This is your chance, how to reduce customer churn

Business services companies can reduce customer churn by assessing customers' usage of your services. Understanding customers’ usage can inform how to communicate to them, or which programs they should be enrolled in, or which other products or services can benefit them - all while they are reviewing the invoice for your services.

Reflecting Customers' Variable Usage 

Equipment Finance companies provide financing large variety of equipment for use by an organization. Equipment can include computing hardware, networking equipment, medical equipment, heating, ventilation, cooling, lighting, control modules, and other various types of infrastructure assets.

Challenge

Quantities of equipment assets will fluctuate over the life of a deal. Customers will need to use the quantity of assets versus the baseline quantity set at the commencement of the deal. The quantity of assets used by customers will fluctuate based on the customers' business needs. Accommodating this fluctuation in assets is historically managed as a manual and tedious process.

Omniware Approach

Dynamics Billing offers unique features to capture, assess, and bill for asset quantity changes. Dynamics Billing can capture transactions via IoT messages from network-based devices, file transfers from an operational system, or simply via a formatted excel file. Dynamics Billing will then compare the transaction volume of each asset against the contractual commitments. Baseline quantities can be set as volumes or dollar commitments. Changes from the baseline are then billed as a flat minimum, as per unit charges above the baseline, or as tiered charges above the baseline or using almost any other charging mechanism. Invoices are then calculated and distributed showing baseline quantity, volume adjustments, and respective charges.

Benefits

• Accurately capture usage of assets and automatically bill for quantities used

• Customers of equipment finance companies can assess their consumption of assets in a convenient report

• Review customers' consumption behavior and engage customers during billing to offer new services or enroll in new programs

• Offer customers’ management  information to allow them control over their consumption of your services