Oracle Subscription Cloud – A Futuristic Platform for Commerce
SoftClouds LLC
November 20, 2020
Long before Oracle entered the cloud based subscription platforms market, Oracle Communications Billing and Revenue Management (BRM), an on-premise subscription solution, was their subscription/revenue management system. It was used to develop product deals, build customer accounts, evaluate sales, and maintain customer relationships.
The Oracle Subscription Management Cloud is now a 360-degree network that offers a full subscription sales, authoring, and executable subscription management solution. You can have monthly subscriptions to digital media, coverage-related services, and complex items such as cloud data storage that are based on use.
Oracle Subscription Cloud offers great flexibility through the following features:
Business Model Flexibility - Oracle subscription is an agile solution for a subscription business because:
• It supports complex goods and services.
• The management of quotes and agreements is made as clear and versatile as possible.
• A consumer can self-serve while minimizing complex management and manual procedures.
Sales, CPQ, and Commerce - Complex procedures are streamlined across several systems and touchpoints because:
• Supports thousands of engagement points through models of pricing, distribution, and billing.
• Provides sales and support teams with the tools required for simple adjustment, management,
and renewal of deployment options.
• Delivers negotiated rates, use, or terms with quotations and orders based on subscription.
Use Case – Today’s user needs everything customized per his wishes. A user wants a Dell laptop with a specific RAM, laptop cover, memory etc, . These choices can be instantly processed with a powerful CPQ in place and can be easily paid with different subscription plans per month or per quarter accordingly.
Renewals and Insights - Renewal management is improved by ensuring that:
• Renewals are simple and affordable
• Minimized customer churn with smart insights to help identify customers at risk early to
increase renewal rates.
• Intelligent determination of customer cross- and up-selling possibilities
Use Case – Companies like Netflix use real-time intelligent insights that help identify at-risk customers early so that appropriate action can be taken to bring them back. Customer churn can be minimized and more opportunities with respect to cross-sell or up-sell are only possible through an intelligent renewal system.
Dynamic Pricing Models
• Consolidating mixed orders into a single summary invoice of fixed, one-time, periodic, and
consumption or usage-based charges.
• Choosing the model of pricing and billing that meets the current guidelines for revenue
recognition.
Business Success Metrics - Track key performance indicators:
• Identify how subscriptions are affecting the company,
• Include recurring monthly income, overall contract value, per consumer average income, churn
rate, lifetime value of customer, and more.
Use Case – A subscription business has 100 customers and loses 10 customers that month, churn rate is 10% so to grow, it will need to sign up more than 10 customers in the next period. When such real-time indicators are available, it is easy to pin down the cause and improve the rate.
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Tags: Cloud, CRM, Customer Experience
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