BillingPlatform, a revenue management provider, has been selected by IDP Education as its billing and revenue recognition solution.
As part of a multi-year agreement, IDP will use BillingPlatform to automate and scale its revenue management processes as its business expands to keep pace with growing interest in studying abroad.
IDP has more than 50 years of experience helping students with international education. It's an Australian-listed company and operates in more than 50 countries. Its websites attract 100 million visits each year. IDP partners with more than 800 universities, schools and colleges across Australia, Canada, New Zealand, the United Kingdom, Ireland and the United States.
The company is also a co-owner of the International English Language Testing System (IELTS), the widely used English language test for study, work and migration purposes, recognised by more than 11,000 institutions.
"IDP's growth has accelerated, and it is strongly positioned for the rebound as it has delivered smarter and increasingly personalised ways to guide people on their study, career and migration journey," says IDP chief financial officer, Murray Walton.
"An ongoing program of innovation reinforces IDP's industry leadership position. As the business scales, IDP recognised that its legacy billing could not support its different billing domains and often required manual processes to generate accurate bills. No other organisation has the scale and reach to compare with our highly trained and trusted counsellors, who help students from course search, through placement and their study and on into new careers."
He says as part of a broader initiative to digitally transform the company's operations, BillingPlatform stood out in the market for its innovative technology and its consultative approach to understanding the intricacies of its business and how best to support it.
After a thorough review, IDP is deploying BillingPlatforms BillingCloud and Revenue Recognition products.
"Given the critical nature of revenue management to ongoing operations, too many businesses are limited by legacy technologies or solutions that are inefficient, inaccurate or require manual intervention to support complex offers driven by changing market dynamics and customer expectations," says BillingPlatform CEO, Dennis Wall
"Given its size, global reach and diverse business model, IDP is a great fit for our cloud platform architecture and ability to automate and scale revenue management processes to fuel business growth."
He says BillingPlatform is the only revenue management solution on the market that enables enterprises to monetise any product offering, from simple subscriptions to sophisticated usage-based pricing models and everything in between.
"BillingPlatform provides full lifecycle support of the monetisation process from product setup, quoting, billing and invoicing, revenue recognition, through payment and collections all on a secure, next-generation cloud platform. The unparalleled flexibility of the platform puts enterprises in control of how they differentiate in the market, maximise profitability, reduce operational costs and improve the customer experience."