New billing suite aims to unify the entire billing process, no matter what business model is in use
NetSuite has detailed a new unified billing system for customers that will work with any business model, whether its product-based, time, service, subscription, usage or any combination of these.
SuiteBilling, as its known, unifies both the billing and revenue recognition processes, giving customers more control and visibility from multiple sales channels.
This system is built natively into NetSuite’s core ERP system, and will be available from June this year.
But the advance of technology has created many billing challenges as product-based companies are now adding services, while services companies are developing and selling products.
And to make matters worse, companies operating hybrid business models that contain a mix of different offerings, packaging and pricing bundles, are also emerging.
So as the billing process becomes more complex, the challenge for businesses is to maximise their revenues by allowing firms to price their products in “new and innovative ways.” Businesses also want to offer their customers a transparent billing experience to reduce disputes, days sales outstanding and customer attrition, said NetSuite.
“As the cloud pioneer, NetSuite has a front-row seat to the impact of digital disruption on billing and revenue recognition,” said NetSuite President and Chief Operating Officer Jim McGeever. “With SuiteBilling, we’re giving our customers a next-generation solution to win in the marketplace today and future-proof their business for change tomorrow.”
The arrival of SuiteBilling heralds the start of SuiteWorld 2016 customer conference in California. And the company has certainly been busy of late.
The company is also in the midst of having to deal with the implications of the new ‘Privacy Shield’ data sharing agreement between the United States and European Union, which failed to gain the public backing of a key European data protection group. To be fair, as a cloud-based US company, NetSuite is just one of many having to deal with these data regulatory issues in the EU.
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