Roll over the pyramid to learn more about each level of the hierarchy.
Billing Wellness and the New Billing Value Hierarchy
Many organizations look at the billing process as an administrative function that has to get done. This view overlooks inefficiencies that could plague billing and, more importantly, overlooks opportunities that exist to drive real business value through billing.
In order to realize the hidden value in billing, organizations must view the process through a more strategic lens.
This new view of billing is called Billing Wellness.
The Billing Wellness Hierarchy identifies the value possible as a result of increased functionality, advanced technology and new processes at each level of the billing process.
Accuracy & Delivery
An organization must have strategic and repetitive processes in place to ensure optimal accuracy. And when it comes to delivery, simply getting bills out the door is not an indication of success. More strategic organizations look at the timeliness of their delivery, the efficiency of the delivery process, the manner in which they deliver and the costs associated with the process – and they continually seek new methods to improve on each of these elements.
Convenience
Convenience comes from providing increased visibility of billing information for both customers and internal staff, it comes from ease of accessing information, and it comes from a better designed bill. All of these aspects create new levels of convenience in the way that customers communicate and interact with their billing partner. An organization should ensure their technology and processes make it as easy as possible for their customers to do business with them.
Electronic
Electronic billing, or eBilling as it's often called, combines each of the preceding levels in a more efficient, cost-effective and environmentally friendly delivery vehicle. Not only does eBilling cut down on paper and postage costs; it increases the speed of delivery, increases the speed of payment, enhances cash flow and allows for much greater tracking and measurement of every aspect of the billing process.
Communication
The most strategic billing professionals see billing as an opportunity to communicate with customers: to use the bill as a marketing vehicle that ultimately drives new revenue. Whether alerting customers of new products or services, or leveraging the bill to provide offers that drive trial or sales, the bill is an often overlooked and untapped customer touch point that can drive awareness, value and revenue.
Achieving Wellness
Only when an organization recognizes and proactively leverages each of these critical components of the billing process can they drive optimal value from their billing, only then can they achieve optimal business impact, only then have they truly achieved Billing Wellness.
