Are you outgrowing your current billing system?
There’s no question the XaaS economy is flourishing. In the recent State of Finance report, 87.5% of respondents revealed their companies generate revenue from a services-based offering today and more than half (57.3%) report that services will be more important to their company's growth one year from now.
To stay competitive, finance leaders are on the hunt for revenue streams: looking for ways to turn products into services and services into products, or repackaging existing products and services in creative ways. But without the right billing systems in place that can support complex billing models, these efforts could easily stall. When you fundamentally change how you sell, implement, monetize, account for, and serve your customers, then you most likely need to change your IT stack as well and it starts with flexibility and extensibility.
Shawn Nash, Director of Finance at Wyndham Destination Networks felt the pain.
“Our timeframe for implementing a new product used to take anywhere from six months to two years. We were really at an uncompetitive advantage there, so we started looking at systems that would free us to introduce new revenue streams far more quickly.”
Now using the flexible cloud-based billing solution from FinancialForce built on the Salesforce platform, companies like Wyndham and media giant NewVoiceMedia, now have a modern billing system that supports any revenue stream, empowering finance leaders like Shawn Nash and Guy Sochovsky, CFO, NewVoiceMedia , to embrace new business models and be true value creators to the business.
Guy Sochovsky confirms that sentiment.
“We can now spin up new products, tack on new revenue streams, and expand into new geographies.”
FinancialForce Billing allows organizations to more holistically manage multiple revenue streams and simplify complex billing and invoicing processes across different revenue models. Subscription services, consumption, and usage-based offerings, and billing for tangible goods are all supported by one system. Companies can bring products and services to market faster, and collection managers will be more efficient.
Both Wyndham and NewVoiceMedia report that they have been able to optimize cash flow, reduce DSOs, and speed up period close since using FinancialForce Billing solutions. They’re also able to manage their data more accurately and more efficiently, requiring fewer full-time employees to complete tasks. Ultimately they are able to offer a seamless billing experience from the time an opportunity closes all the way to billing, payment, renewal, and revenue recognition.