Describe who the software is best for - their role(s) within what kind of companies.
Subscription businesses require that every role within an organization embark on a whole new way of thinking. It’s a completely different business model. It’s no longer about one-off transactions and simply shipping products out to customers. That was the old world. In the new world it’s about putting the subscriber at the center of everything you do. Subscriber-centric businesses must develop multi-channel experiences to deliver the outcomes their customers want, wherever they are. So the Subscription Economy, in fact, requires an entirely new leadership team and a CEO, CMO, CIO, CSO, CFO, CPO, etc who can think and operate within this new paradigm.
Zuora works primarily with the CFO - the owner of this new business model. With a subscription model, there are new demands on finance teams. It’s not just about AR, AP, and closing the books. It’s also managing complex billing and rev rec scenarios, accessing essential subscription metrics, dealing with ever-changing pricing and packaging models and tax laws, and more. Zuora Central is the only cloud-based software platform that functions as a hub to coordinate all subscription management operations. Zuora Central is comprised of six mission-critical engines that work together to orchestrate the order-to-cash process for all subscriptions: pricing, subscription orders, rating, global payments, subscription metrics and subscription accounting.
How does this software benefit them?
Companies once focused on shipping products and processing single transactions are today developing on-going relationships with their recurring customers. This requires back-end processes change to support new, frequent transactions throughout the subscriber lifecycle.
Traditionally, companies that sell products operate with a CRM in the front-office, capturing sales information, and an ERP in the back-office, capturing financial data. In between the CRM and ERP are order-to-cash solutions--quote, order, fulfill, invoice, and recognize revenue. Communication between these different systems were linear and generated only when there was a new sale.
With a subscription business model, companies now have recurring customers and exponentially more customer actions that trigger events (e.g., upgrades, downgrades, suspend). Every event kicks off a different process within the order-to-cash process. When companies try to get a linear order-to-cash architecture to work for subscriptions, they end up hacking systems with manual customizations and workarounds. This results in exorbitant IT costs and FTE hours. The market needed a nonlinear, dynamic order-to-cash solution that responds to ongoing events in the subscriber lifecycle.
This is the problem that Zuora was built to solve: a dynamic order-to-cash solution that responds to ongoing events in the subscriber lifecycle. Zuora has evolved over time as the Subscription Economy grew to include tech, media, manufacturing and automotive companies. The new Zuora Central platform sits in between the CRM and ERP to serve as a subscription management hub that orchestrates the order-to-cash process.
What makes Zuora a leader in this space?
We provide cloud-based software on a subscription basis that enables any company in any industry to successfully launch, manage, and transform into a subscription business. Our vision is simple. We call it “The World Subscribed,” and it’s the idea that one day every company will be a part of the Subscription Economy. Our mission is to enable all companies to be successful in the Subscription Economy.
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Amongst 8 vendors, Zuora was named a leader in the first “Forrester Wave for Subscription Billing Platforms,” ranked highest for Current Offering and Strategy and a leader in the first “IDC MarketScape: Worldwide Subscription Relationship Management 2017 Vendor Assessment”.
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