Companies can use pricing to reflect the value of a service to a market. But when you connect pricing to situational demand, companies can create increased value and competitive differentiation.
This is done using data from IoT sensors or operational systems that can provide insights into usage, capacity, availability of assets or customer behavior, which can then be used to guide a customer’s behavior through pricing incentives.
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Challenge
Many companies do not have the capability to offer pricing or charging at granular levels that reflect a customer's situation, location or segment. Not all customers, in all segments, in all locations, in all situations will value your services at a similar price. Connecting pricing / rating / charging to customer situations will enable you to maximize revenue and provide optimal value to customers.
Usage based charging allows you to overcome these challenges and creates competitive opportunities.
Omniware Approach
Dynamics Billing has a powerful data mediation hub, which assesses data from IoT sensors or operational systems for the purposes of rating specific customer situations. Moreover situational rules, such as revenue thresholds, service utilization or customer contract terms can be applied to offer customers pricing unique to their segment and situation.
For example, in the energy industry, hourly electricity use is captured from utility meters and offset by power generated from community solar panels. Customers can be charged net amounts of power from the utility vs locally generated solar power at each specific time of day.
Increase market share with Optimized Pricing
Companies who offer commodity products or services and are looking to increase market share have challenges doing so. There are many examples of highly competitive industries, such as Telecom providers offering bandwidth or mobile plans to consumers, Industrial parts suppliers that have many competitors when selling to manufacturers or distributors or vehicle repair shops vying for fleet business. Optimized pricing can allow these companies to guarantee their end-customers that they will provide the best value pricing for their products and services.
Challenge
These businesses have the challenge of creating pricing bundles in industries that are highly competitive and commoditized. This leads to challenges in creating pricing plans to gain market share without impacting profit margins. For example a telecom provider that resells business customers bulk SIM pricing plans offers its customers a high-quality product and service. It wants to bridge carrier plans with flexible bulk pricing to capture a greater market share amidst similar offerings from its competitors.
Omniware Approach
Dynamics Billing uses an innovative Optimized Pricing algorithm coupled with assessing usage data to calculate charges for end-customers by comparing customers’ monthly usage against competitors’ plans, selecting and issuing the lowest invoice price. With the Telecom Price Guarantee, telecom resellers can offer the best price in a jurisdiction for all services, such as Mobile and Roaming.
Benefits
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Gain market share by offering customers a best price guarantee
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Create competitive advantage by doing what competitors cannot
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Reward customer loyalty through guarantees
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Increase customer satisfaction by guaranteeing customers are getting the best deal
Omniware Dynamics Billing is integrated with Microsoft Dynamics, which allows you to enhance your ERP / CRM system with powerful billing capabilities and a familiar interface.
