The subscription business model has seen much growth in all aspects of the market in recent years. Now considered the standard for the digital age, the model’s implementation travels parallel to rising technology, leading to the demand for newer functionality and tools. As more and more vendors create their own versions, and as the subscription model is increasingly adopted, technology solutions are also advancing to support a broader range of products and services, as well as industries.
Price management and optimization is not a new discipline, but until now, it has been restricted to particular industries — such as discrete manufacturing and chemicals — where there are potentially hundreds if not thousands of stock-keeping units covering many interdependent products.
Subscription management and billing services help organizations offer unique benefits and enhance delivery to customers. By making services more personalized, organizations can acquire – and retain – more customers.
Topics: Sales, Office of Finance, Continuous Planning, embedded analytics, Analytics, Business Intelligence, Business Planning, Product Information Management, Digital Commerce, Operations & Supply Chain, Enterprise Resource Planning, ERP and Continuous Accounting, natural language processing, AI and Machine Learning, revenue and lease accounting, continuous supply chain, subscription management, partner management, digital finance, Process Mining, Streaming Analytics, supplier relationship management
Among the many digital economy trends written about in recent years, one of the most significant has been the adoption of a subscription business model. For organizations with a business model that also includes reselling third-party products and services, this shift to subscription services adds complications and potential challenges.
A subscription business model and an exceptional customer experience are equal priorities for many organizations. Much has been written about both: Subscription and usage services are considered the business model for the digital age, and a great customer experience is how organizations acquire and retain customers. I believe that by 2024, the category of subscription management software will emerge with a suite of applications and platform supporting the subscriber experience through the complete customer lifecycle to drive operational effectiveness.