Companies modernizing revenue management to enable new business models can choose from a growing number of applications and integrated platforms designed to reduce errors, automate processes and ultimately increase revenue over time, according to new research from global AI-centered technology research and advisory firm Information Services Group (ISG).
The ISG Buyers Guides™ for Revenue Lifecycle Management, produced by ISG Software Research, provide the rankings and ratings of 42 software providers and their products to support revenue process needs, including configure price quote (CPQ), contract lifecycle management (CLM), revenue recognition, billing and the platforms to support these activities. The research finds that enterprises benefit from unified software platforms as they migrate from reliance on one-time sales to efficiently managed approaches that generate continuous revenue. Revenue lifecycle management platforms move beyond the outdated linear quote-to-cash process, combining processes previously carried out by separate tools. Aligning all systems allows for consistent sales and revenue engagement over time.
“Enterprises in every industry need to adopt more advanced pricing and revenue models to stay competitive, and traditional systems will not support rapid change and innovation,” said Stephen Hurrell, director at ISG Software Research. “Modern revenue management platforms ensure that urgent business model changes are not held back by outdated processes or technologies.”
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A true revenue lifecycle management system performs tasks ranging from guiding sellers and account teams as they create and get approval for a quote to embedding the quote’s terms in a contract, triggering order fulfillment and generating billing schedules, the research shows. Such platforms not only manage digital documents but digitize and store all important terms in those documents. Key information persists in a data store, removing the need for one team to pass data to the next, so errors are minimized. Digitized billing schedules allow companies to automate actions such as outreach for subscription renewals at the appropriate time.
A unified platform and data model provides easier data access for telling a more comprehensive story about effective revenue lifecycle management, the reports say. It lets companies analyze all parts of the process to gain insights into customers, products and processes, empowering them to improve customer experience and encourage more sustained engagement. Though the application of AI to revenue management is relatively immature, platforms prepared to deliver long-term value already have well-articulated and documented approaches to the use of AI.
SOURCE: Businesswire
