Five benefits of integrating Convergent Charging with your subscription billing system
Today’s customers don’t just purchase products, but they subscribe for experiences. Enterprises in rapidly moving markets for services must create additional revenue sources and speed up revenue by introducing efficiently priced models more quickly than competition through maximum compatibility. Organizations can gain customer’s credibility by providing real-time offers, loyalty promotions, and customized offers.
For Example:
Nowadays, telecommunications companies face competition challenges. It has changed their importance of building their network capacity to improving customer experiences, and they are doing their best to keep the customers committed to innovative and vibrant offerings.
In the past, telecommunications have introduced prepaid charging models and, of course, a postpaid charge scheme.
These implementations have two significant downsides:
- While the networks could bill prepaid consumers in real-time, there was no success in launching customer-centric services as telecom companies wanted to introduce them.
- After they delivered the services, the company would charge the customers through the legacy billing system. The software could not be able to track whether the users surpassed the resources provided. It resulted in a loss of sales and adversely affected the operators’ productivity.
The Challenges:
- Understanding the customer journey.
- Delivering Omnichannel experience.
- Continuous customer service.
- Transition to new business models.
Since the whole billing life cycle is optimized and credible, SAP BRIM solutions can minimize workloads and ultimately accelerate the process of implementation of subscription strategies in the organization.
SAP Billing and Revenue Innovation Management solution assists organizations to develop and evolve new services businesses with efficient revenue generation while also providing customized and adequate pricing opportunities. It shows that revenues accumulate gradually over time rather than a single transaction. Business providers need to understand how to turn this to their advantage.
Convergent Charging:
Convergent charging from SAP enables new pricing and revenue management strategies implemented through a pricing and cost modeling framework. The flexible pricing model also provides competitive offers to the industry.
SAP Convergent Charging Module makes it possible to control easily by enabling dynamic improvements in pricing and rapidly evolving the payment services in the subscription. It will ensure substantial growth and sustainability in a very competitive market, consumer satisfaction, and healthy competitiveness.
The key benefits of Convergent Charging:
- You can have the capability to provide more categories of offerings, leveraging more optimization of consumer requirements and generating additional profits.
- Enterprises can reduce operational expenses for new offerings that enable the business to react more effectively to changes or opportunities across marketplaces.
- Improve consumer experiences by offering up-to-date usage data and account details in real-time billing capabilities.
- Significantly reduce Total Cost of Ownership (TCO) by integrating SAP
BRIM’s Convergent Charging and Convergent Invoicing module. These modules facilitate recurring revenue and enrich customer engagement.
Because of the current state of the market, innovation and investment in better billing platforms are becoming essential.
A convergent real-time billing platform provides instant solutions to the many problems businesses face and allows them to launch better offerings and initiatives for a subscriber base rapidly.
Are you wondering how you can integrate the convergent charging with subscription billing, Reach out to our experts in Mobolutions
