A survey regarding the billing processes of more than 250 organizations found the billing process was responsible for significant errors, wasting both time and money. Billing is a critical component of any successful recurring revenue business, but the million-dollar question is: Should you build or buy a system?
Many businesses are initially inclined to build their own in-house recurring revenue or billing system because they believe it gives them control of source code, support for all current business processes, and compatibility with existing systems. However, that’s not always the case. The benefits of a cloud-based RRM solution heavily outweigh the costs when you include the resources your organization has to dedicate to the development and maintenance, hardware, software, and the cost of delayed launches when IT has to make manual changes.
It’s crucial to have an effective and agile billing solution in place that can manage multiple payment methods, complex billing scenarios, various types of charges and a multitude of recurring revenue models. Building that kind of solution in-house often ends up being more time consuming and expensive than initially thought.
See how opting to buy versus build your recurring revenue management system can transform your billing system into a monetization solution. Download Recurring Revenue Management for Dummies today.