Long, long ago, in a galaxy far, far away, there were three channels on TV. Now there are hundreds of pay-by-the-month streaming services and cable companies offering a cornucopia of content on-demand.
Amazon Prime, Netflix, Hulu and scores of other subscription services are eroding brand loyalty and forcing new models such as pay-as-you-go service access, guaranteed consumption rates, individually configured bundles, and subscriptions that allow consumers to adjust the package, and price, as their needs change.
Subscription Pricing is the New Normal for B2B and B2C
Increasingly, even B2B businesses are adopting the subscription business model. Giants such as Rolls Royce sell jet engine usage by the hour. Medical device manufacturers charge for MRI machines on a per scan basis, and automotive companies such as Volvo and Porsche are looking at similar models in the face of competition from the likes of Lyft and Uber.
Consumers are also saying yes, please to everything from cosmetics to packaged meal kit subscriptions. We can get almost any product or service without the cost, depreciation, and complexity of actually owning anything.
Seize the Opportunity to Innovate and Thrive
The opportunity to innovate business models and engage buyers in closer, recurring relationships is ripe for the picking. Organizations must rethink internal systems and processes to support the customer lifecycle, including sales, service, fulfillment, invoicing, revenue recognition, customer satisfaction, and renewals. That means tightly integrating processes from the front office through the back office.
Infovity + Oracle. A Solution to Maximize Subscription Revenue
Oracle Subscription Management for ERP is a complete solution that supports the subscription model across the customer lifecycle. It accelerates time-to-market for subscription and digital services, enables new recurring revenue streams, and improves mission-critical customer retention.
Infovity is quickly becoming the go-to Oracle partner for Subscription Billing and Recurring Revenue implementations based on deep expertise and knowledge of Oracle Cloud across industries.
Infovity can help you quickly implement Oracle Subscription Management for ERP so you can start delivering creative pricing models and reaping recurring revenue to:
- Future-proof your business to grow market share and revenue
- Enhance Customer Engagement with customized, differentiated services
- Integrate with your existing e-commerce and CX solution, or leverage Oracle’s fully integrated Cloud suite across ERP and CX
- Automate revenue recognition, billing and invoicing
- Support thousands of customer touchpoints, pricing, delivery, and billing models
- Gain the agility, security, scalability of a fully cloud-native monetization solution
- Quickly launch and modify subscription offerings using intuitive self-service capabilities
- Support hybrid product and subscription business models on the same platform
Want to learn more? Schedule a demo with Infovity or read our blog highlighting the “Experience Economy.”