The current as well as
the upcoming era relates to digitization of goods and services.
Enterprises, catering to any relevant domain, need to come up
with powerful and highly effectual revenue management systems.
The companies need to adhere to the existing trend where customers
demand flexibility as when, how and at what price do they intend to
purchase a product. Simple, elastic and a speedy billing is a crucial
cornerstone for any enterprise in order to survive well in this
‘subscription commerce’ age, where a major part of the
revenue is generated by subscription based services.
For this reason, each
potential enterprise needs to work on a highly consistent and
a scalable revenue management system, catering to all the
flexibilities and requirements of a subscription commerce kind
of system. It is this revenue management system that
works in numerous spheres including product and service pricing,
invoicing, discount management, account management inclusive of
credit and debt and all other aspects of financial management. In
addition, this system of revenue management should be able to
monetize a subscription commerce system by:
- Validating new products
- Improving customer experience
- Computing taxation
- Delivering a subscription based model
- Supporting multiple lines of a particular business
- Supporting globalization
- Lowering operational costs
- Managing product catalog
In precise words, it is
the task of a revenue management system to offer a wide range
of functionality and aid the business enterprises in meeting
their pre-defined recurring revenue goals, ‘well in’ or rather
‘before’ time.
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