How AI-powered billing can help your enterprise become more competitive this year

Have you been wondering whether your organisation is doing enough to incorporate artificial intelligence into its operations? It's become a key question, perhaps even the key question, for Australian businesses across the board.

No longer the stuff of science fiction, AI now sits squarely on the executive agenda. In 2024, we're seeing businesses and organisations of all stripes and sizes grappling with the simultaneous opportunity and threat it can present to their traditional business models and modes of operation.

As to the question of where and how you should be deploying it: In the mission critical programs and platforms used to power your operations is an obvious place to start.

AI-powered software in the enterprise

While it may have taken the unveiling of OpenAI's Chat Generative Pre-trained Transformer, better known as ChatGPT, in late 2022 to raise collective consciousness about AI and machine learning, major software vendors have long been alive to their potential – and they've been busily incorporating them into their enterprise solutions apace.-
It's a trend that will run and run as AI technology continues to evolve at a dizzying speed.

In fact, scratch below the surface, and you'll likely find AI has already been deployed at the back end of many of the general business and specialised vertical applications your organisation is currently consuming or evaluating for future use.

Supercharging revenue management 

If your IT and finance departments are keeping pace with market developments, those solutions should include the revenue management platform you use to manage the quote-to-cash lifecycle for your chosen monetisation model.

A once low-profile area of operations, revenue management has come into its own in recent years, as decision makers have collectively realised the advantages that can accrue from smarter end to end management of the billing process.

Choose a premium, cloud-based, AI-powered revenue management platform, and you won't just have the ability to bill your customers promptly and accurately for the products and services they consume or purchase. 

You'll also be able to detect anomalies, collect and allocate payments and monitor outstanding debts with minimal human intervention.

And there'll be the opportunity to utilise extraordinarily powerful data analytics technology too – to monitor and manage your customer base and extract actionable insights that enable you to refine your offering in order to optimise its value and customer appeal.

Smarter, faster, better

What's more, you'll be able to do all those things at unprecedented speed. 

An AI-powered solution can supercharge the creative process and enable new ideas to be brought to life far faster than was possible or practicable back in the analogue era.

It can take care of the 'how', leaving you and your team free to focus on the 'what' and the 'why'.

Should you be considering a transition from upfront to usage-based pricing, for example, your AI-powered revenue management platform can be used to gather and analyse the data you need to develop a business case, determine the optimum pricing scale and implement the changes swiftly and seamlessly.

Being able to do things that in days of yore would have taken several months, in a matter of just weeks and days can confer a powerful competitive advantage, particularly if your competitors are continuing to operate with legacy technology.

Building blocks for a better business 

Artificial intelligence is having a profound effect on the way businesses structure their operations and engage with their customers.

Adopting mission critical solutions that harness its power is essential, if your organisation hopes to keep up with its competitors and retain mind and market share.

If profitable growth is your north star, it's game changing technology you can no longer afford to be without, in the revenue management space and right across the enterprise.