Most enterprises we work with are facing the challenges of unifying the revenue stream with better customer service and management to provide unique experiences to their end-users. In an attempt to provide guidance to the decision-making process and stay ahead of the curve, here’s a list of top 10 predictions in the quote-to-revenue space.
These predictions are based on our industry experience, interaction with our valued customers and partners, our research within the quote-to-revenue space. To reap the best benefits of these predictions, feel free to reach out to our business strategists who can guide you through your business transformation.
1. Creation Of New Consumption-Based Revenue Models
2. Service Teams Will Shift To Revenue Centers Instead Of Traditional Cost Centers
Historically service teams functioned to fix /remediate customer service issues and were billed by the sales or finance teams in the back office setting. However, as new revenue-generating opportunities have been unearthed during these servicing touchpoints, companies will now gradually shift and embed the selling and quoting motions into these services teams.
3. Back Office Logistics Meet Customer 360 To Generate New Revenue Streams
4. Billing Moves From “Transactional” To “Intelligent And Value-Add”
5. Intelligent Pricing Guidance Will Change Selling Behaviours And Win More Business
6. 3D And AR Visualization Will Permeate All Aspects Of The Revenue Cycle
3D augmentation and AR visualization will allow service teams to improve the accuracy of field service and overall work order cycle time – especially in the remote work environment. It will further enable customers to become more engaged in their own service processes and needs analysis. This when paired with the selling motion will shift confidence and buying aptitude to the customer thereby greatly increasing win rates and/or reducing sales cycle and friction.
7. AI Will Rule The Entire Customer 360 Processes, From Marketing, Quoting, Billing, And Service Management
The AI pattern recognition will allow pure predictive modeling to create customer engagements even before customers knew they needed them. Predictive asset lifecycle management combined with IoT signal management will enable service providers to proactively address hardware failures prior to actual failure. It’s not too far when your Maytag repair shows up to fix your washing machine three days before it actually fails.
8. Predictive Revenue Recognition Will Lead To Better M&As, Improve Capital Fundraising Activities, And Tighter Compliances
Enriched customer data infused with algorithmically mined quotes, orders, and invoices will allow potential buyers and investors a deeper insight into the present and future financial health of the company.
9. Proactive Revenue Management Will Bring Back Office Processes And Data Forward Into The Customer Value Chain
Proactive Revenue Management works to derive selling objectives to achieve certain targets. This means the front and back-office applications not only have to be inherently and intimately connected- but they both must be nimble enough to adjust to the dynamic nature of on-demand subscription models.
10. Subscription Management Functions Will Become Native To Front Office Processes And Applications
Earlier front office selling were transactionally functional and structured to sell standard goods and services. Contrarily, subscription models were based on usage or consumption over time. However current sales tools are not efficient to handle these service models. Tools that offer the flexibility of managing a fluid buying experience over time will lead the marketplace.