Are you satisfied with your recurring revenue systems?
Aria recently sponsored a first-of-its kind study that found: while 80 percent of companies are satisfied overall with their recurring revenue business, over 66 percent of organizations are looking for better performance from the operations that support them.
The results detailed from Ventana Research’s survey of finance and IT professionals highlight the value enterprises place on a recurring revenue business for increasing the top line and improving customer engagement, but also reveal that satisfaction with systems and processes used to support the business declines the closer respondents are to their recurring revenue operations.
The executive summary of “Recurring Revenue – Innovation in Billing Through Subscription-Based Invoicing” spotlights:
- Why major enterprise companies chose recurring revenue
- Current success rates and practices that contribute to them
- Major areas for improvement in today’s recurring revenue ecosystem
- The role technology can play in a successful recurring revenue business
When two-thirds of enterprise organizations are unsatisfied with the systems they use, it’s important to understand where they’re falling short. More than 60 percent of all respondents indicated that it was difficult to collect the information needed to manage recurring revenue and ensure that it is accurate, complete and current.
Customer engagement is cited as one of the areas needing greatest improvement. Fifty-five percent of those surveyed admitted to difficulty in maintaining customer engagement and revealed that better cross selling, upselling and customer retention are areas also needing improvements. It follows that if your enterprise is having difficulty maintaining customer engagement then customer satisfaction and revenues will suffer. Monetization success means navigating the complexity and scale of global billing processes to not only ensure proper handling of transactions but the care of each customer interaction throughout the lifetime of the customer engagement.
Yet, those with dedicated or non-ERP-based systems were more satisfied with their recurring revenue business with more than half noting they are able to create invoices in multiple formats, billing requires less effort, and the system produces accurate data to support their recurring revenue operations. Overcoming system limitations in functionality, flexibility, and a lack of integration capabilities appear to hold the greatest key to success.
Get ahead of recurring revenue success. Download the executive summary today.