New capabilities significantly improve ease of adoption of usage-based billing models
LOS ALTOS, Calif., July 19, 2023 /PRNewswire-PRWeb/ -- Monetize360, the company behind the first-of-its-kind agile monetization platform, announced today that it has introduced the Dynamic Consumption Wallet, bringing new capabilities to its flagship platform, Monetization Cloud. Customers use Monetize360's Monetization Cloud to align their monetization models to strategic business objectives, including delivering better customer relationships, increasing top-line revenue, reducing revenue leakage, and identifying new revenue streams. With the addition of Dynamic Consumption Wallet, Monetize360 offers best-in-class capabilities to service providers looking to increase predictability in their usage-based billing.
"Companies of all sizes are looking for consumption-based business models and product offers," said Igor Stenmark, Managing Director of MGI Research. "From fast-growing, early-stage Generative AI start-ups who offer usage-based models to well-established Fortune 50 companies seeking competitive differentiation, dynamic pricing, and offer management is becoming a mainstream requirement. Customers expect service providers to meet them where they are – with highly personalized offers, real-time spending insights, and zero friction."
Monetize360's Dynamic Consumption Wallet capabilities bring advanced insights, controls, and visibility into every usage-based billing deployment by introducing a system of prepaid credits for drawdowns and the ability to bucket replenishments. The ability to control and manage surges in usage over time brings next-level revenue predictability to service providers. It simultaneously enables customers to more easily understand their current spending and manage their future spending, eliminating costly overages.
Dynamic Consumption Wallet capabilities include:
1. Flexibility and convenience: deposit funds into a wallet account to be used to pay for products and services based on consumption.
2. Real-time cost tracking: easily track and monitor usage and associated costs in real time. The wallet balance reflects available funds, giving customers better visibility and control over their expenses.
3. Incentives and adjustments: offer discounts or incentives tied to wallet usage to incentivize customers to increase their spend over time.
4. Improved relationship pricing: examine customer spending across services, the number of services used (service adoption), and other dimensions to manage relationships better, improve the customer experience, and adapt offerings accordingly.
5. Cost management and revenue optimization: monitor customers' wallet balances and usage patterns to gain deep insights into customer behavior. This data can inform go-to-market strategies related to pricing tiers, discounts, and promotions, ultimately leading to improved revenue generation.
"Our future-forward design has always focused on giving service providers the ability to derive more value from every step of the billing lifecycle, from quote to cash. Second to value, predictability is a key area of interest for our customers. With Dynamic Consumption Wallet, both parties instantly understand what is being used and billed without needless delays or billing processing issues. Service providers improve cash flow, and customers realize improved billing accuracy with deeper visibility into their product and service consumption. This is a win-win for everyone," said Murali Saravu, CTO and founder, Monetize360.
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About Monetize360
Monetize360 is on a mission to eliminate the cost and complexities associated with implementing and managing complex revenue models. Our first-of-its-kind Agile Monetization Platform was purpose-built to enable forward-thinking CFOs, Product, Revenue, and Business owners to quickly and easily adapt their revenue strategy without needing expensive development or consulting resources. Monetize360's no-code platform has an innovative Intelligence HUB at its core that enables complex relationships and business rules to be created, modified, and deployed in as little as a few hours. The result is greater business agility, faster time-to-market, increased top-line revenue and NRR, and reduced churn.
Media Contact
Meaghan Shields, for Monetize360, 6175296357, [email protected]
SOURCE Monetize360
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