How can Acuiti Labs streamline the billing process for your business?
The growing competition has led businesses to think innovative and push the boundaries to stand distinct in the crowd. To remain a step ahead when it comes to product commoditization, rapidly increasing competition, declining margins, monitoring pressures, and most importantly demanding customers with unique requirements, have led many companies from various industries to redesign and rethink about their business models. Businesses are not only thinking to launch new and innovative services and products, but they are also topping them up with various customer-friendly add-ons that make the service more flexible.
The businesses that are primarily opting for a change in their business models are from various industries like telecommunications, media, high-tech, transportation, logistics, utilities, and financial services. The widespread and globally adopted internet and mobile network services has bought a huge change in the way we use to look at the businesses and services a couple of decades back. The smart mobile devices and faster internet services and deployment of machine-to-machine telecommunications has unleashed a different and an all-new era when it comes to creative services.
Why Consume-to-cash process is important for businesses today?
To match up with the latest business trends and address growing opportunities, businesses have to face a lot of challenges when they look forward to launching any new service for their customers. It becomes yet more challenging when you are addressing a very large number of direct customers along with massive transactional management volumes in an ever more competitive high-cost and low-margin environment.
The greater task for businesses here is to maintain the diversity of and for the customers and take care of increasing the average revenue per customer. This is the reason why businesses like yours look for different ways of successfully identifying the most valuable customers and providing them with the services that seek at a price that will keep them coming back.
When it comes to back-end business software solutions, most of the companies typically opt for a customer relationship management (CRM) solution to help with centralizing the customer information, and an enterprise resource planning (ERP) software that assists in managing operational service processing and other financial processes.
Mostly these software solutions are developed to support the selling of products across several indirect channels, but these often miss out to resolve the challenges faced during the monetization of newly added services. To resolve such business challenges, businesses need a solution that can take care of business processes for service monetization. These processes are referred to as consume-to-cash processes in SAP.
SAP Solutions include –
- The SAP® Convergent Charging application
- The SAP Convergent Invoicing package
- The SAP Customer Financial Management
This package consists of the integrated SAP software solution for the consume-to-cash business process (as shown in the diagram below). This best-of-breed software offered by SAP can help businesses in simplifying complex ratings and streamline the billing processes. The SAP Software efficiently handles accounting, billing, payments, and collections; and enhances financial customer care for larger volumes of customers and transactions.
Choosing SAP Software can assist businesses in obtaining the consistency it requires to manage billing and payments from customers, as well as handle complex revenue sharing with upstream and downstream partners. It is a fact that SAP solutions are flexible way elements of the solutions and can be rapidly deployed within the organizations’ existing IT software landscape to add value where it is most required.
Streamline the Billing Process for your business
Role of SAP Convergent Invoicing – The SAP Convergent Invoicing package helps businesses in pulling out information from different billing streams and separately rated events to combine all payments/orders into a single invoice for a consolidated view of the customer.
SAP Convergent Charging provides modular online balance management, that provides complete support in convergent account management for different types of payments like – prepaid accounts, post-paid accounts, or hybrid models.
With SAP Convergent Invoicing, any business can easily go for partnerships with third parties and upgrade new services effectively. For example, you can configure the software so that revenues shared with a specific third-party provider are only distributed to that provider if the end customer has actually paid the corresponding charges.
SAP Convergent Invoicing offers unique functionalities that allow businesses in defining flexible rules to automatically trigger discounts. This helps you initiate invoice-level discount programs and manage their details. For example, the applicable discounts and offers could be calculated and applied to invoices when complete charges surpass a certainly defined threshold value or when the subtotal within certain customer services or products exceeds a defined limit.
Business Benefits of Choosing Consume-to-cash Process –
- Helps businesses in accelerating time to market for fresh services and cross-promotional bundles by allowing them to keep pricing entirely under their control
- Offers reduced operational costs by combining different pricing systems, automating routine tasks in the credit and collections processes, enhancing staff workload, and reducing the overall number of invoices that a business generates.
- Adapting the consume-to-cash process helps businesses in offering customized promotions and personalized customer experience. The customers get an invoice that clearly displays all charges on a single, easy-to-understand invoice that enhances customer satisfaction.
- Reduced risk because there will be complete transparency about the credit and collections history of new and existing customer
Following are the key features of choosing Consume-to-Cash for your business
- Real-time charging – Consume-to-cash offers real-time online charging for pricing. It allows businesses in packaging required services, automate the partner settlement calculations based on the requirement, and offer the customers more flexibility in real-time account-balance management controls.
- Single billing / Single Invoicing as an output – Helps businesses in producing and providing single bills to the customer by combining multiple, high-volume billing streams into a single bill with one accounting document.
- Effective financial management for the customers – This allows businesses in dealing effectively with customers when it comes to various financial concerns effectively.
Consume-to-cash Process Transformation and Optimization by Acuiti Labs
Businesses, especially the ones that are dealing with huge volumes, have started to understand that to prepare for the technological innovations of the future, they need to align their business processes in the best way possible today. Acuiti Labs helps businesses with SAP software and services so that they achieve best-of-breed functionality and can successfully align the entire consume-to-cash process for themselves – right from online rating and charging to convergent billing, and invoicing, and collections.
When you choose Acuiti Labs and support your consume-to-cash business process with the SAP software that we offer, your business process becomes more flexible to react rapidly and adapt appropriately to tomorrow’s market demands, even if in complex business scenarios.