![]() ![]() And we’re not just referring to the direct costs (in time and money) of keeping them running - we’re talking about the opportunity cost, as well. It’s simply too costly to maintain these legacy systems. #Access billing timer manual#The first step is to ditch outdated billing systems that require manual intervention, slow the flow of information, and yield less-than-reliable results. How Can Companies Get Access to Real-Time Data? Enhanced fraud detection: In the same vein, this heightened attention to accuracy means any irregularities caused by fraud or other security threats can be identified -and stopped -much more quickly than they otherwise might be.The result: fewer billing disputes and more satisfied customers. Higher billing accuracy: The transparency of real-time data enables the finance team to catch and correct any errors before they snowball into issues with invoicing or revenue reporting.This minimizes surprises and enables customers to more effectively manage their accounts. Instant customer access: We’ve already talked about how real-time data gives the internal team instant access to analytics and insights, but this is a big advantage for customers, as well, who can check up on their orders, usage rates, and upcoming or paid invoices at any given moment.What are the internal or external factors contributing to changes in usage or sales, and how can we pivot to keep things moving in the right direction? Granular performance insight: The immediacy of real-time performance data empowers companies to dig deeper into not only what is happening, but why.Stronger forecasting: With all these up-to-date insights at their fingertips, businesses can more effectively track their progress, revise their revenue forecasting, and adjust their strategies as needed, setting themselves up to achieve goals and drive revenue in the short and long term.There are plenty of advantages (for both the business and its customers) of this access to real-time, relevant data. ![]() How Does Real-Time Billing Data Boost Business? This enables more accurate forecasting and faster responses to customer and market changes. When the finance team and other decision makers can see this data at a glance - rather than waiting for monthly summaries or quarterly reviews to become available - they can quickly spot trends in how their products are performing and how customers are engaging with their services. For example, how have your services been used so far this month? What costs have your customers incurred? Or for prepaid services, how many have refilled their stored value? Real-time billing data is data that’s collected with each transaction and each step of the quote-to-cash process and accessible to the finance and accounting team immediately upon collection. “Standard” reporting times are no longer fast enough, and companies need access to real-time data in order to succeed. As technology enables lighting-speed innovation, companies are finding new opportunities and new competition in equal measure, and it’s becoming more and more critical for these companies to identify and act on emerging trends.Īll this is to say, now more than ever, businesses need consistent access to the relevant, accurate usage and billing data that can help spot trends and guide the decisions that will keep them at the top of their markets. If there’s one trend that’s common among every industry today, it’s that the market is more crowded and customer expectations are higher than ever. ![]()
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