11 Oct How Much is Your Billing System Really Costing You?
By Robert Holdsworth
Our business is referred to as the competitive retail energy industry. The key word in that title is not energy. It’s competitive. Most of the time the business feels like a marathon that we’re running at full speed. Getting new customers is one key goal and everyone focus. The acquisition of customers is intense and expensive so how do you make sure you’re maximizing your bottom line while growing at the top.
The heartbeat of any retail energy marketing company is its billing and back office system. After spending hundreds of dollars per RCE to bring in customers and watching them fall off the back end, are you making as much money as you can while effectively serving and building lifetime customer value? The best way for you and your customers to benefit from your relationship is to make sure the customer is getting real value form your service and you’re correctly billing, reconciling and managing your business.
Which of these pain points sounds most familiar to you and your operations?
These problems cost you in many ways – lost revenue, unreconciled accounting, over/under charging customers, misreporting numbers and customer count, and over payment commissions and other significant costs. This also greatly effects employee morale and confidence. Throwing more people and resources to find and fix problems waste more money and erodes the success and potential of your business. Does your management team honestly address these problems or is it easier to ignore them?
Your customers, employees, investors and owners deserve an efficient, configurable back office and billing system. Building value in the business involves more than just customer count and creating relationships that encourage customers to stay with your service and provide visibility and performance for your employees and owners increase the top line and bottom line. Your system must support your growth and vision not dictate it. Don’t let the fear of change cost you and your partners millions!
Choosing the right vendor and system can deliver multiple immediate and long-term benefits.
Enhanced reporting Greater visibility
Extensive process automation Reduce manual errors and risks
Accurate billing Creative product offerings
Provide value-added services Complex commercial products
Shadow billing Easy third-party integration
Timely reconciliation (Just to name a few)
Think of the advantages you’d have if you could significantly lower operating costs, improve operational performance and significantly add to the value of your company. This would be a big win for your customers, employees, investors and owners
Cheaper is not better and usually cost you more.
Robert Holdsworth is the principal of Opsolve