At Gotransverse, we spend a lot of time talking about agile billing (or intelligent billing or agile monetization and dynamic billing). After all, it’s what we do, and in today’s business landscape, it’s a business-critical competitive advantage for businesses in just about any industry.

Let’s get back to basics and break down what agile billing is, why it’s essential, and how you can determine whether it’s right for your organization.

What Is Agile Billing?

While traditional billing 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, markets go international, business models become more complex, usage-based components are added or when the needs for rapid launching of products and services are necessary.

Agile billing is a more flexible, native cloud billing model that meets businesses and their customers where they are and addresses their real-time needs. An agile monetization platform is a solution that provides agility, speed, and frictionless freedom to both a business and its clients. These systems are designed to support sophisticated billing models, provide a frictionless customer billing experience, and integrate seamlessly with front-office and back-office operations.

Why Does Agile Billing Matter?

In today’s business landscape of anything as a service, consumers demand speed, transparency, and flexibility at every turn. As a result, businesses are looking to adopt agile billing to provide the flexibility and scale needed to exceed customer expectations. Agile billing grows revenue and is essential to get a leg up on the competition.

An agile billing transformation is a shift from simple to sophisticated subscriptions, including usage-based models. While subscription billing once meant charging the same amount for the same services at the same time every period, it’s evolving to include any combination of one-time, recurring and usage-based charges at scale. This new model of agile billing gives customers more flexibility and control over their spending, and it gives vendors opportunities to increase up-sell, cross-sell, and create net-new revenue opportunities while reducing customer churn.

With all this additional opportunity comes additional challenges, as the more complex models are they require constant visibility into customer behavior, real-time usage processing, and more powerful invoicing and reporting capabilities. Traditional systems struggle to support this sophistication and manual efforts required to bridge the gap leads to errors, wasted time, and dissatisfied customers.

So when growth is on the horizon, it makes sense to future-proof your business with an agile billing platform.

How Do I Know if My Organization Needs Agile Billing?

It’s time to upgrade to an agile billing system when:

  • You know your pricing models are outdated but configuring updates to your current billing system is too onerous or expensive.
  • When you’re falling behind your competition because you struggle to launch new offers in a timely manner.
  • When revenue leaks, deadlines are missed, and errors on invoices and reports become all too common.
  • When your legacy billing system is preventing your organization from doing what it needs to do to keep customers happy and stay ahead of the competition — when it’s slowing down processes, jamming up the gears and frustrating both employees and customers — that’s when it’s time to make a change to agile billing.

For a full list of red flags that may indicate it is time to start the search for an agile billing platform, we encourage you to download our tip sheet.

Agile billing platforms are designed to address these growing pains, but not all new platforms are created equal. To learn more about how Gotransverse can help power your company’s growth, take a tour of the Gotransverse platform today, and call us to schedule your complimentary, personalized demo.