Rev.io’s commitment to help service providers stay lean and grow revenue efficiently has influenced our theme of Promoting Partnership this year. As part of our Promoting Partnership theme, we’re focused on making it easy for clients to build new integrations. That’s why we’re excited to announce the latest enhancement to our REST API platform – webhooks! Now you might be asking: what is a webhook?
A webhook is a feature that allows external users to subscribe to “events” that occur in Rev.io’s billing software, so users can be notified of that event and take action. You can think of it like setting a timer when you bake – instead of constantly having to check the bread in the oven periodically (a traditional API integration where one system “polls” another constantly) the timer goes off notifying you that the bread is ready for you to take the next step!
Already in 2018, we have been thrilled with the adoption rate of our REST API and we know that adding webhooks will help drive deeper, more robust integrations across various platforms. Now, clients using our communications billing software can utilize our REST API platform to build new integrations and save time.
After releasing our REST API and new developer portal earlier in 2018, Rev.io recruited a number of clients to participate on our first ever API “Accelerator Program.” Throughout the program (which took place in Q2 2018), we worked with clients to help them get new integration projects up and running while gathering their feedback about future enhancements.
Throughout the quarter-long accelerator program we heard extensively from our clients about the desire for a webhook framework to ease integration, reduce resource consumption, and deepen integration experiences – and we listened! Not only did we prioritize the webhooks feature because of client feedback, but we also began the third quarter project by surveying accelerator program participants, along with a number of other clients, to help us determine what key webhook events would help them most.
Now, you might want to know, what’s available at launch and what features are upcoming in the future? Well we’re excited to say we have 8 webhook events available today!
Here’s the list of webhook events currently available to Rev.io clients:
Not only that, but Rev.io exists to help our communications and IoT clients grow revenue efficiently. So as you can imagine, we’re not stopping here! Now that the webhook framework is in place with our initial launch events, we are looking for additional feedback and ideas on new webhook events that we can add to help your integration needs. You can share feedback and suggestions on new webhook events using the Rev.io Ideas forum with the REST API Idea category.
Not a client or partner yet? Contact Rev.io to learn more about our rating engine, usage-based billing, workflow processes, device inventory, and customer management platform!
Rev.io has partnered with Statuspage.io to embrace transparency during downtimes and more effectively communicate with our clients. Here at Rev.io, we’re very proud of our 99.99% uptime. But when incidents do occur, we want our clients to be the first to know!
Status.rev.io is our new incident communication tool that clients can use to check the status of our billing platform in real-time. We believe in proactive support, so clients who subscribe via email and/ or SMS will receive important alerts, like status changes, as well as a post-mortem update and an explanation of what occurred. We’ll even provide the steps we will take to mitigate future issues.
This modern platform is yet another addition to our suite of client services, but clients must opt in to take full advantage. In a recent Q & A with Matthew Robison, VP of Client Success, he provided insight into the importance of this tool and why you should opt in!
A: Status.rev.io provides clients with more transparency when there is an issue in the platform. It gives clients real-time updates on the status of Rev.io’s billing platform. From Rev.io Enterprise Portal to Agent Portal, your customers and agents rely on Rev.io! We take our responsibility seriously and want to provide the best set of tools that help you understand how your business is being impacted by downtime incidents and upcoming maintenance.
A: If there are any issues, the display statuses of independent functions will update in real-time. In addition, Rev.io employees will use the incident log to communicate the latest changes until the issue is resolved.
A: Using Atlassian’s Status Page platform gives clients more transparency when they are having issues with our software and it also allows our clients to know if other Rev.io users are experiencing similar problems. We want to be as honest and upfront as possible with our clients.
A: Some do, some don’t. Every company has varying levels of comfort with what they share. Here at Rev.io, we would prefer to overshare which is consistent with our value of Transparent Leadership. It’s each company’s choice to decide how to manage their operation and how they’d like to provide their services. Rev.io strives to provide extraordinary service to clients. This is just one example of how Rev.io’s Client Success Team goes above and beyond!
A: One of our core values at Rev.io is Transparent Leadership. If for some reason Rev.io is experiencing issues by our own fault or for other reasons, our ultimate responsibility is to serve our customers. This platform shows clients what’s happening in the platform in real-time and gives us versatility on how we communicate these issues (via text, email, RSS feed, etc.).
A: So you can be in the know! When you opt in, you can choose how you’d like to be notified if Rev.io experiences any platform downtime. With a 99.99% uptime, platform issues are rare, but being transparent offers our clients 24/7 peace of mind and assurance, knowing that our trusted staff is working quickly and effectively to resolve any issue.
Here’s a recent example of a real incident that many clients experienced on status.rev.io that includes a postmortem explaining what happened afterward. For more information, or to see how Rev.io can help you with our telecom billing platform, contact Rev.io today!
Whether you’re considering adopting a resale channel or your partner program just hasn’t taken off the way you’ve expected, we’re here to help! As one of the best IoT and telecom billing solutions in the industry, we’re excited to share how partnerships have helped Rev.io grow its business. But, before you go “all-in” on a resale strategy, it’s important to evaluate your market and company for some critical success factors.
In this two-part blog series, we’ll dive into the key steps you should take to assess the market, prepare your business, and build partner relationships that last. For Part 1, we’re sharing 4 considerations for your channel partner strategy that will help in launching a successful resale channel.
Typically, companies adopt an indirect strategy when adding more direct sales resources is not a practical option. However, there are other scenarios where your company could benefit from forming a business partnership:
Ask yourself, “does my offering require other products, services, or companies to deliver a more complete solution?” If your answer is yes, then this is a perfect opportunity to partner with other businesses and provide customers with a combined solution. Look for companies that are selling their services to the same target market. A partnership here (or better, a partnership AND integration here) improves the experience for your mutual customers.
At Rev.io, we understand that our clients benefit from our partnerships with communications tax and compliance experts, GSA and Wolters Kluwer. In addition to creating a better end-customer experience, we’ve been able to send referrals to each other. It’s a win-win!
According to the Quick Start to Building a Channel Strategy from CompTIA, indirect business models are used by 80% of the IT industry. Hiring and managing a direct sales team in remote geographies is complex and expensive. Instead, consider leveraging a resale channel as a more cost-effective way to grow sales in a new region or to enter into new markets.
While Rev.io is already an established name in the Communications industry (as one of the best billing softwares in the market), we recently ventured into IoT billing. Before expanding into this vertical, we relied on partners like AT&T Partner Exchange, Cisco Jasper, and KORE to help us get an initial foothold in the space. In addition to speeding up time-to-market, these partners helped Rev.io develop our new suite of IoT features and avoid some potential pitfalls.
Now that we know why we’re building a resale channel, the next step is to validate the market to ensure the indirect model will be a well-received strategy. There are four key steps to validate your market opportunity:
Determine if there is enough market demand to support a direct and indirect strategy. By researching the market and related studies, you’ll further your understanding of the market. Once you’ve confirmed that the market demand is there, your research will help you craft your partner business propositions and improve your channel credibility.
Develop a clear and compelling customer value proposition to quickly build your resale channel. Define the solution you offer and the benefits to your end-customer in this statement. Your customer value proposition should include your benefits and competitive advantage.
Client profiles are important for a channel model. Before you approach your first potential partner, you should be able to clearly articulate your target customer profile. This will help you educate your partners and assist them with their marketing and selling efforts. Elements of a customer profile include geography, customer size, vertical, department, buyer, and number of employees.
Clients using Rev.io’s billing and back-office platform can leverage our customer management and business intelligence reporting to gather relevant data and flush out these client profiles. Not a client yet? Contact us to learn more about our platform. We’re rated among the best billing softwares for usage-based and recurring revenue models.
Zero in on your top three competitors and then look for your competitive advantage over these competitors. Knowing your competition and their market, product messages, go-to-market business model, and several target clients, will help you as you approach new partnerships. Ultimately, having these competitor strategies defined will validate your business and help you select the right partner type.
It’s imperative to validate the partner opportunity to make sure there are compelling reasons for both businesses to join the partnership. Partner business propositions are different from the customer value proposition and they will be different from partner to partner. These channel partner strategy proposals should address the key reasons the relationship is beneficial to the two companies. A successful partnership is formed when your goals and strategies align.
A partner proposition should be created for each potential partner and address the following questions:
Several internal aspects need to be addressed to ensure your company is ready to engage with the channel. Before launching the channel partner strategy, here are some considerations to help ensure your success:
Each leader in your organization must be in alignment with the channel strategy as an effective go-to-market model. If a single department head is not in alignment, it will upset the entire initiative.
A key ingredient to your company’s readiness is having various methods of support for your channel partners. For most companies, this means hiring a new Sales Team role, such as a Channel Manager. In addition, one critical success factor is defining this role, the expectations, and their short and long term goals.
Partner training and enablement is critical to building a successful relationship. Prepare for new partner onboarding with tools and resources, including product documentation, technical sales knowledge, industry application for your product, sales collateral, and product demonstrations. Building a mutually beneficial channel relationship requires both parties to be knowledgeable about each others’ products and services.
A partner enablement tool, like Rev.io Agent Portal, gives you the technology to improve agent relationships. Our all-in-one solution was designed to help streamline communication with agents, improve end-customer satisfaction, provide agents with their customer information, and share sales collateral and training resources from one, consolidated place.
Before launching a partner strategy, a clear escalation path needs to be defined to capture missteps and address issues that arise with mutual customers. Think through these escalation paths and prepare for potential issues that could occur during the sale, as customers transition, and with ongoing support.
Now that you’ve established partnerships, it’s important to nurture this relationship. When serving your mutual customers, your partnership should appear as a united front and should never point fingers back and forth. Established channel escalation paths make it easy to work directly with a partner and solve issues on behalf of the customer – and, both of the companies and the customer win!
Now that you understand the initial factors for evaluating a resale channel model and the preparation steps for your business, stay in touch to receive Part 2 of this blog series! We’ll send other tips and resources to help you improve your business and billing strategies, directly to your inbox. Or, contact us if you think Rev.io is a potential partner for you! As one of the best billing softwares for usage-based offerings, we’re always looking for new partnership opportunities.
Don’t think you’re a partner? Well, you can always evaluate our billing platform, Bill-on-Behalf-of solution, and Agent Portal to alleviate your back-office and customer management challenges. Clients using Rev.io have grown by more than two times the industry average for four consecutive years. Get in touch today!
Looking to improve your company’s culture? According to Forbes, 92% of companies said that improving their company’s culture would improve the value of the company. That’s right, in addition to boosting overall employee morale, culture can also increase revenue. Rev.io has had a fantastic culture since we started in 2002. As a leading provider of IoT and telecom billing software with several Best Places to Work and Top Workplaces awards under our belt, we’re sharing the secret sauce to cultivating culture the Rev.io way.
Companies often struggle with which department should lead the charge towards a strong company culture. The truth is, it begins with your leadership team and prioritizing business initiatives around your most important asset, your employees.
As a growing provider of billing software over the past 15 years, we’ve learned to develop an outstanding culture that promotes growth. Here are four ways you can start building a great company culture:
At Rev.io, we believe that developing a strong culture begins with defining your mission and company values. Our mission – to be the best billing software and back-office company in the world by providing innovative solutions and extraordinary service to our clients and end-users – drives our goals and strategic initiatives. However, the culture of our company (which drives the direction of our billing software) is really defined by our ACT TOP values:
That being said, it’s not enough to stop there. Once you’ve created your mission and values, you’ll have to find ways to weave these into your daily meetings, calls, presentations, and employees’ lives.
Here are a few ways we promote our mission and values internally:
The Rev.io team devotes an entire day to community service as part of our commitment to the “Caring for Employees, Clients, and Community” value. On May 17th, all of our employees volunteered at MedShare, a local organization dedicated to improving the quality of life in underserved communities by sourcing and delivering surplus medical supplies and equipment to countries in need around the world. By taking time away from the business, Rev.io contributed to a great cause and fostered team building.
Not sure what organization to get involved with? Sending a quick survey to your employees to find out if there are any groups or associations they’re passionate about is a great way strategy and gets others involved in the planning process!
The future success of your organization depends on developing the next generation of leadership. Some of Rev.io’s rising leaders are selected to be a part of the Operational Leadership Team “OLT.” This team strengthens our ACT TOP values, collaborates cross-functionally to overcome challenges, and executes strategic initiatives. In case you missed our Q&A with Rev.io’s Operational Leadership Team, it’s a great read! Establishing a group of up-and-coming individuals, similar to Rev.io’s OLT, gives your employees a chance to further their career, tackle new challenges, and grow their skill set.
Another idea for investing in your employees is establishing a cadence of leadership training. Every other Thursday morning Rev.io employees have a chance to get together to listen to a TED Talk or leadership podcast, discuss the content, share examples from their roles, and see how it applies to the business. In addition to taking the hour to listen to leadership practices, this also gives our team a chance to network with leaders in the organization and other departments. This time is invaluable to the Rev.io Team, and is something that can be easily replicated at other companies!
Rev.io’s leaders understand the importance of developing our people and we set aside a percentage of our budget for local networking events. Pay for your employees to attend training conferences and allow them to participate in opportunities to grow their career. Not only will your business benefit from investing in your employees’ experiences, you’ll also build a culture of loyalty and reduce turnover.
The last point here is the most simple but often overlooked. In the words of Kevin Elko, our 2017 Client Summit keynote speaker, “this is about people.” We get it, your company has lofty goals, limited resources, and revenue targets to meet. We do too! That being said, the employees’ expectations of a company are changing and it’s important that your company adapts to those changes. It’s one word – flexibility. Providing your employees with flexibility around schedule, office environment, and work from home days will create a more loyal and productive workforce.
We’ve made it easy for our employees to work remotely and after-hours with video-conferencing applications and collaboration tools like Dropbox, Google Drive, and Slack. In the technology world we live in today, most of your employees can work anywhere with internet access. Having a flexible work environment shows compassion for your employees, some of who may have long commutes, young kids getting out of school early, or spouses with crazy schedules. When your employees feel valued, they feel a sense of self-accountability and go above and beyond for the company.
Equally as important as flexibility, is designing an office environment that represents the culture. Walking into an office and instantly feeling the energy of the organization helps with recruiting, sales meetings, and even investors.
Here are several no-cost or low-cost office ideas, taken directly from Rev.io’s HQ:
Creating a great culture is all about establishing an organizational focus (mission and values), embodying your values, investing in your people, embracing flexibility, and aligning your office space to your culture.
Ready to join our fast-growing company? Get in touch to learn more about Rev.io’s billing software! Or, check out our culture page for more employee benefits and our jobs page for open positions. We’d love to hear from you!
We use the Transport Layer Security (TLS) protocol to encrypt these connections. To ensure the security of our systems, and maintain our compliance with the PCI Data Security Standard (PCI DSS) for safeguarding payment data, Rev.io is updating its product suite to require a minimum of version 1.2 of TLS for all HTTPS connections.
Support for TLS versions 1.0 and 1.1 is being deprecated on June 14, 2018.
As a result, anyone attempting to connect to Rev.io products using unsupported browser versions will be unable to do so.
To continue using Rev.io products, you will need to upgrade to a more modern browser with support for TLS 1.2 or later. For applications integrating with Rev.io products, all HTTPS and API connections will require a minimum connection strength of TLS 1.2 or later.
To help our clients and end-users prepare for this change, we’ve come up with some FAQs and we’re excited to share these with you here!
Rev.io will stop accepting TLS based HTTPS connections made using TLS versions 1.0 and 1.1 beginning June 14, 2018. As a result, clients and applications attempting to connect with older versions of TLS will not be able to establish a secure connection and will be unable to access Rev.io products.
After deprecation, Rev.io will no longer address bugs and minor issues specific to connections supporting TLS versions 1.0 and 1.1. We will continue to resolve any major breakage in functionality until the deprecation date. After deprecation, Rev.io will also no longer provide support for connections supporting TLS versions 1.0 and 1.1.
After the deprecation date, if you are connecting using TLS versions 1.0 and 1.1, you will fail to establish a connection and will be unable to access Rev.io products.
This change applies to Rev.io’s IoT and telecommunications billing system, API, Agent Portal, and Customer Portal (or BillCenter).
The PCI Council has mandated that support for version 1.0 of the TLS cryptographic standard should be deprecated by June 30, 2018 for companies to stay compliant with the PCI Data Security Standard (PCI DSS).
Rev.io’s mission is to keep clients ahead of their competition and grow revenue efficiently. As part of this promise, we’re maintaining the latest security standards for our usage-rating and telecommunications billing system with this TLS change.
All Rev.io products are impacted by this change, including Rev.io’s IoT and telecommunications billing system, API, Agent Portal, and Customer Portal (or BillCenter).
Additional information about specific products is below:
For you: be sure that you are running on a modern browser, such as Internet Explorer 11, Mozilla Firefox 27, Google Chrome 30, or Apple Safari 7 or newer. If you are not using one of these browser versions or newer, you will need to update to at least one of these versions.
For your agents: be sure that they are running on a modern browser, such as Internet Explorer 11, Mozilla Firefox 27, Google Chrome 30, or Apple Safari 7 or newer. If any of your agents are not using one of these browser versions or newer, they will need to update to at least one of these versions.
For your customers: know that they will be able unable to connect to Rev.io if they are using older browsers. To continue to use the products, they will need to be using a modern browser, such as Internet Explorer 11, Mozilla Firefox 27, Google Chrome 30, or Apple Safari 7 or newer. Mobile versions of Rev.io products will also fail to connect securely on Android OS version 4.1 and below, or the Android Browser on Android 4.4.4 and below. Customers with iOS devices prior to iOS 5.1 will also be unable to connect to Rev.io securely after the deprecation date. Customers should update the version of mobile operating systems to gain support for TLS 1.2 or use a more modern browser with support for TLS 1.2.
The minimum browser versions include browsers such as Internet Explorer 11, Mozilla Firefox 27, Google Chrome 30 or Apple Safari 7. iOS 5.1 and Android 5 Lollipop or later will be required to connect to the mobile web versions of the products.
You will be unable to securely access the Rev.io products beginning June 14, 2018.
For more information about Rev.io or if you have specific questions about how this change will impact our IoT and telecommunications billing system, please contact our Client Success Team!
What is the API? We’re glad you asked! Our API lets you interact with Rev.io’s usage-based billing platform and data without knowing how we store it or having access to our database.
As part of our commitment to keeping our Communications and IoT clients ahead of the competition, Rev.io is constantly developing new tools and features, with our new REST API the latest (and possibly largest) enhancement to our usage-based billing platform.
And, we didn’t create the REST API just for our clients and partners, but for ourselves too! We’re moving towards an API-first architecture, building Rev.io itself on top of our REST API. That means consistent behavior whether you’re using our web interface or making an API call, and you can count on us to keep the API up to date.
As telecom and fleet management service providers, streamlining internal processes and managing usage rating are crucial to your success. That’s why we’re focused on making it easy to integrate with Rev.io. Using our REST API, clients and partners can connect Rev.io directly to third-party systems, eliminating manual errors and saving you time.
Since we already have a SOAP API, you may be wondering why Rev.io spent the time and resources to build a brand new REST API. For us, the decision was simple.
Our REST API provides significant benefits over the SOAP API:
In addition to designing and building our REST API, we’ve also released our Developer Portal, a centralized place for REST API documentation, FAQs, and sample requests and responses, where you can make real API calls and get questions answered fast!
Already using the REST API? Clients can share feedback and suggestions using the Rev.io Ideas forum and the REST API Idea category. Your feedback helps us shape the future of Rev.io’s REST API and usage-based billing system. New to Rev.io’s REST API? You can learn more by watching our Live Demo of Rev.io’s REST API & Developer Portal webinar or by reading our REST API information sheet.
Not a client or partner yet? Get in touch with us to learn more about our rating engine, usage-based billing, workflow processes, device inventory, and customer management platform! You’ll learn more about our telecom billing system and how we can help your business get to the next level.
This blog post is the first of a two-part series about our REST API – subscribe to Rev.io to hear about future API enhancements.
The IoT industry isn’t new. After all, we’ve been using connected devices for quite some time now to capture information and monitor statuses. But, despite forecasts from Bain Capital of annual revenues of $470 billion by 2020, many organizations who have invested in an IoT project have yet to capture any significant revenue from their solution. So how can you go about monetizing IoT? We’re glad you asked!
The current market for Internet of Things (IoT) reflects a growing focus on driving results using sensor-based data with the ultimate goal of solving complex logistics, manufacturing, services, and supply chain challenges. However, organizations will fail to see results if they continue without a clear strategy to generate revenue from their devices, services or data.
Here are our 4 plans for IoT monetization and IoT billing management:
Companies such as Nest have become household names for monitoring home security, managing energy consumption, and replacing “dumb” devices (think doorbell and smoke alarms) with “smart” ones.
Selling these devices at a premium, one-time charge and supplying the consumer with a better, app-enabled mouse-trap has made houses more secure, more sustainable, and safer. What’s even better, the end-user can adjust settings and monitor devices from anywhere.
The IoT monetization model here is a software-as-a-service model paired with physical products. The benefit to offering this type of pricing model is the scalability and one-time customer acquisition cost. That being said, a recurring revenue or subscription-based business is more predictable and profitable than flat-rate billing.
Subscription and flat-rate pricing models have become more popular among both B2B SaaS companies and consumer products. Subscription billing is common for consumers, easy to manage for providers, and allows companies to better predict revenue. However, flat-rate billing doesn’t take into account the fluctuation in end-customer usage.
Most businesses offer a few one-size-fits-all plans and rely on the customer to mold themselves into their desired choice. Whereas, a pay-as-you-go plan gives customers what they want – potentially increasing sales and decreasing revenue leakage.
That being said, connecting billions of devices and managing usage-rating, taxation, and inventory can be a lofty task. Fortunately, adopting a technology like Rev.io can alleviate these IoT monetization problems, automate usage-based billing, and collect payments.
Billing for a usage-based offering is not an easily achievable task but there are several companies disrupting the market and fully embracing consumption-based pricing. A recent study found that Generations Y and Z are more financially conservative than the Baby Boomers – these younger generations have developed spending habits that reflect those of the Great Depression (or the Silent Generation).
The fiscally conscious generations will not pay for what they don’t need and many will discontinue a service if they aren’t being billed fairly. Service providers must take note – the time is now to adopt a usage-based billing model and the infrastructure to support it.
The service providers that offer pay-as-you-go services will have a significant competitive advantage in the market. In the coming years, usage-based revenue models will overcome the Communications, cable, music subscriptions, GPS trackers, energy providers, and eventually transportation.
If this is your first time monetizing IoT or offering a new pricing model, prepare yourself for the change with our 4 Considerations of Consumption-Based Pricing blog post.
Another way IoT companies can monetize their offering is through their data. Measuring and analyzing customer or device data will become a staple for IoT monetization offerings.
We’re predicting insurance companies, healthcare facilities, and car manufacturers to be big buyers for scenarios like tracking good drivers versus bad drivers, monitoring patients after a physical therapy session or checkup, and evaluating future opportunities for automobile design and manufacturing.
In order to capture and share data with key stakeholders, companies also need to track the amount of money they’re spending on data usage. This will help your organization’s IoT monetization strategy in developing a profitable price point and generate revenue from your data.
The good news? Rev.io does the heavy lifting on usage-rating and IoT billing operations, so you can spend time scaling your business. With existing integrations in place to seamlessly manage new orders, service usage, tax calculation, and support, Rev.io alleviates IoT billing and customer management pain. The proof is in the platform – Rev.io clients grow by more than double the industry average. Contact Rev.io to get in touch with our team of experts today to see what our subscription billing platform can do for you.
Why is it important to have an intelligent cloud based billing platform? Particularly for Communications and IoT service providers, operating without an automated billing, usage-rating, and customer/ device management solution can inhibit growth.
In our most recent survey, The Current State of Communications and IoT, 73% of companies said they’re seeing at least a 20% annual growth rate. If you’ve found the financial health of your business suffering from revenue leakage, billing errors, or high employee overhead, it’s time to consider other options.
When evaluating billing platforms, there are several ways to separate the duds from the game-changers. Look for a cloud based billing platform that meets the following characteristics:
Adopting a new technology consumes one of your biggest resources – time. Before you make an investment, be sure to think about where your company is headed. Will you be adding a new offering? Expanding into a new market? Moving from an inside sales to an agent model? Be sure to consider the scalability of the new software and your future company initiatives.
An intelligent cloud based billing platform should eliminate manual processes and make it easier to grow. Look for a customizable IoT and Communications billing platform with built-in inventory management, integrated tax calculation, and workflow automation capabilities. The leading Billing-as-a-Service platforms allow you to consolidate multiple systems and provides a clear picture into your revenue and customers.
A good platform will not only meet your company’s needs but will also empower your customers. Complement your offering with a robust self-service customer portal for tracking usage, support tickets, locations, and new orders. At Rev.io, we think of ourselves as your billing partner – rather than just another software – and we’ve developed additional tools to help clients improve satisfaction and reduce churn. By coupling our intelligent telecom billing platform with self-enablement portals, our clients build lasting relationships with customers and agents.
Subscription and pay-as-you-go pricing models have changed the way modern consumers and businesses interact. In order to stay current, Communications and IoT service providers must incorporate usage-based offerings into their services. With the right technology, consumption-based billing becomes simple. Look for an IoT and Communications billing platform with an established network of strategic partners and integrations; this will streamline manual processes by populating usage-rating and automating new orders, service suspensions, and disconnects. For additional usage-based billing tips, check out our 4 Considerations of Consumption-Based Pricing blog post!
In addition to facilitating usage-based pricing structures, you can identify a top-notch billing system by evaluating your billing partner’s development roadmap, ease of integration, and internal team. Here are some questions to ask while your searching for potential billing partners:
After spending the time to thoroughly vet a new software and deciding to implement the technology, the last thing you want is to fall on your face during the onboarding or training phase. Inquiring about the onboarding process can save you time and money (and possibly a huge headache). The best billing platforms have created a detailed implementation model and have knowledgeable, in-house onboarding and training teams.
When evaluating a billing partner, here are the best questions to ask about onboarding:
Whether you’re just ensuring you’re in good hands with your current IoT or Communications billing system or already evaluating new back-office technologies, we can help! And the good news is, adopting a new platform doesn’t have to be daunting. Subscribe to receive industry news and tips to help you grow, delivered straight to your inbox. Or, request a demo to see how Rev.io can help you achieve revenue goals.
Is a pay-as-you-go pricing model and billing strategy the next big industry trend?
As subscription and IoT service providers, you can’t afford to fall behind your competition or ignore key changes in the market. That’s why we’ve decided to take a closer look at consumption-based pricing and what it takes to successfully support a usage-based service.
Subscription-based billing models have become the go-to strategy for many industries. In 2000, Salesforce.com was among the first in the software industry to charge a per-user, per-month price. Today, industry leaders are looking further than a simple subscription model to adopting consumption-based offerings instead. In fact, a growing number of subscription and IoT companies are shifting from flat-rate monthly fees to pay-as-you-go pricing. If you’re looking to disrupt your market with a usage-based service, take a look at our 4 “gotchas” and avoid some of the potential pitfalls.
One key element to offering a pay-per-use model is advanced billing capabilities. In order to successfully create a consumption-based business, you’ll need to be an expert in managing customers, calculating usage, and billing operations. Rather than throwing people at a broken problem, look for a usage-based billing system that can take your back-office to the next level. Carefully evaluate each vendor’s ease of integration, existing carrier provisioning, and development roadmap for enhancements. It’s important to find a partner that will evolve with your business.
Subscription services are predictable – making it easy to forecast long-term revenue. When offering a pay-per-use service, one thing to consider is standardizing your revenue with a monthly minimum charge. Even a small monthly minimum fee will help you forecast and provide a baseline for the financial health of your organization.
Alleviate the possibility of higher-than-anticipated bills by providing your end-customers with a self-service portal for viewing usage, creating support tickets, and monitoring new orders. The best types of customer portals come with built-in reports and the ability to create custom reports. In addition to avoiding bill shock, customer-facing portals increase satisfaction and retention.
Your success hinges on your technologies. Consumption-based pricing solutions require different technologies and processes than traditional flat-rate pricing models. When you’re looking for new or improved billing and back-office software, be sure your platform has functionality for real-time usage reporting, automated rating, built-in tax calculation, improving customer visibility, and billing flexibility. An intelligent usage-based billing system will complement your service offering – and make it easier for you to monetize any pricing model.
Don’t let a flat-rate flat-line your revenue, check out our full Capturing Recurring Revenue with Usage-Based Pricing eBook for more information!
Don’t leave your success to chance. Partner with the right technology providers to ensure successful pay-as-you-go pricing adoption. Rev.io’s all-in-one-solution can tackle billing, customer management, tax calculation, reporting, order and service tracking, and more. We would love to help you disrupt your market! Our usage-based billing platform is perfect for subscription and IoT service providers looking to scale – let Rev.io take your team to the next level! Contact Rev.io by filling out a quick form or giving us a call at 866-470-5502 and learn more today!
The communications and IoT industry is constantly evolving. In order to keep up with competition, service providers must remain in-tune with new technologies, opportunities to expand, and differentiating strategies. That’s why we decided to launch our first “State of Communications and IoT” report. Rev.io, in conjunction with Altaworx, surveyed Communications and IoT leaders nationwide to explore:
By surveying companies in the space, we hope to provide you with a pulse on the industry. Here are the key findings from our report:
The growing IoT buzz has caused a majority of service providers to pursue ways to complement their existing offering with an IoT service. However, not many in the Communications space have breached the gap to IoT. With plenty of green space in the field, we believe that those able to get to market fastest will be most successful.
Communications and IoT providers are lagging behind other industries in the customer experience movement. With this movement, customers now expect service excellence and user enablement as part of all products and services. Unfortunately, our industry has been slow to react to this change. For service providers looking to grow revenue, we recommend differentiating from the norm by leaning into the user experience movement. We’re predicting that the service providers with the most customer enablement and self-service technology will win more deals and grow revenue, faster.
While the Communications and IoT markets are growing their portfolio of offerings, enabling customers through self-service portals and support technologies has not been a priority.
Growth is stable across the board – a large majority reported annual growth rates of 20% or more – and one-third of companies surveyed said they’re considering a merger or acquisition in the next three years. As companies prepare for an M&A in the internet of things future, it’s important to have clear visibility into operating margins and accurate BI reports. Rev.io recommends maximizing your valuation by putting technology in place today to manage financial, customer, billing, and tax data.
Companies surveyed are preparing for growth through investing in new service offerings and improving customer experience to reduce churn. The team at Rev.io predicts many of those new service offerings to be in the IoT segment. Along with the migration towards pay-as-you-go pricing models, it makes sense for customer retention strategies to be top-of-mind. When managing a recurring revenue business, improving customer experience and reducing churn is important for predicting revenue growth for the internet of things future.
Manual processes was selected by surveyors as the most common challenge in managing a recurring revenue business model. In addition, our report found that the lack of scalable billing and back-office solutions was the greatest hurdle for reaching business objectives this year.
Check out the full State of Communications and IoT infographic.
The good news? Rev.io does the heavy lifting on usage-rating and billing operations, so you can spend time scaling your business. With existing integrations in place to seamlessly manage new orders, service usage, taxation calculation, and support, Rev.io alleviates billing and customer management pain. The proof is in the platform – Rev.io clients grow by more than double the industry average. Click here to learn more about the Rev.io platform.
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