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Are subscription business models being overlooked as we enter the Fourth Industrial Revolution?

08-09-2019 09:24 AM CET | IT, New Media & Software

Press release from: SubscriptionFlow

Powering Subscription Economy

Powering Subscription Economy

The Fourth Industrial Revolution and what it means
We are on the cusp of the fourth industrial revolution and it is going to have an impact on the way we live, work and interact with each other due to the adoption of the Internet of Things and Internet of Systems. There is both good news and bad news for business leaders in all sectors and geographies.

The immediate need for traditional business models to switch to subscription business models to keep up with customer demand and increased competition. However, majority of the business leaders today are not fully equipped to take the leap and harness the changes associated with the fourth industrial revolution.

Here is a checklist for a business model to consider it fit for the fourth industrial revolution:

• Does the Board and Executive Team fully

understand the economics of digital platforms
Digital platforms are still fairly new and many leaders today have little experience of operating them. It is imperative that they gain the right know-how so that everyone can be on the same page. It is high time that organizations re-educate all leaders to better compete and collaborate.

• Have you re-visited your company’s vision and objectives for the fourth industrial revolution

Do you aim to serve customers without investing in traditional assets? This is achieved by facilitating high value interactions between multiple parties. This sets out the potential scope of what an organization can achieve. For e.g. Uber’s purpose is to take people from one destination to another without manufacturing cars.

• Have you laid down new metrics to guide your business

Most of the metrics that companies adopt are short-term and rely on past data. The focus is on measuring success of the existing business model but not on emerging new business models. Digital platforms take significant amount of time to materialize and achieve critical success. Which is why traditional CFOs need to develop an understanding of the new types of metrics.

• Does your organization boast of pervasive competence in software, AI

Companies must heavily invest in all activity related with software, data and machine learning: use algorithms to optimize every exchange and replicate human-decision making with software. Once most operational decisions are made by machines, companies will be quick to adapt to ever-changing market demands.

The Subscription Economy

The term subscription economy is understood as businesses offering subscriptions to their customers. Some companies have adopted an entire subscription – based business model such as Netflix and all SaaS companies. Seeing this emerging trend, many traditional business models have shifted towards a subscription business model. One reason for taking this step is to create a distinction from the competitors. A subscription company thrives to sustain a continuing relationship with customers. A growing number of businesses have jumped on the subscription bandwagon which is a clear indication of where the economy is headed. A unique feature of this business model is its ability to provide new products. With a large array of products and services comes the billing challenges.

SubscriptionFlow is a popular choice in cloud-based software solutions that automates and orchestrates the subscription order-to-cash process, including billing, collections, analytics and revenue recognition. SubscriptionFlow can help companies drive top and bottom line results through more timely, innovative, transparent and customer-friendly billing solutions.

Subscription business models are not being overlooked as we enter the Fourth Industrial Revolution. The subscription economy is growing fast year over year. The reason why subscription services are here to stay is primarily due to the shift from a product-oriented mindset to selling results.

SubscriptionFlow
https://www.subscriptionflow.com/
+447377502877
40 Wellington Place Warley Brentwood Essex CM14 5XD

Subscription Flow has designed the best subscription management software to automate billing, invoicing and payments for your subscription – based business. It offers a broad assortment of features that will improve the customer experience and reduce the number of failed subscriptions.

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