The enterprise ecosystem of connected things is poised for explosive growth with anywhere from 20-40 billion connected devices coming online by 2020.
As the service provider marketplace grows more convoluted every day and marches towards service provider consolidation and network convergence, further pressure is going to be placed on a higher degree of granularity and flexibility to offer any combination of service, at any price point, to any customer.
The demand to monetize unique bundles and tiering is causing a paradigm shift from low volume, high-value events to which today’s service providers are accustomed, to providing high-value offerings that protect margins and grow revenue in the high-volume usage economy marketplace.
To succeed in the enterprise space, a company’s back office solution must be powerful and poised to adjust at the ready.
Top five mission critical considerations when evaluating a back office usage rating and billing solution
Is it agile and flexible?
In order to remain relevant and drive revenue, providers need to be able to quickly and easily deploy new highly personalized offerings that accommodate all payment and transaction types. As the consolidation trend continues to march forward, providers must also have the flexibility to create and cash in on services outside of their traditional marketplace or industry.
Is it transparent?
In the past, slight inaccuracies in billing may not have had an enormous effect but as business models become increasingly dynamic, the ability to precisely monitor, measure and monetize to the greatest degree of detail becomes critical. The ability to gain a real-time, 360-degree view of your customer and their transactions is a requirement for success.
Is it extensible?
A solution must be open and provide a high degree of extensibility in order to easily integrate with a company’s many other toolsets. This ensures new levels of intelligence, improved accuracy and performance across all solutions regardless of its application. The extensible nature of a system also reduces costly integrating time and in today’s enterprise market, every minute spent trying to get a new tool up and live or working across disparate systems that resist integration is money wasted.
Is it secure?
Proven data security in a Cloud environment is the make or break point between earning and keeping clients and becoming a cautionary tale. The volume of data held in a back office solution and the multiple points of access provide a target rich environment for fraudulent activity. In addition, the explosive growth of IoT/M2M and the number of points of connectivity and associated transactions is mind-boggling. Basic statistics dictate that as these interactions grow and compound, so does the risk of fraud. A system must be designed in a way that not only enables a user to monitor for the most finite of fraudulent behaviors but also guarantees the greatest security in storage, as well.
Is it automated?
Let’s face it. Human error is unavoidable. Billing systems, in particular, must be automated in order to reduce processing time and ensure transactions are made with precision and accuracy. Mistakes cost money and in an ever competitive market, no one can afford to risk valuable margins by relying on manual practices. An enterprise solution must be able to automate every transaction and ensure PCI compliance while delivering valuable business intelligence and analytics.
Today’s businesses are highly complex environments with a matrixed ecosystem of consumers and providers generating transactions that require metering, measurement, and monetization. LogiSense provides clients with complete flexibility in usage rating for every conceivable digital transaction. Our real-time rating, charging and billing capabilities enable unified communication service providers to monetize any service or subscription, over any medium and from any provider. It offers an unprecedented advantage to enterprises through its award-winning cloud-based billing solution that eliminates back office complexity—clearing the path to new revenue.
Find out more about how LogiSense is leading the charge to revolutionize the way companies do business—converting cost centers into revenue generating units.