TRACT users in Customer Care, Product Management and Finance will benefit from new features that improve the customer experience, reduce churn and identify potential areas of revenue leakage.
Austin, TX
The February release of TRACT – the all-in-one activity, rating and subscription billing platform – includes a “Simulated Bill Run” function intended to enhance TRACT’s existing “Invoice Sampling” feature. The “Simulate” action will allow users to test and review customer invoices at any point in a billing cycle, thus enabling them to ensure both revenue expectations and customer expectations are met at the time of an actual bill run.
“When you can generate sample invoices ad-hoc throughout the month – for both simple recurring subscriptions and for service activity and one-time/one-off charges – you can identify missing or undercharged revenues, and you can see areas where customers might not be charged what they expected,” said Stephan Pahlke, Vice President of Product Solutions.
That means TRACT users will be able to proactively identify and remedy potential problems, reducing call-center inquiries after a bill cycle. “By checking all billing steps from initiation to the sample invoice rendering, you will be able to identify errors or mistakes before subscribers receive incorrect invoices. Additionally, you will be able to identify missing or undercharged revenues so that you derive the full value of products and services,” added Pahlke.
There are many groups within a business that will benefit from the Simulated Bill Run, including: Product Management teams, which can now ensure newly introduced products are being correctly charged and presented on the invoice; Customer Care groups, which can review key account invoices before the end of the billing cycle to ensure invoices are correct in both form and content; and Financial Reporting groups, which can now take real-time, accurate measure of expected revenues at any point in time.
Price List Discounting
In many B2B scenarios, a standard list price is customized during the quote and order process. TRACT now tracks these discounts so customer-care representatives can accurately reflect the “List” price (the standard product price at the time of the order), as well as the “Sale” price (the price the customer is actually going to pay).
“This is important because customers negotiate specific product prices based on various factors such as volume or duration. For both one-time and recurring charges, you want to be able to recognize the relativity and easily identify where and when particular customers should receive discounted prices,” said Pahlke.
When coupled with TRACTs existing "Price Override" feature, this discounting enhancement enables end-to-end tracking of specific discounts granted to each customer.
To find out more about how TRACT differentiates itself, request a demo or visit the Transverse office during the South By Southwest Festival, located at the nearby Austin Convention Center.