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We've Got Your Billing and Monetization Covered
Subscription Billing
Subscription billing involves increased billing complexity, but it is also challenging from a revenue recognition standpoint. SOFTRAX RMS has functionality to handle the complexities of subscription billing and integrate billing with complex revenue recognition and contract functions, drawing on SOFTRAX’s 25-year history in revenue management and revenue strategy.
Consumption and Usage-Based Billing
Consumption, or usage-based, billing is increasingly popular, and it requires sophisticated measurement that ties into the contract and can handle tracking revenue streams at the right price. SOFTRAX RMS meets any demand of a consumption or usage-based billing scenario, supporting all types of measurement, enabling automation for complicated processes, and measuring against the contract.
Milestone Billing
Milestone billing is a payment cycle that uses agreed-upon events or deliverables as billing deadlines. SOFTRAX RMS allows all aspects of milestone billing to be automated and leverages milestone widgets to manage even the most complex schedules seamlessly.
Revenue Recognition
Revenue recognition is a key part of financial success for B2B companies. SOFTRAX RMS automates revenue recognition for ASC 606 / IFRS 15 compliance, empowers faster close times, and handles all levels of revenue recognition from simple to complex.
Subscription Billing
Consumption and Usage-Based Billing
Milestone Billing
Revenue Recognition
Subscription billing involves increased billing complexity, but it is also challenging from a revenue recognition standpoint. SOFTRAX RMS has functionality to handle the complexities of subscription billing and integrate billing with complex revenue recognition and contract functions, drawing on SOFTRAX’s 25-year history in revenue management and revenue strategy.
Consumption, or usage-based, billing is increasingly popular, and it requires sophisticated measurement that ties into the contract and can handle tracking revenue streams at the right price. SOFTRAX RMS meets any demand of a consumption or usage-based billing scenario, supporting all types of measurement, enabling automation for complicated processes, and measuring against the contract.
Milestone billing is a payment cycle that uses agreed-upon events or deliverables as billing deadlines. SOFTRAX RMS allows all aspects of milestone billing to be automated and leverages milestone widgets to manage even the most complex schedules seamlessly.
Revenue recognition is a key part of financial success for B2B companies. SOFTRAX RMS automates revenue recognition for ASC 606 / IFRS 15 compliance, empowers faster close times, and handles all levels of revenue recognition from simple to complex.
Contract Renewal Management
Contract Renewals have a direct tie to business profitability and efficiency. For most companies, the majority of their revenue comes from contract renewals. SOFTRAX RMS tracks the status of every contract through the renewal process. It manages the associated products based on division, location, and other parameters. This reduces revenue loss and leakage and allows quick access to the data needed for timely renewals.
Analytics
Today’s ultra-competitive market requires companies to have perfect, real-time transparency into the revenue metrics that drive their business. Particularly in recurring revenue environments, it is imperative for executives to understand the factors causing month-to-month fluctuations, including upsells, downsells, new logos, credits, pauses, product swaps, and many others. SOFTRAX RMS offers this view of revenue metrics through feature-rich analytics for real-time revenue data, all contract state and history, and change events.
Workflow
SOFTRAX RMS is augmented by a powerful workflow engine with a substantial amount of proprietary IP built in. This workflow engine can be used as a pre-processor for data to extend the power and flexibility of the proprietary policy engines, to automate key, specific workflows, and as a productization of the integration layer for order and other data. A company should use all forms of data for a complete understanding of its revenue and financial status. With SOFTRAX RMS, a company can import customers, products, contracts, orders, invoices, usage records, credit memos, and all your transactional data.
Contract Renewal Management
Analytics
Workflow
Contract Renewals have a direct tie to business profitability and efficiency. For most companies, the majority of their revenue comes from contract renewals. SOFTRAX RMS tracks the status of every contract through the renewal process. It manages the associated products based on division, location, and other parameters. This reduces revenue loss and leakage and allows quick access to the data needed for timely renewals.
Today’s ultra-competitive market requires companies to have perfect, real-time transparency into the revenue metrics that drive their business. Particularly in recurring revenue environments, it is imperative for executives to understand the factors causing month-to-month fluctuations, including upsells, downsells, new logos, credits, pauses, product swaps, and many others. SOFTRAX RMS offers this view of revenue metrics through feature-rich analytics for real-time revenue data, all contract state and history, and change events.
SOFTRAX RMS is augmented by a powerful workflow engine with a substantial amount of proprietary IP built in. This workflow engine can be used as a pre-processor for data to extend the power and flexibility of the proprietary policy engines, to automate key, specific workflows, and as a productization of the integration layer for order and other data. A company should use all forms of data for a complete understanding of its revenue and financial status. With SOFTRAX RMS, a company can import customers, products, contracts, orders, invoices, usage records, credit memos, and all your transactional data.
Frequently Asked Questions
What is revenue management?
Revenue management refers to the use of market, company, and customer data and analytics to determine product and service offerings, pricing, and the allocation of resources for the business. Although sometimes synonymous with pricing strategies, revenue management is more complex and takes other factors into account.
What is a revenue management system?
A revenue management system is used to analyze data, forecast demand, manage resources, determine pricing, and oversee billing and revenue recognition processes. In the past, revenue management systems were used primarily in the hospitality and retail industries. However, revenue management systems are now used across a number of industries, especially in SaaS.
A revenue management system typically consists of several interconnected components designed to analyze data, forecast demand, optimize pricing, manage inventory, track performance, and reconcile billing and revenue recognition. The key components are:
Data Integration: This component involves collecting data from various sources such as sales, CRM systems, and revenue recognition and billing programs to ensure the best decision-making.
Demand Forecasting: This process uses statistical models and algorithms to predict future demand for products or services. The analysis can involve historical sales data, market trends, competitor activity, and other factors to generate accurate forecasts of future demand.
Price Optimization: This is a critical component that determines the optimal pricing strategy for maximizing revenue and involves analyzing demand forecasts, competitor pricing, customer segmentation, and other factors to set prices.
Inventory Management: This process ensures that the right products or services are available at the right time and in the right quantities to meet customer demand.
Channel Management: This involves managing distribution channels through which products or services are sold and determines how inventory is allocated across different channels such as online sales channels, distribution partners, and direct sales channels.
Performance Tracking and Reporting: These processes provide insight into the effectiveness of pricing strategies and revenue management decisions. This component monitors key performance indicators (KPIs) such as revenue, profit margins, occupancy rates, and customer satisfaction metrics.
How does SOFTRAX RMS work?
SOFTRAX RMS is the world’s first single, multi-tenant cloud application solution capable of handling order entry; one-time, milestone, usage / consumption-based, and subscription billing; contract renewal management; and revenue recognition at both scale and complexity. SOFTRAX RMS is designed to be used by companies ranging from early-stage to Fortune 500 to meet their billing and revenue recognition needs. This means that once SOFTRAX RMS is installed, you never have to replace it regardless of changes to systems surrounding it, including core ERP. SOFTRAX RMS is designed with Financial Transformation and Touchless Revenue Accounting principles in mind to maximize automation of the revenue management process.
Does SOFTRAX RMS integrate with other 3rd party tools?
SOFTRAX RMS acts as a seamless bolt-on to over 200 existing ERP systems. As a multi-tenant cloud solution, SOFTRAX RMS is deployed through a continuous release process, ensuring new, value-add functionality is delivered to clients in a highly efficient and timely manner. Companies are no longer stuck on dated versions of their infrastructure, replete with costly customizations that can’t be removed. Due to the high compute efficiency of the multi-tenant cloud model, SOFTRAX RMS is priced below options provided by ERP vendors. SOFTRAX RMS incorporates a strong partner ecosystem, with gateways and pre-packaged integrations to many of the applications required to handle payment processing, tax, exchange rates, and fulfilment that impact both billing and revenue recognition processes.
What are the benefits of using SOFTRAX RMS?
With SOFTRAX RMS, companies are drawing on the company’s 25+ year history of excellence in revenue management solutions and will get the best billing, renewal management, and revenue recognition platform in the market. SOFTRAX pioneered billing and revenue management in 1999 with its award-winning Operations platform. In 2005, SOFTRAX launched the capabilities for subscription and consumption billing monetization and management with its Contrax solution. Today, SOFTRAX RMS draws on this innovation to provide the best revenue management system for growth, client retention, and monetization. We are proud to count AEG, Tyler Technologies, State Street Bank, and many others in our family of clients.
"The SOFTRAX suite of products is uniquely positioned to offer the flexibility to handle the various forms of complex billing and revenue recognition we require.”
John Mathison VP of Operations