Revenue automation masterclass with PwC
Pete Schraeder of PwC recently joined me on the show to talk about all things revenue automation: how business models are changing, right-sizing solutions for individual client needs, looking at revenue cycles end-to-end and so much more. You don’t want to miss this one.
Let’s dive into my biggest takeaways from this episode.
Key takeaways
1. Business models are changing from ownership to usership
We're seeing a massive shift in how businesses operate.There has been a trend in moving from ownership to usership, which changes the game for how businesses run. Companies are realizing that people don't always want to own things outright; they want access and convenience.?
With that in mind, we need to be able to look at our current models and see where we can elevate our products or services so they can evolve to fit the current marketplace. Here are a few key ideas that can help keep your business on the cutting edge.
“The move away from ownership to usership I think that's really actually changing the way we're working… So there's automation options that companies should take advantage of that are out there in the marketplace and they need to start thinking about it. Whether they're in the infantile stages, and a very small part of their business is moving to consumption and usage, or the majority of it, right? Just because again, I think that's what we're going to see in the future. I don't have a crystal ball, so I can't actually predict exactly what's gonna happen, but if I were a betting man, I would say that that's probably where we're going to see companies move into the future and that you're going to see a lot more of that revenue stream that was consistent for the tech sector is going to be consistent across all industries.”
2. Solutions should fit individual client needs
One size does not fit all. You've got to remember that every client or customer is a unique individual. They have different needs, wants, and even quirks. So, forget about those cookie-cutter solutions. To thrive, you've got to approach your offerings in a way that suits each client well for what they’re trying to accomplish.?
“I see the tail as almost being endless. It seems like clients continue to struggle with this and the cool thing is there's not a one size fits all model, so it's not like you're like, oh, here you go. Here's the answer to it. You really have to kind of understand what the client's specific, unique situation is, and then you tailor it.”?
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3. Group use cases for right-sizing solutions
In the world of revenue automation, it's like having a buffet of options. But here's the thing: you can't eat everything on the menu. You've got to ask yourself, "What's going to give us the most bang for our buck?" Focus on the use cases that align with your business goals. Don't spread yourself too thin trying to do it all.
“What you're truly trying to get out of the use cases is the functionality that you need the solution to be able to perform. So there might be nuances of various different functionality, I'll say, spins, but the reality is if the functionality can be met…to your point, you want to group them, you want to basically focus on what's the functionality that I want to be able to see the system do, and let's use that as what my use case is, that I want to actually then ensure that the systems can either do that or no they can't, and then we'll have to build something outside the system or potentially customize.”
4. Looking holistically at the end-to-end cycle is crucial
With advancements in tech, it’s not enough to slap a proverbial Band-Aid on individual problems. We need to take a step back and look at the whole picture. Look at the entire journey, from the very beginning to the end. It's much easier to make improvements early on than trying to fix things retroactively.
“If you just look at one area, right? Call it, revenue, right? You're going to miss things upstream that need to be captured. And so, the fact of the matter is maybe you get a consultant that sees the end-to-end cycle, or maybe you get the right individual within an organization to come together and look at it holistically… if you don't have the full vision of how everything fits together and you have not planned how things are going to be implemented and what is quote unquote dependent on other things, you could definitely miss something here. And the complexities are significant.”?
About the author:?
Em Daigle is the VP and General Manager of Zuora Revenue. As a former revenue accountant turned tech executive, Em has always been fascinated by the intersection of accounting and technology. Her mission is to empower every corporate accounting team with the latest technology that enables completeness, accuracy, and real-time revenue visibility, while getting accountants out of “Ex-Hell” and allowing them to focus on analytics and business partnering.
Follow Em on LinkedIn for insights that help accounting leaders evolve their career, modernize their teams and become more influential partners to the business.