Progressive businesses constantly evolve their business models to increase revenue, grow customer bases, and strengthen their market share. And that's especially true in today's uncertain economy; for many companies, innovation is no longer about growth but survival.

However, one key criterion can make or break even the most innovative business models: whether the business’s billing system is agile enough to quickly and efficiently roll out these new products, services, and pricing models. Customer demands for consumption-based pricing are becoming more insistent and complex, and businesses are eager to oblige. But for many, legacy billing technology impedes businesses' ability to roll out these new models.

The Solution: Agile Monetization.

Agile Monetization 101

While traditional monetization platforms are ideal for relatively low volumes and basic monetization structures (like one-off purchases and simple subscriptions), they tend to get stuck when volumes increase dramatically, businesses expand into international markets, models become more complex, or when rapid changes are necessary.

Agile monetization is a more flexible, cloud-native approach to billing that meets businesses and their customers where they are and addresses their real-time needs. An agile monetization platform provides frictionless agility, speed, and transparency to a company and its clients. These systems are designed to support sophisticated billing models, offer a seamless customer billing experience, and integrate flawlessly with front-office and back-office operations.

The Power of Agile Monetization

Today’s consumers demand speed, transparency, and flexibility at every turn. And in today’s post-pandemic economic landscape, businesses have learned that the ability to pivot can quickly become a matter of survival. Agile monetization provides the flexibility and scale needed to exceed customer expectations—and stay afloat no matter what disruptions the market cooks up next.

An agile monetization platform enables high-impact shifts in business models, from simple to sophisticated subscriptions, including any combination of one-time, recurring, and usage-based charges at scale. While legacy systems would balk at these models (leading to errors, wasted time, and dissatisfied customers), an agile billing platform enables constant visibility into customer behavior, real-time usage processing, and more powerful invoicing and reporting capabilities—for starters. This approach gives customers more flexibility and control over their spending. It also provides vendors opportunities to increase up-sell, cross-sell, and create net-new revenue opportunities while reducing customer churn.

Does Your Business Need to Adopt Agile Monetization?

Ask yourself these questions about your business operations—and if you answer “yes” to one or more, then it’s time:

  • Do you know your pricing models need to be updated but worry that configuring updates to your current billing system is too onerous or expensive?
  • Do you need to catch up on your competition because you need help to launch new offers in a timely manner?
  • Are revenue leaks, missed deadlines, and errors on invoices and reports becoming more common than you’d like to admit?
  • Is your legacy billing system preventing your organization from doing what it needs to keep customers happy and stay ahead of the competition?

In short, if your current system is slowing down processes, jamming up the gears, and frustrating both employees and customers, that’s when it’s time to make a change.

The Right Agile Monetization Platform for Your Business

There are countless agile monetization platforms on the market today—and some are more agile than others. So, how do you determine which one is right for your business?

The right agile monetization system will automate pricing and billing strategies, allowing business executives to adapt pricing without requiring engineers to modify back-office billing systems. Here are just a few of the many things that make it possible:

  • Test new models and revenue strategies easily.
  • Shorten time to market, and eliminate the need for costly SMEs.
  • Track real-time usage for accurate billing.
  • Change pricing on the fly, as often as you want.

Gotransverse can accommodate different pricing and billing models using a flexible product catalog. Automating pricing and billing shortens time to market, tracks real-time usage for accurate billing, enables pricing changes on the fly, and makes testing new business models and pricing strategies easy. To learn more about the power of agile monetization, download our free e-book today. Then, when you’re ready, we invite you to request a demo to learn whether the Gotransverse platform is the right choice for your organization.

Gotransverse’s “Don’t Worry, Bill Happy” series is a “back to basics” look at foundational components of modern billing systems and processes and how the Gotransverse platform makes even the most complex billing needs easy.