Nearly half of U.S. businesses today have already adopted or are considering adopting recurring revenue models, but the move isn’t as simple as it sounds. Building a successful recurring revenue management (RRM) system requires changing the way you think about your current processes, disrupting processes from communications to billing systems. Unfortunately, RRM is often misunderstood as many see it as repeat customer orders handled by billing departments that send invoices and make collections.
But recurring revenue management is so much more than that – even smart businesses that realize technology is critical to monetize their products and services optimally often don’t understand the full scope and benefits of recurring revenue management.
An RRM system has other important functions beyond simple billing. For example, it protects revenue by managing entitlement and access to services in real time. If a customer hasn’t paid for service, access should be blocked to avoid revenue leakage. At the end of the day, when done well, your system can handle basic billing requirements as well as increase customer satisfaction, create new revenue streams, reduce costs, and maximize scale through automation.
Recurring Revenue Management for Dummies details the advantages of recurring revenue management. Download the eBook to:
Download the eBook today. See how a complete recurring revenue management system differs from a simple billing system.