4. Embrace transparency to ease compliance processes. Regulations are far reaching and include the need to preserve historical data for certain periods. The billing solution may also need to provide information on how fees were calculated across parties (monthly charges for debit cards and online banking charges). ABB simplifies calculations, supports auditing and eases understanding of the state of agreements across many interrelated relationship models.
5. Recognize that monetization is bigger than billing. Exploiting the ROI potential of the cloud means being able to do more than simple digital invoicing. Online customer care and stakeholder compensation count as well, as does revenue sharing, remuneration and settlement, pricing, bundling, discounting and promotional demands. Monetization must also let users negotiate value from all customers while reducing day sales outstanding (DSOs), improving customer care and winning new business through the ability to individually tailor contracts.
6. Take advantage of expansion and globalization opportunities. When organizations move toward ABB for cloud-delivered services, they also gain benefits that grow business. The first involves flexibility. Companies can quickly model any new business requirement, thereby reducing the time and cost required to go to market. And, with multilingual billing and communications functionality built in, institutions can manage agreements in dozens of countries with multiple languages, currencies, tax codes and regulatory requirements with ease. Adding this ability to an in-house legacy system can be a slow, costly and difficult process.
7. Don’t abandon your legacy investments. While legacy systems can’t support some of the innovations the cloud can enable, financial institutions don’t need to scrap everything they have. Most will have numerous enterprise applications and more than one for billing. These need to be integrated with other software components to create a complete solution. That integration should be seamless, but it should not require a business to completely rip and replace existing technology investments.
Scott Swartz is the founder and CEO of MetraTech. He brings more than 20 years of software and services industry leadership to the company. Swartz holds a bachelor's degree in electrical, computer, and systems engineering from Harvard University.