A Monetization Wizard every Service Business needs [DOWNLOAD]

Monetization Wizard for Service Business Billing Automation

Picture by Jouko Keränen from "Russell Harty Plus" UK TV show of The Who performing Relay, 1973.

Keith Moon, the legendary drummer for the rock band The Who, was all over the place on his drum kit. Some people thought he was a looney. That’s not true, he was a wizard and knew what he was doing. Like an orchestra or a group of several musicians within one man.

Very much like Good Sign’s automated Monetization Software for forerunner service providers.

Like Keith Moon, Good Sign orchestrates monetization of recurring revenue with novel capabilities. It uses intelligent business rule-based automation to orchestrate service configurations, pricing, billing and monetization.

During my first days at Good Sign Solutions I wanted to find out more about Good Sign’s software. Who is it for, and how to build a monetization wizard? So, how to be a “Keith Moon of Service Business Monetization?” For this I asked some questions from Petri Takala, COO of Good Sign.

Who is Service Monetization automation for?

For every company offering and running services in a modern way: customer oriented and flexible. These qualities call for service configuration and pricing variation which without automation lead to costly manual processes and revenue leakage.

So, do I need robotics for services automation?

It is certainly possible to automate some parts of the processes with robotic automation, but service providers should not settle for that.

Good Sign’s Monetization Software is needed, when the goal is to automate the service monetization process.

It operates with rules, like robotics, but beyond that Good Sign operates true service process flow with business rules. It is purpose-built for service business automation. 

It offers, for example, configurable service objects, dynamic service parameters, service data model, digital contracts, pricing and recurring revenue charging and billing.

How about those full stack guys? Should I go for custom developed solution?

That is one possibility, which is mostly used when standard software option has not been identified. There is a lot of work to custom-define and custom-build complete monetization. Another drawback is that changes in business models, offering or pricing schemes mean more coding. Slow and costly.

The Good Sign Solution is future-proof. Good Sign’s service configurator, business rule engine and dynamic data handling fully allow different business models, products, service configurations, pricing, billing, etc.

No coding is required when introducing new services or changing pricing schemes.

Best proof of it is that Good Sign’s customers can use Good Sign’s standard software, although they represent many different industries and services: from managing co-working services and recurring deliveries, to machine lease and car leasing services to IT capacity and IoT-connectivity services.

Take a look what our customers say:

What is the role of integrations in monetization automation?

Absolutely crucial to ensure good interfacing capabilities. Modern automation is intelligent and data-driven. Therefore, APIs and capabilities to integrate, consolidate and validate data from and to the systems in the existing architecture are key to success.

How can I learn more about Good Sign’s solution to Recurring Revenue Monetization?

Download a Monetization Wizard and see how you would benefit.

How should I start? Should I first list all requirements? Or how to ensure success?

I definitely recommend agile use case approach. And going for quick wins. You can also check how our customers are benefiting.

For example, read more about Fujitsu’s new level in billing:  

An example of service providers' with revenue leakage and manual work that could be avoided? 

We are seeing service providers missing 5-10% of service revenue and running extra manual labor costs of 1-1,5 FTE per each 10M of revenue.

For example:

• A company with 10.000.000 in service revenue may increase its P&L revenue line by +500.000 and the profit line by +500.000.
• A company with 100.000.000 in service revenue may increase its P&L revenue line by +5.000.000 and also the profit line by +5.500.000.

What is the best way to start? 

A Proof of Concept (POC) or Minimum Viable Product (MVP) are good ways to start winning quick as long as you select a system allowing to concentrate in data and content, not in feature definitions and coding.