High flexibility and ease of integration with surrounding systems are critical factors in selecting a revenue accounting system. In addition to a vast array of APIs that can be directly called, the SOFTRAX Revenue Management System (RMS) leverages a workflow engine that can act as a pre-processor and an optional integration technology. The SOFTRAX RMS workflow productizes the integration layer. Files are extracted from upstream systems on a scheduled basis and sent to the SOFTRAX RMS SFTP server. The SOFTRAX RMS workflow sweeps these batches handling data validation, emailed error notification, and making the necessary API calls into the system. This approach alleviates significant maintenance costs for companies and speeds implementation. The SOFTRAX RMS workflow adds incredible flexibility to the environment given it can support data transformations and other specific processing.
The SOFTRAX Revenue Management System (or RMS) integrates with your existing ERP, CRM, and CPQ platforms. Importing transactional data from these systems into RMS is key to automating your order management, billing, contract renewal management, and revenue recognition processes.
The SOFTRAX Revenue Management System (or RMS) integrates with your existing ERP, CRM, and CPQ platforms. Importing transactional data from these systems into RMS is key to automating your order management, billing, contract renewal management, and revenue recognition processes.
The SOFTRAX Workflow Engine automates loading this data into SOFTRAX RMS. It’s a user-friendly alternative to developing your own integration with the SOFTRAX API. Use Workflow to import customers, products, contracts, orders, invoices, usage records, credit memos, and all your transactional data. You can also import your configuration data, such as the list of your GL account codes, policy setups, contacts and salespeople.
Workflow can also initiate post-processing actions, in your preferred sequence. For example, after importing revenue items, it can control the sequence of performing carves and then allocations, or allocations and then carves. You can also manually perform several actions at once, such as satisfying conditions and recalculating revenue forecasts with a single data import.
Workflow makes loading and updating your data effortless. Because you don’t have to manually enter this data, it reduces human errors by automating data imports for you. Data that Workflow imports must first be exported from your source system in a spreadsheet or flat-file format. Data must follow our template and format for the type of data you import. Then, Workflow uses our powerful SOFTRAX REST API to process and import data from the spreadsheet into your RMS database. You can schedule the import of your data at regular intervals, or you can manually import data whenever it suits you. In all cases, the SOFTRAX Workflow Engine imports and validates your data, alerts you by email when the import is done, and notifies you of any errors.
The SOFTRAX Workflow engine extends the flexibility of our SOFTRAX RMS policy-driven automation. With Workflow, you can bulk process and upload new data and post-process your existing data.
Are you ready to explore how you can use SOFTRAX RMS for your billing and revenue recognition? Contact us at sales@softrax.com to schedule a 30-minute consultation.
The SOFTRAX RMS workflow is not limited to the import of data. It also supports all forms of post-processing actions, in your preferred sequence. For example, after importing revenue items, the SOFTRAX RMS workflow can perform carves and then allocations, or in the opposite sequence.
The SOFTRAX RMS workflow is designed to receive scheduled extracts of any of these forms of data or can consume one-off uploads of batch data, manually initiated by a user, either to receive new transactions, update master data, or perform post-processing actions in batch.
The SOFTRAX RMS workflow eliminates the need for manual data entry, automating data imports and reducing errors caused by manual entry.
The SOFTRAX RMS workflow incorporates all forms of billing, revenue recognition, contract, sales, and processing data into a powerful, single stream for analysis, reporting, forecasting, and more.
The SOFTRAX RMS workflow automates the importing of information with a powerful verification process and notification abilities, streamlining the billing process and revenue recognition process.
Many solutions require an API-level integration for the overhead activities of managing API call retries, handling errors, performing data validations and other activities. The SOFTRAX RMS workflow eliminates this need, removing a burden from the company’s IT team.
Many times, an upstream system does not have the proper data elements, requiring customizations or workarounds for integration. The SOFTRAX RMS workflow ensures that all data is usable, handling data transformation so that all inbound data can be handled by downstream modules.
Subscription billing and recurring billing power many SaaS businesses and require real-time metrics to help determine profitability. The SOFTRAX RMS workflow provides the data templates needed for subscription management, billing cycles, financial reports, and other key reporting metrics.
Automated billing software streamlines and automates billing processes for a business, replacing manual billing methods with a digital solution that can handle billing tasks more efficiently.
Automated billing software typically works with the following functions:
By automating billing processes, businesses can save time, reduce errors, improve cash flow management, and enhance the overall customer experience.
The cloud has enabled data to be stored and shared more easily, but this ability has shed light on the difficulties that many companies have in sharing data, even within the same department, such as revenue management data. There are a number of reasons for this:
Data Silos: The data might be stored in separate systems or databases that are not integrated with other company systems. This can create data silos, making it difficult for different departments or systems to access and utilize the data effectively. In the case of revenue management, contractual or other data might be stored in a separate system, requiring the running of two reports for revenue recognition and other processes.
Data Formats: Revenue management data might be stored in specific formats that are incompatible with other systems used within the company. For example, one system might use a proprietary data format that cannot be easily understood or processed by other systems, requiring either separate reports or the manual importing of data by hand from one system to another.
Access Controls: Revenue management data often contains sensitive information such as pricing strategies, customer data, revenue, and contract details, and access to this data is often limited. Getting access to the data often means bypassing access controls for integration to another system, and this process can be time-consuming and error prone.
System Compatibility: Some company systems may lack the necessary capabilities or infrastructure to handle the volume or complexity of revenue management data. Integrating such data into these systems might require significant upgrades or modifications.
Regulatory Compliance: Revenue management data is oftentimes subject to regulatory requirements or industry standards for its use or sharing. Ensuring compliance with these regulations while integrating the data into other systems can be a complex process.
The SOFTRAX RMS Workflow automates the addition and sharing of all revenue management data, including data from third-party systems. With SOFTRAX RMS, all billing, customer, revenue data as well as configuration information can be imported and accessed without the need for customization or manual processes. You can enable post-processing procedures and connect upstream and downstream data sources with SOFTRAX RMS. The platform allows you to make the most powerful use of your data.
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