Revenue Management Software helps companies adhere to sometimes complex revenue reporting standards applied to digital services and subscription-based revenue from contractual or recurring billing. It can help maximize revenue from digital and telecommunications services via analyses of money streams, simplification of billing to reduce churn, and perform other useful tasks for the increase of revenue and decrease of customer churn associated to billing and services.
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Revenue Management solutions are used to track customer purchases and their corresponding payments. Revenue management solutions can be used by accountants to simply match purchases with payments to ensure that revenue is not lost and to ensure the correct department receives the revenue. The more advanced features of revenue management solutions enable department managers from sales or marketing to track the progress of goods and services sold by the company and make business decisions based on their performance.
Freestanding revenue management solutions can be purchased, but many solutions come with built-in billing solutions, CPQ software, and a CRM. Revenue management solutions are often integrated with Accounting software and larger ERP suites.
Recurring Billing
CRM and Accounting Integrations
Customer Portal
Multi-currency Support
Reporting and Analytics
Consider these factors when comparing revenue management solutions:
Point Solution vs. Suite: Many revenue management solutions are part of a larger ERP suite of products. Therefore, depending on the needs of your company, you may want to consider a stand-alone solution that specializes in revenue management, or a suite-style solution that has other related products included as well. Suite-style platforms cost considerably more, but may be more efficient if the business needs the other included features as well.
Industry: Some revenue management solutions are geared towards a specific industry (such as hospitality, restaurants, or medicine). Products designed for your industry may have more nuanced functionality that can meet the needs of your business better than a generic solution.
Scalability: Your company’s total yearly revenue should also play a role in deciding which solution is best. Some revenue management solutions impose a revenue cap at certain subscription levels. Others offer scalable plans. So, if you expect your company to grow significantly, you may want to consider a solution that allows you to do so without major cost increases.
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Revenue management solutions are generally billed monthly at a rate that is determined by the level of access required by the organization. Basic subscription plans run between $250-$500 per month. Premium plans, which include more seats and a higher revenue cap, run between $600-$1000 per month or higher depending on the size of your company. Some Revenue Management solutions are only one part of a larger ERP suite. In these cases, in order to get pricing information, buyers should reach out and ask for a quote directly from the vendor.
Some popular revenue management solutions include:
