Data-driven decision-making has been the holy grail since the inception of business analytics. Many years and management books later, the old phrasing “garbage in, garbage out” still seems as valid as on day one. So where do you find relevant data? In this blog we argue you are sitting on it: use your billing data for decision making.
Data Drives Optimizations And Can Trigger Business Decisions
Can we do better than we do today? Surely, we have the data available to tweak existing processes and optimize them, but we could also leverage the same data to change course if needed or desired.
Monetization And Predictive Monetization
Where does billing data come into play? When we talk about monetization. The billing data is a great source to measure and predict outcomes of optimizations and decisions you want to make on your monetization model. Not just in terms of volume, but also terms of cash flow, payment terms, clarification requests, etc. Truly a great source of data in your company that is often overlooked when only revenue numbers are considered. Here are some examples:
- Understand and define your pricing model changes. Learn how it will improve your business based on altered monetization scenarios.
- Optimize business changes by combining customer feedback, internal usage, and cash flow using billing data.
- Create a 360-degree view of your client's lifetime value, cause and effect, and the ability to change or influence it.
- Adjust your positioning and target services based on changes to the variables of your existing billing data
- Create a strategic data sandbox to test, experiment, change, try and learn.
Check this recent blog post about How To Use IoT Data From a Billing Perspective:
View also our Resources section for guides and videos:
The result Is: Better Insights From The Data
Many studies found that decision-making is mostly an emotional process. Let's use data to support our decisions.
With many clients, we use our agile billing system to predict monetization changes by mimicking new business rules, shadow-playing with their live data. The result is better insight into the effects of the projected change. You might even want to call that optimized decision-making.
Take Us To The Test!
If you feel your billing needs will outgrow your current recurring revenue billing solution, or if you are just curious to learn how Good Sign does things differently, feel free to take us to the test! We will gladly take on your challenge and prove to you it can be done, and that the new world lies beyond just subscriptions.