1. Billing impacts revenue
According to Andrew Dailey of MGI Research, “in the past two years, over 65 percent of new product initiatives have been delayed or forced to narrow the scope of their programs due to inflexible, outdated billing systems tied to legacy ERP systems.” Furthermore, MGI Research estimates $150 billion in lost revenue opportunity world-wide; due to lack of capabilities to offer innovative products, goods and services and delay in time-to-market.
2. Billing impacts cost
Point billing systems address only a piece of the billing puzzle: subscriptions, one-time transactions, or projects. Expensive integrations and enhanced human capital are needed for point-billing solutions inflating the costs incurred by the business. This has a direct impact on profitability and the bottom line.
3. Billing impacts customer attrition
MGI Research estimates 28 percent less customer attrition due to enhanced transparency with the customer. The billing system plays a vital role in demonstrating the right level of “proof” on value delivered. This drives positive sentiment and reduces attrition.
In days of yore, billing was undermined as a “house-keeping” function, something that a business needs to do to keep the “lights on”. In a complete indictment of this archaic valuation - the fair market value of billing has finally emerged. Billing is claiming the spotlight as a highly strategic, business function. It’s high time.
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