Whether you’re selling goods or services, your product catalog and pricing strategy are critical to establishing and maintaining your organization’s competitive advantage in a crowded marketplace. Customer preferences are in constant flux, and they demand the highest level of transparency, agility and service from any brand they choose to do business with. And for those brands, the balance between pursuing core business objectives and catering to customer whims has become nothing short of a high-wire act.

And what’s causing the biggest headaches in that effort? Likely it’s the logistical work of setting and updating pricing, maintaining the product catalogue and converting usage data into charges based on any number of complex rules. If we had to guess, your organization has a billing platform in place (or at the very least, an intricate manual system), and while it worked like a dream in the early years, it’s struggled to catch up as the business has grown and its offerings have become more complicated.

If this sounds familiar, your organization is not alone. In fact, according to a report done by IDC, only 20 percent of digital product and service providers have the right systems in place to support their evolving business models. But there is a solution: a more powerful, intelligent billing platform will streamline pricing and rating operations, automating the biggest headaches and providing an efficient, transparent back-office billing process that leaves your team free to focus on the bigger picture.

3 Ways Intelligent Billing Optimizes Pricing & Rating

As business models become more complicated in response to growing and evolving consumer demand, they require billing systems that can keep up with clients’ individual usage patterns, product needs and service packages. That’s where intelligent billing platforms like Gotransverse come in.

(Download our Datasheet for Pricing & Rating)

Powerful Product Catalog

If your organization is working with a legacy system, it’s likely your team is manually inputting and tracking every new product variation, order configuration and pricing model. The results of this hands-on process include delays, errors, SKU proliferation and tracking nightmares. But the Gotransverse intelligent billing platform includes a powerful, flexible product catalog that can accommodate any number of products and billing configurations, allowing you to have one SKU with multiple pricing structures beneath it. The catalog also automates product recommendations and pricing variations for complex orders.

Flexible, Dynamic Pricing

Pricing products and services appropriately is key to attracting new users and retaining existing ones, and as market demands and user preferences fluctuate, that pricing has to be dynamic. Your intelligent billing platform will enable you to take advantage of countless promotional configurations and trial periods, demand-based pricing and multi-currency pricing so that you can make adjustments quickly and seamlessly according to the market.

What’s more, these product catalogs and pricing configurations allow your organization to bring new products to market faster, responding quickly to consumer needs and staying one step ahead of the competition.

Automated Subscription Management & Sophisticated Usage and Rating

When it comes to subscription models, one size does not fit all. Whether you’re juggling varied recurrence periods, prorations, pricing tiers or customers with multiple services (to name a few), the Gotransverse platform can automate the model.

And as your offerings become more complex, incorporating usage-based add-ons with traditional subscription models, the Gotransverse rating engine can take any usage data you give it and calculate invoice-ready charges based on each user’s particular plan. Whereas legacy billing systems make any but the most straightforward rating rules difficult to manage, intelligent billing empowers businesses to package and price their goods and services in a wide variety of ways to both maximize revenue and meet unique consumer preferences. (Learn more about consumption-based pricing models here)

Product and service pricing is a core component of your organization’s strategy and its competitive advantage in your industry, but outdated billing systems lead to more lag time and errors than successful transactions. If you’re ready to help your organization streamline its pricing and rating processes, contact us today for a free, personalized demo.