Managing recurring revenue for new and existing customers is a major challenge facing by the industry today. This includes several sub challenges such as subscription and maintenance. A company at first place need to minimize the cost of acquiring new customers subsequently company should monitor new customer’s satisfaction, their billing process with attrition rate. In case of a public company the compliance processes and revenue recognition should be impermeable.
Managing recurring revenue manually by the company is same as using abacus for calculating share profits as financial year end deadline was yesterday. On the same time company looking to meet the challenges of recurring revenue model and convert their subscription into profitable assets.
A company should seek the following distinctive features of Recurring Revenue Management in the application or services they select to purchase.
- Which provides the end to end functionality to meet all the challenges of Recurring Revenue Management.
- Accurately, effectively and flexible to manage recurring billing processes for customer subscription.
- Cater maximum renewals by providing complete track record of a customer’s entire history and information.
- Increment of customer profitability by cross-sell and up-sell services or best rate plans to customer base.
Using best currently available applications and services for Recurring Renewal Management systems is a great way to remain paste the current customers along with new customers.