With changing technology, E-billing systems are increasing taking over paper based billing systems. Here is more on the latest trends.
Understanding the Customer
Knowing your customer is important in today’s time where companies are taking to deep analytics. Customer billing intelligence is forming an integral part of customer understanding in the world of e-Billing. Billers can be used to engage with customers in an interesting manner. Understanding the customer and payment life-cycle helps in creating engagement that is customized to the particular customer.
The Emergence of Mobile Billing
Mobile internet usage is growing across countries. High speed internet on the mobile device has led to the emergence of mobile billing. Cloud based solutions are increasingly providing the option of billing from the mobile device, from anytime, anywhere.
Cloud computing and data storage have led to concerns regarding security of data. The data that is stored on the cloud is usually sensitive and requires to be protected. Many solutions ensure that the data is secure and necessary steps are taken to ensure, it is so.
Environmental Safety and Better Management
E-billing has led to cost savings for enterprises who are now preferring to go paperless. Many businesses are taking green initiatives for saving on costs. Going paperless involves, automated electronic document transfer for B2B transactions. It has also been observed that e-billing leads to lesser clutter and more convenience for those using the billing system. A billing system that is paperless, helps in easier management of finances and payments. Large stacks of paper is avoided and this saves time and resources required to use them.
Cloud Ensures Cost Saving
Most businesses are embracing the cloud technology for the benefits that it offers. Regulatory measures and compliance are increasingly helping businesses adopt the cloud as security concerns are now taken care of. Cloud billing ensures that the overall customer experience is enhanced and the a large number of bills are managed with ease. The cloud helps companies to market their product, more efficiently, as well. Cloud billing solutions help in simplified management and delivery of online and non-online delivery of products.
New Revenue Models
Customer attraction is of utmost importance for enterprises who are on the lookout for new revenue models. E-billing helps in adoption of recurring billing models for better client retention and higher productivity of the billing process. These models help in collecting large amounts of data related to the consumer and creating the right strategies for business development. This also helps in better management of inventory and simplifies processing of orders for the business.
The Importance of Strategy and Real Time Usage
Billing used to be a part of customer service in previous systems. With E-billing, this has changed and assumed strategic importance. Complex usage based billing plans, now require the need to bill in real time, based on the usage of the customer. Customers can better manage their usage with respect to usage based billing plans. This helps in improving the satisfaction level of the consumer and also the efficiency of the billing system.
Integration of Processes
Integration of the billing and payments system has become crucial in today’s business environment. The delivery of the product or the service has to be combined with the billing system to ensure better management of business processes and efficient utilization of resources. The right investment in technology infrastructure helps in creating satisfying experiences for the consumers.
The Emergence of Client Portals
Client portals are emerging as a big trend in E-billing. Client portals help businesses to collaborate effectively and communicate efficiently. Web based customer feedback, and services helps in providing customers, the information they require, with ease. Billing statements and payment details can also be accessed through these self serving portals for helping the customers in a better way.
A business looking for an integrated cloud based billing solution must choose a solution like Invoicera, for simplification of the business processes.