Prior to launching a recurring revenue initiative, it’s best to take a step back and assess areas of the business to ensure you’re ready for implementation. If you want the competitive advantage, you have to give your customers what they want, when they want it, the way they want it. Successfully delivering a customer experience that meet those expectations challenges your business capabilities, from customer engagement to security and compliance.
A successful recurring revenue setup requires proficiency in a set of core business and operational capabilities, including: customer engagement, responsiveness, service delivery, customer service, invoice and payment, scalability, channel management, analytics, and agility. And because data fragmentation can be amplified by the scale and pace of recurring revenue, compliance and security concerns should be identified and mitigated early in the initiative.