
All these advanced billing infrastructures take place on the cloud and such a billing ecosystem offers greater flexibility that ensures each individual in the business can function well to meet their business needs. With the use of a modular ecosystem built on application programming interfaces (APIs) helps to integrate the workflow provided by vendors for operations like invoicing, payroll deductions, and third-party payments made. This kind of flexibility structure will enable the business to bring moderation as per business models and streamline the data accordingly.
5. Standardized Process:
By streamlining the whole process the outcomes of standardized processes increase dramatically and businesses can extend more lines of operations as they gain a comprehensive view of all. Customer services can be represented proactively as complete information about all the payment structures, accounts, and guidelines are made available in a web or portal interface.
For example, Aarav Solutions partnered with a Broadband organization for resolving the challenges they were facing in scaling across India, Bottlenecks in various billing functionalities, frequent session blocking during transactions, and bottlenecks in BRM-OSM provisioning.
Our experienced team of subject matter experts devised the following solutions to overcome these challenges through implementing and producing a support of BRM Billing system-customer management, product & pricing management, rating billing & invoicing, A/R, GL & Finance, Inventory management, provisioning, notification & trouble ticket.
Our Solution implementation helped them in:
- Understanding the requirements and business standards
- Leveraging billing systems to rollout services to various cities in India
- Overcoming bottlenecks in existing Billing & Provisioning systems
- Streamlining deployment processes
- Providing scalability and flexibility in technology
- Developing robust business reports
- Revenue recognition, and its validation, and much more
No matter at what stage the organization is, small, mid, or large, or at what scale they are looking for a transformation, or what implementation they are considering for strategy strengthening, billing modernization is the most crucial element for a successful expansion. Attain the new capabilities from emerging technologies innovation and mark your presence in the ongoing industry for a change in the future because customer experience is the future of any business to sustain.
Read out our detailed case study on how Aarav Solutions resolved such challenges as mentioned above, Click Here.