Archive for May, 2017

IoT World 2017: Our Top 3 Takeaways

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IoT World 2017: Getting Connected to the IoT Revolution

This month, our team had the chance to attend IoT World 2017, the world’s largest IoT event. We joined thousands of IoT executives and enthusiasts from around the globe (in the beautiful city of Santa Clara, CA) to explore the current state and future of IoT. From consumer to industrial IoT, this 3-day event was jam packed with valuable insights, from leaders and innovators in the space, that we are excited to share with you.

In case you didn’t have a chance to attend the event, or simply want to relive the magic, here are our top three takeaways from the IoT World 2017 conference:

IoT Interest/ Adoption Isn’t Slowing Down

If there’s one thing that was made abundantly clear during the conference, it’s that the IoT market is growing and is showing no signs of slowing down. In fact, the IoT World conference itself has grown from 700 registered attendees in 2014 to 15,000 this year! One of the largest areas of growth? B2B solutions. Adoption of IoT technology is quickly shifting to the enterprise and industrial ream, with spend reaching $267B by 2020.

IoT Data is Exploding, Businesses are Shifting

The natural result of increased connectivity? More data. IoT World 2017 showcased business leaders finding new and exciting ways to provide data-driven, end-to-end solutions for their customers. From smart meters to automated inventory management, track and trace to remote patient monitoring, businesses in every industry of every size are finding ways to leverage IoT data. New business models are emerging to better tie IoT data to business objectives, allowing organizations to provide high-value offerings for their customers while adding to their bottom line.

One of the coolest aspects of the event was the chance to hear from both established, technologically advanced businesses and up-and-coming, innovative startups. And while we fully enjoyed listening in on how major keynotes like Mastercard and Silver Springs Network are leveraging IoT data, our team couldn’t help but be drawn to the excitement and innovation of Startup City, highlighting 100+ startups shaking up the IoT space.

IoT Partnerships Remain Top-Of-Mind

If there’s one thing we took away from IoT World, it’s that successful adoption and monetization of IoT requires multiple moving parts. As more businesses find ways to leverage IoT to provide greater value to their customers, it’s becoming abundantly clear that a strong ecosystem of partners is necessary to conquer the space. Lou Lutostanski, VP of IoT at Avnet said, “We’re here to gain a deeper understanding of partners in the ecosystem and see how we fit and how we can use them for a full-blown solution for multiple customers.” Organizations are looking outward to develop end-to-end solutions.

Side note, we loved this article from IoT Evolution World describing what they thought to be the most fascinating “real world” IoT solution introduced at the conference.

In conclusion? IoT World 2017 delivered.

As promised, the event provided ample partnership opportunities and is developing ecosystems to monetize the IoT evolution. Learn more about the future of IoT and how Rev.io’s fully-integrated cloud-based billing software and management platforms can help your business. If you’re looking for a telecom billing partner to dominate the IoT landscape with, we’d love to show you how Rev.io can help.

4 Tips to Save Time & Reduce Operating Expense

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Are back-end processes hindering your growth?

Outdated technologies and cumbersome workflows may have a bigger influence on your organization’s ROI thank you think.

One of the most expensive back-end mistakes? Wasting your employees’ time. According to a recent study, employees have become one of the biggest operating expenses for small and large businesses. With employee salaries and benefits significantly impacting your bottom line, investing in an efficient back office solution is in order. Whether you’re rolling out a new offering, launching new sales initiatives, or are simply tired of throwing people at your back-office problems, it’s time to evaluate new solutions.

Here are four tips to reduce operating costs and save time:

Invest In a One-Stop-Shop for your Back-Office Needs

Fragmented systems are plaguing your business. If you are using multiple applications to manage your operations, it’s time to think about a switching to a full, quote-to-cash solution. Rather than spreading your resources into silos, look for an all-in-one solution for generating quotes, activating new orders, billing, customer management, support, taxation, and reporting.

Utilize Integrations to Eliminate Manual Processes

We know your time is precious, that’s why we’ve built integrations that can help you save time on manual processes. For example, Rev.io’s electronic provisioning and Sync for the Broadworks product suite, gives mutual clients a unified customer experience and saves time. Our connected platforms simplify provisioning and activation so you can enjoy shorter time-to-market for new orders, avoid revenue leakage, and improve customer satisfaction. In addition, our NetXUsa integration makes the process even smoother! Watch how it works, here.

Take Advantage of a Self-Service Portal for Customers

Wouldn’t it be great if your customers had a way to view billing and usage details, make payments, submit trouble tickets, and view statement and payment history? We have good news for you! Our integrated, customer-facing portal gives Rev.io clients the technology to create a world-class user experience. The best part? The self-service portal will save your team time by reducing the number of support calls.

Manage your Agent Channel with Ease

Adopting an indirect sales team can be a huge revenue driver for your business. That being said, it can also create challenges for your billing and financial staff. Rev.io’s Agent Portal can help, offering commissions and account management from one, easy-to-use platform. Your agents will enjoy the visibility into customer details and your staff will thank you, too!

Interested to see how Rev.io’s all-in-one solution can help transform your back-office and, ultimately, your bottom line? Schedule a demo or contact Rev.io today.

How to Convince Your Boss to Attend the Rev.io Client Summit

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Interested in attending our annual Client Summit, but need to convince your boss? 

Registration is live for Rev.io’s 4th Annual Client Summit! We look forward to these three days each year, and it’s less than 100 days away! Are you ready to save your spot for the event? Or does your boss need some persuading to agree to send you to our Client Summit? The 2016 Summit recap video wasn’t enough? Are the sessions, platform training, and networking events worth the flight and time away from the office? The answer is yes.

We’re here to help you prepare for that conversation to convince your boss.

1. Rev.io’s Client Summit will improve our ROI

Attending the Rev.io Client Summit can help you maximize your Rev.io experience and improve your billing processes – directly impacting ROI. We’re going to be discussing best practices for avoiding revenue leakage, improving agent relationships, and streamlining workflows and reducing manual errors through process automation.

2. There are training sessions for increasing productivity

Companies looking to grow revenue are often dealing with the same challenges – bandwidth. At Rev.io, we want to help you do more with less. That’s why we’ll be showcasing new integrations and features to make your team more efficient and effective. What would you do with those extra hours back in your day?

3. Multiple networking opportunities each day

One of the best perks of our annual Client Summit are the opportunities to learn from other Rev.io Clients. From intimate panel discussions discussing growth strategies to evening events, our Summit is designed to help you build relationships and leverage the Rev.io community.

4. Connect with other vendors in the ecosystem

In addition to the Rev.io team and clients, the event will be sponsored by a dozen (or more) partners in the Communications and IoT ecosystem. Whether you’re still building your business, adding a new offering, or an established brand in the market, connecting with leading carriers, switches, and compliance organizations will bring value to your business.

How Better Billing Can Help Your Customer Retention Strategy

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You have an excellent product that stands apart in your market. Conversion metrics are looking good and your business clearly has a solid handle on turning leads into paying customers. But once you win those customers, are you doing a good job of keeping them around?

Enter customer retention.

Customer retention refers to the actions a company takes to reduce the number of customer defections. It begins the moment a customer interacts with a company and continues throughout the lifetime of the relationship. Every service, product and interaction accumulates to determine the status of the relationship.

While customer retention is a critical metric for any business endeavor, it is especially important for subscription businesses relying on recurring revenue. Retaining the customer base you already have promotes sustainable growth. In fact, some say that customer retention is even more beneficial to a company’s financial health than new business.

Thanks to ever-evolving technology, rising customer expectations, and easy access to other options, maintaining customers is more challenging than ever and requires an all-encompassing, strategic approach.

Proof is in the numbers.

According to research from Harvard Business School, increasing customer retention rates by 5% increases profits by 25% – 95%. Managed properly, that is a huge return on investment. Finally, the likelihood of converting an existing customer into a repeat customer is 60% – 70%, while the probability of converting a new lead is 5% – 20%, at best. Whether you’re looking to grow your customer base by winning new deals or add new offerings to your existing portfolio, effective client retention strategies are just as important as these new initiatives.

In response to these glaring statistics, providing a more personalized and seamless user experience is the new approach that many Communications and Technology service providers are adopting. By combining billing, agile reporting, customized support, and a self-service customer portal, we’re creating a toolkit to provide your base with a better customer experience. Our sophisticated, quote-to-cash subscription billing software is helping businesses, like yours, grow by more than double the industry average by improving customer service, reducing churn, and increasing retention.

Why better billing should matter to you.

When you’re working hard to retain customers, but still noticing a gap in your revenue, there’s a good chance that revenue leakage is the problem. By overlooking or missing monthly recurring payments, you are creating involuntary churn – ouch.

With a strategic billing partner, you can make decisions with confidence, reduce errors, and manage customers, devices, and payments. Rev.io can help you provide a simplified onboarding experience, improve customer support, and reduce churn. We enable solutions providers to bill for any recurring, metered, or one-time service.

Whether you’re losing a customer to a competitor, or simply lack the customer service necessary to maintain happy customers, our subscription billing platform can help. Streamline and automate the entire customer experience with Rev.io. To learn more, schedule a demo or contact Rev.io today.

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