The digitization era has brought forth huge transformation in the consumer behavior with the emergence of subscription businesses like cloud – a recurring business model, where the payments are made over time or based on usage.
Subscription businesses are marked for success due to their ability to allow the customers to get to the market quicker; affordability with pay as you go per usage; access to the latest and updated software anywhere on the go; and more flexible deployment cycle with lesser initiation time.
“Customers have moved from buying or leasing technology, to buying IT services, to ‘buying’ long-term relationships with providers. A hybrid cloud/on-premises model is rapidly becoming enterprises’ deployment model of choice, and most software providers are becoming businesses that deploy using a cloud model.” – Laurie Wurster, research director at Gartner.
The subscription services provide service providers with new avenues of monetization, but at the same time, necessitate proper management and automation mechanism for varied subscription business processes and procedures, including product pricing, cloud inventory, ordering, marketing, billing and sales.
They also require a major reconditioning of the monitoring and strategizing processes, with customer service, support and cloud billing in major focus. A lack of proper insights into your subscription billing system can cost you lots of bucks.
Especially, in regards to the current cloud business scenario, the need for a proper cloud billing automation platform to manage your cloud subscriptions is very important. In addition to billing, you also need to manage and automate your inventory and the right workflow of processes in your organization. For that, you need a platform capable of providing you with a single dashboard management of all things related to your cloud subscription business.
RackNap- the business automation solution for subscription based billing, pricing and inventory management of cloud services.
RackNap, with its versatile features help you to manage your billing, pricing and maintain your cloud inventory with ease. Let’s see how:
RackNap’s cloud billing and pricing management module is built on a single pillar – complete billing compliance with end-to-end automation that makes it an ideal subscription billing automation software. It helps you meet compliances, generate error-free reports and automate the entire billing process so that you can provide your end customers with the best possible experience.
RackNap, with its well-defined flow, manages the pricing and billing of your products via a single interface. It gives you the flexibility to create product offerings and set your own prices for them. After the product gets ordered by the customer, the billing is managed through RackNap’s backend with full automation.
RackNap cloud billing software helps you manage recurring subscriptions easily with capabilities like auto -renewal, auto -suspension, grace period allocation and auto-termination.
Whenever a service gets due for renewal, periodic renewal notifications are sent automatically to the account manager and the customer. In case payment is done timely, the account is auto- renewed and an invoice is generated. In case of non-payment, the account is suspended and eventually auto – terminated. In case of payment following account suspension, there is also provision for late fee management.
RackNap provides customers with the ability to switch from one billing cycle to another, upgrade or downgrade their services, view upcoming renewals, pay outstanding invoices and manage all credit and debit balances from within their member panel.
With all client renewal information available at a single place, RackNap provides you with complete visibility into your future revenue that will be generated on a daily, weekly, monthly or yearly basis.
RackNap’s API allows you to integrate it with any on-premise accounting software like Tally. From placing an order till getting the product billed, everything is automated. When a customer places an order via marketplace and makes purchase, he gets his own member panel from where he can update his product, upgrade his plan/billing cycle and also raise support ticket, and do much more.
RackNap allows your billing personnel to look into the client information and his service details at one place. They do not need to manually update the invoice or ledger as everything is automated in RackNap.
Inventory or Order management for cloud services is an integral part of any cloud business as you have a number of resources – be it hardware or software, which are used by multiple clients over a virtual environment.
Also, with cloud’s instant scalable features, you have to be ready for an unexpected hike in demands of a particular resource or asset. Hence, you will need a proper inventory management software which can keep track of your resources and provide useful insights into the entire process.
RackNap as an asset management tool supports management of every asset of an organization with the proper categorization of resources. With RackNap, you can:
Also, you can raise purchase orders (POs) to vendors from within RackNap only. This gives you a centralized mechanism to manage all your orders. It also gives you the flexibility to either enter data manually or upload files. You can thus keep record of every slightest information about your inventory and assets.
RackNap’s inventory management module not only gives you complete insights into your infrastructure and assets, but it also provides defined workflows for both automated and manual orders so that you can have smooth provisioning of products.
Thus, with RackNap you can easily manage your assets and inventory with easy to use framework and automated modules.
To support your subscription business journey and to survive the cut throat competition in the market, you will need the right cloud business automation and management tool. RackNap, with its end-to-end process management and complete automation, provides you a platform to manage all your cloud billing, pricing and inventory via a single dashboard.
So, if you are also juggling issues with managing multiple software for meeting different subscription business needs of yours, you need a standalone software like RackNap to manage everything!