Should Insurance Companies Be Using Big Data?

Should Insurance Companies Be Using Big Data?

Insurance Companies and Big Data Your lifestyle, behavior, and attitudes can affect your health, and increasingly health insurance companies are finding ways to gather that information on you. With the rise of technology, many companies are compiling data sets that help them determine how to
That’s It? After All the Hype and Fear About A.I.? Turns Out They Can’t Do the Hard Stuff

That’s It? After All the Hype and Fear About A.I.? Turns Out They Can’t Do the Hard Stuff

Well, guess we should have known better. A.I. can play Jeopardy, Chess and Go but it seems their capabilities have topped out. Let’s talk about a new A.I. “winter”. A.I. was going to take your job – guess again. A.I. was going to bring a

CONTRIBUTORS

David

The Coming Era of Simple, Fast, Incredibly Cheap Cloud Storage

Cheap Cloud Storage Is On Its Way Data storage, like other commodities such as bandwidth, electricity, or simple computer power, ...
Secure Business Agility

Contrary to popular belief, a pro-privacy stance is good for business

Pro-Privacy Stance Right now privacy is a hot topic on LinkedIn posts, especially as it pertains to compliance with the ...
Winning the data intelligence game

Winning the data intelligence game

Data intelligence A case can be made that every company is now a data company. But, it is the effective ...

RESOURCES

20 Leading Cloud CMS Wordpress Alternatives

20 Leading Cloud CMS WordPress Alternatives

THE FUTURE FOR CYBER SECURITY A study entitled, State of Cyber Security 2017, performed by ISACA (Information Systems Audit and Control Association), suggested that cyber security staff are becoming increasingly difficult to find in such a rapidly expanding and evolving field ...
Cloud And Cybersecurity: 5 Things CISOs Need To Consider

Cloud And Cybersecurity: 5 Things CISOs Need To Consider

The Cloud and Cybersecurity Tomorrow’s digital enterprise is at war today. War not only with external cybersecurity hackers and viruses, but also within the organization itself – a conclusion based on my discussions with information security managers and cloud architects ...
tom_color

Connecting With Customers In The Cloud

Customers in the Cloud

Global enterprises in every industry are increasingly turning to cloud-based innovators like Salesforce, ServiceNow, WorkDay and Aria, to handle critical systems like billing, IT services, HCM and CRM. One need look no further than Salesforce’s and Amazon’s most recent earnings report, to see this indeed is not a passing fad, but the early days of a transformational shift in the way Enterprises (large and small) purchase technology services. Enterprises are capitalizing on cloud infrastructure in creative ways, rapidly enabling offerings like Adobe Creative Cloud, Audi On-Demand car sharing service, and a myriad of Internet of Things (IoT) initiatives across verticals that are debuting on the market.

The Cloud as an Enabler of Growth

Companies have handled non-essential operations in the cloud for a while now, allowing them to focus on their enhancing their core capabilities. Increasingly, organizations are utilizing cloud solutions to handle mission critical components as well. Cloud billing has flourished in recent years and is surprising a lot of people with its ability to disrupt traditional transactional business models. Once considered mundane, cloud billing is now an enabler of more predictable recurring revenue and customer success.

cloud-billing

Outdated legacy systems that were built for longer production cycles and static market dynamics simply aren’t cutting it anymore. The cloud-based enterprise billing system is in a unique position to accelerate customer success with technology that speeds time-to-revenue of desired products and services, and subsequently allows rapid iteration of those offerings once launched. This process of innovative iteration is a true win-win in that it increases customer satisfaction, and ultimately customer lifetime value, and thus a company’s recurring revenue.

Modern, agile cloud billing systems are the new enablers. This has spawned an enormous market opportunity—recent estimates put the cloud billing market at $5.5 billion according to MGI Research. And the IoT market, projected by IDC to reach $7.1 trillion in 2020, will only increase recurring revenue numbers by the very nature of how IoT services are consumed per use or over time.

Back Office Goes Front Office

One of the primary values of recurring revenue initiatives is its inherent ability to grow customer satisfaction, as the majority of revenue happens post-sale. The goal is simple: keep the customer happy and retain/expand the relationship. Cloud billing has made its way to the front office, providing a strategic lever to impact customer lifetime value.

Analysts such as THINKstrategies have made the correlation between agile billing that powers predictable revenue streams and customer satisfaction, pointing to a shift in the way back-end finance systems can impact customer satisfaction initiatives. Agile cloud billing platforms provide a better overall customer experience by offering the ability to quickly iterate on offers and promotions in response to customers’ changing wants and needs. Designed with APIs and integration frameworks, they can also provide a unified customer view with the ability to serve upsells and cross-sells throughout the customer lifetime. The single customer view also enables a plethora of features like built-in provisioning, account management, promotions, self-service, customer support (today’s customers really don’t like dealing with call centers, and most companies really don’t like the exorbitant costs of staffing them). The result is increased efficiency and customer satisfaction.

Targeting Customer Centricity

Shop-Tech

(Image Source: Shutterstock)

As we focus on turning one-time customers into longtime champions, business success depends more and more on creating an exemplary customer experience. Many enterprises are looking to reshape themselves like agile startups—requiring more from their legacy systems that are too rigid and expensive to modify in order to satisfy the needs of an ever-changing on-demand market. Simply put, today’s Enterprises have lost patience with the inability of legacy systems to support their need for speed and agility, attributes without which they cannot effectively compete in the disruptive markets that surround us all.

The wave of enterprises turning to cloud-based innovators for a competitive advantage will continue to swell. Leaders will take advantage of these technologies to satisfy their customers, which in turn will maximize customer lifetime value and increase recurring revenue. Conversely, followers are likely to find themselves lost in the clouds.

By Tom Dibble

Tom Dibble

Tom Dibble is President and CEO of Aria Systems, a proven leader with more than 20 years of experience in the high technology market. He joined Aria Systems in 2009 from Oracle Corporation where he served as vice president of worldwide channels and alliances, as a result of Oracle's acquisition of BEA Systems in May of 2008.

Prior to Oracle, Dibble was vice president of worldwide channels and alliances at BEA Systems. Before joining BEA Systems, he managed business development at several high-growth, venture-backed companies.

Dibble began his career working for Goldman Sachs and Company. He holds a degree in economics with honors from Syracuse University.

View Website
The Lighter Of The Cloud - Virtual Lunch Break
The Lighter Side Of The Cloud - FOG
The Lighter Side of the Cloud - Procurement

Cloud Community Supporters

(ISC)²
Cisco
SAP
CA Technologies
Dropbox

Cloud community support comes from (paid) sponsorship or (no cost) collaborative network partnership initiatives.