A lot of industries across the world are extending their business models by adding subscription options to their offerings. Whether you sell products or services, subscription billing makes it feasible for your customers to make choices based on their convenience and budget thus allowing them to utilise your services in a much better way. One of the greatest benefits of choosing Subscription billing for your business is the ease that it gives to the customers so that they do not have any trouble in coming to a decision of what to buy, when to buy and how are they going to manage the budget for it.
Well, when your customer buys any of your service or product and go for subscription-based plan, they will have a choice of paying through recurring paying method which is the most feasible and budgeted way to own anything that they are looking for.
Why SAP Subscription Billing?
One of the greatest advantages of choosing SAP Subscription Billing solution for your business is the effectiveness with which it handles the entire billing and invoicing process for your customers. This billing solution is crafted to grow your business in all directions and provide a simplified, automated approach to billing and ordering processes. It can successfully handle your customer’s end-to-end subscription billing life cycle which makes it the most commonly used subscription billing platform today that is transparent, effective, customer-friendly and economic all at the same time.
Following are a few reasons why you should get rid of the traditional way of creating and sending manual bills and invoices to your customers and opt for the innovative way through SAP Subscription billing:
- Great customer experience
- Increased Transparency
- Better customer engagement
- Highly Automated Billing and invoicing management solutions
- Bill across the globe and stay tax compliant
- Highly secured and reliable
Meet the needs of the outcome economy with the advanced subscription billing solution likes the one offered by SAP that allows you to plan, innovate, and adapt your business model with speed and agility. Market is constantly evolving and keeping yourself updated with the latest trend is the best way to remain in the race.
Below are top 5 benefits that makes SAP subscription billing the perfect solution for the businesses and clearly describes why 2020 is going to the year for businesses that are using Subscription Billing-based model:
1. Deliver Exceptional and Accurate Results to your customers
Accuracy and perfection are two important aspects for which most of the customers look for while choosing to buy a service or a product. With SAP subscription billing, your business can increase customer satisfaction and retention by providing them with a reliable and automated order-to-cash process. Give your business the capability to deliver superior results to your valuable end customers by choosing SAP Subscription Billing option and integrating it in your current billing and invoicing system.
Most businesses in 2020 have already integrated this in their current billing system and are significantly delivering better and accurate results along with great customer satisfaction.
2. Helps in creating new business model
Create a more advanced and precise business model with the help of SAP subscription billing that not only monetizes any combination of usage which could be one-time or a subscription-based consumption but also provides complete transparency for the customers to understand the entire flow.
Subscription billing is all about offering the flexibly of getting a service or the product on subscription basis and pay for it accordingly. As the technology is growing and changing very fast, most of the customers are inclined towards taking the subscription for the required time instead of completely owning it and this is only going to increase in the coming years.
3. Streamline Sales and Billing
Faster delivery and more effective experience for your customers with SAP subscription Billing! It simplifies and harmonizes sales and payment processes in a way that entire flow turns out to be seamless and time saving. Automation and streamlining of the billing and invoicing process not only saves your customer’s time but also gives them the flexibility to understand the complete flow.
Preciseness, accuracy and timely delivery are a few attributes every customer look for in the product or service they are buying. This desire of customer is rapidly enhancing with time. In coming years, it will become really important for any business to deeply analyze the requirement and move ahead with such a plan that is completely aligned with what the customers are looking for.
4. Rapid Innovations and Continuous Evolution
Change the way you deal with the billing and invoicing process in your organisation and start enhancing your business with one of the most efficient and fastest growing business models – ‘SAP Subscription-based Billing Model’. Get the privilege of delivering the right mix of subscriptions, charge based on the usage and periodic fees and enable product bundling and service bundling to create personalised offers for your customers.
SAP Subscription billing allows your business to remain upgraded with the latest billing tools and tactics and always provide your customers with the most updated version of billing system. This not only retain your old customers for your business but also build trust for the new customers to come onboard and experience the best of billing and invoicing that you are going to offer to them in 2020 and in the coming years.
5. Simple yet effective order-to-cash cycles for consistent growth
Get the feasibility of creating and editing orders instantly as and when required with the right mix of subscription services and products. Also, you can easily automate order fulfilment processes throughout the different systems. Easily monitor all the order arrangements, right from initial stage to activation of the subscriptions.
Customers have become too smart and are continually evolving with every passing year. 2020 will be mostly based on a mantra from customers – ‘The simpler the better’ They will be looking for simple yet very effective systems to deal with their billing requirements. And, this is the reason a lot of emphasis is being put on SAP Subscription Billing system. This is the complete package for modern day billing and will surely be the best choice to deliver complete customer satisfaction efficiently.
Agile billing system – An added advantage to Enhance customer experiences
SAP Subscription billing is an agile billing system that gives an added advantage of improving the overall experience of your customers. We cannot ignore the fact that the billing solution of any business is highly responsible to provide a rich opportunity in delivering positive customer experience and gather valuable insight.
According to a new Forrester study, billing and revenue management solutions are basic requirement to project digital transformation and superior customer experience. In its report “Transform Your Business To Deliver Superior Customer Outcomes With An Agile Billing Solution, an October 2018 commissioned study conducted by Forrester Consulting on behalf of SAP,” Forrester has clearly explained how most of the organizations are planning to move away from highly customized, on-premise billing systems to modern SaaS billing and revenue management platforms.
This study provides invaluable insight into:
- Why the market is tipping towards Subscription billing solutions
- How Subscription billing solutions help you build better customer connections and deliver superior outcomes.
- Why billing needs to be a part of your overall customer experience strategy
Why Choose Acuiti Labs for SAP Subscription Billing?
Acuiti Labs is a UK based organization which is also an SAP Silver partner. SAP subscription billing solution is one among many SAP solutions that are offered here. The SAP Subscription Billing solution offered at Acuiti Labs is flexible and can meet changing business needs with speed, and agility. No matter how big or small your business is, Acuiti Labs can provide complete billing solution based on your requirement. The solution offered here are personalized for each individual user, enabling companies to successfully build, maintain and promote customer loyalty.
Contact us to learn more about one of the most scalable solutions for a subscription-based business model that can easily be integrated with other Cloud solutions such as SAP Sales Cloud.
Acuiti Labs can also help your business by providing other sap solutions like SAP BRIM, SAP Sales Cloud, SAP Commissions and more. Explore the website to have proper understanding about the services and solutions offered here.