New Survey Finds Enterprises Racing to Deliver New Pricing Models to Support and Enhance Customer Experiences
Redwood Shores, Calif.—Sep 20, 2017
A new Oracle Communications survey announced today “Monetization as a Competitive Advantage: New Services, New Opportunities,” highlighted the need for enterprises to move quickly to monetize new services to enhance customers interactions. The study found that enhancing customer experience is the most critical business objective for enterprises today and 75 percent of respondents see launching subscription-based services as a top priority as they look to digitally transform their customer engagement strategy.
To learn more about the study download the Infographic.
“Delivering an unmatched customer experience is now the source of competitive differentiation in all industries,” said Doug Suriano, senior vice president, general manager, Oracle Communications. “Today’s subscription monetization goes well beyond simple billing and receivables, and has only scratched the surface of what’s to come in the way of new digital services. Companies who create an agile, flexible program that can meet the needs of their customers today and well into the future will win.”
Companies are looking to deepen customer relationships by shifting the delivery of goods and services that require just a single touchpoint, to ones that foster recurring interactions. Whether companies are looking to monetize connected cars, using sensors to aggregate and monetize data, or transitioning their products to a Software as a Service (SaaS) delivery model, they are undergoing a digital transformation that requires flexible new pricing, billing, revenue management, and real-time subscriber management capabilities. However, only 26 percent of respondents have currently implemented a monetization solution. To compete for customer loyalty, companies need to move fast. Those companies that are already launching subscription-based services are reaping the benefits and a competitive advantage – with revenue growth reaching one to nine percent higher than plan.
The survey also found that:
- New Pricing Models are on the Rise: 63 percent of enterprises are implementing new ways to monetize their offerings with packaged/bundled products or digital services and 61 percent plan to offer usage/ consumption based charges.
- New Models Require Modern Solutions: 54 percent of enterprises agree that their existing billing/monetization processes aren’t capable of handling the current and future needs of their organization. These enterprises also noted that without a new monetization solution they fear loss of revenue, slower growth and loss of customers. As such, future capabilities in monetization technology are critical in the selection process, with 63 percent of respondents noting they are thinking 3-5 years out in terms of needed capabilities.
- Enterprises Require an Integrated Experience: 62 percent of enterprises are looking for a single vendor for CRM, ERP, and monetization solutions as opposed to using separate vendors for each; and 68 percent agree it is important for their monetization solution to tightly integrate with their CRM system.
Part of the Oracle Communications portfolio, Oracle Monetization Cloud empowers innovative businesses to launch competitive pricing models in the era of digital commerce. The new cloud service accelerates time to market for digital and subscription-based products and services by enabling the full life cycle of customer on-boarding, offer creation, robust rating and discounting, billing, customized invoicing and reporting.
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