Monetize 13 is the only event in Europe focusing purely on monetization, including payments, commerce, billing, and CPQ.
I attended the event for the second time and participated in a panel discussion about scaling out billing and solving large scale enterprise finance challenges.
I wish to share with you 3 key takeaways from the event.
1. Modern monetization can bring 15-28 % annual ROI
“Monetization is the one key area of improvement that cannot wait. Modernizing the quote-to-cash process can generate a 15-28% return on investment per annum. It is possibly the only IT investment with as high ROI, and it is also a source of differentiation, ” pointed out Andrew Dailey, Managing Director at MGI Research.
“Agile Monetization Platform (AMP) will be as big as ERP at the time,” Andrew said.
Read more about Monetization solution benefits: https://www.goodsignsolutions.com/en/benefits
2. Customers judge brands based on billing and payment experience
“Billing and payment experience has been a key in B2C brands online. Now, also customers in B2B judge companies based on billing and payment experience,” noted Matthijs Koorn from MGI Research.
Correctness is a must. Smoothness is essential.
Transparency is required also in the pay-per-use to provide the common “single source of truth” with the customer.
Manual work and heavy use of MS Excel are among the causes that bring monetization debt, details in the picture below. The way to stop it is to start using a modern monetization platform.
3. Revenue leakage of 2-5% is overly common
“We have not yet found a company, which wouldn’t have at least 2-5% of revenue leakage when we engage,” stated Igor Stenmark, Managing Director at MGI Research.
The revenue leakage occurs, for example, when information about entitlements, transactions, and usage is collected without proper data mediation.
It occurs when billing admins need to manually assure correct rates and prices.
Also the inability to handle subscription, recurring or usage pricing are among the MGI Research’s list of 13 symptoms indicating the need to fix pricing, billing, and monetization.
We at Good Sign can help you to monetize your service business. Our software helps companies to automate monetization end-to-end, from contracting and pricing to service fulfillment, to billing and revenue recognition.
Feel free to contact us and let’s have a chat on how we can support your company.