Build a Profitable Business by Mastering Subscription Management with Oracle and JSubscribe

The subscription economy is booming. From streaming services and software, to physical goods and even transportation, every business sector is embracing this model to foster recurring revenue and build long-term customer relationships for a maximized Customer Lifetime Value. According to a report by Zuora, the subscription economy has grown nearly six times (more than 435%) over the last nine years. Another study predicts that by 2025, 75% of organizations selling directly to consumers will offer subscription services.

However, maximizing Customer Lifetime Value in the subscription model effectively is no small feat. Many businesses face significant challenges in ensuring smooth operations and maintaining customer satisfaction. Furthermore, companies find launching new products and creating pricing strategies very time-consuming. All of this adds to the complexity of effectively engaging customers with valuable subscription services.

Lengthy renewals and nonstandard contracts disrupt revenue recognition and financial closing processes. Oftentimes, the end-to-end financial flow for subscription services is built “as it comes” and when the requirement arises, rather than a laid out process. Dependency on dispersed systems and cross-functional teams, plus constantly evolving selling models, leads to non-standard business processes, which in turn causes revenue leakages and convoluted financial closing activities.

An effective way to standardize processes, and efficiently support your financial activities involving subscription services is by onboarding an agile and modern Subscription Management software.Oracle Subscription Management provides a modern, connected and automated subscription management service that is meant to adapt and scale to evolving business needs.

The Challenges of Subscription Management in Modern Businesses

Modern businesses are increasingly adopting subscription-based models to foster recurring revenue and build long-term customer relationships. However, with this shift has come with several challenges:

• Complex Billing Cycles: Managing different billing cycles for diverse subscription plans can be complicated and error-prone, affecting revenue recognition activities and account reconciliation processes.
• Customer Retention: Keeping customers engaged and satisfied to reduce churn rates requires constant innovation and personalized offerings.
• Scalability: As businesses grow, their subscription management systems need to scale efficiently without compromising performance. Different subscription models, tiers, types and products paired with global offerings pose a challenge to rapid growing businesses.
• Data Integration: End to end integration of subscription data with other business systems such as CRM CPQ and SFDC is crucial for holistic business insights and operations. An upstream and downstream integration that provides real time visibility requires all systems to work seamlessly.
• Compliance and Security: Ensuring that subscription management processes comply with various local and international regulations and standards is essential for maintaining trust and avoiding penalties.
• Global Customer Base: Dealing with global customers with various Subscription plans retaining and growing the customer base with various price plans and deals for Subscription strategies.

Introducing Oracle Subscription Management

Oracle Subscription Management is a comprehensive solution designed to address the complexities of supporting subscription-based businesses. It offers a suite of tools and features to streamline operations, enhance customer experiences, and ultimately maximise Customer Lifetime Value.

What is Oracle Subscription Management?

Oracle Subscription Management is a comprehensive, cloud-based solution designed to streamline the entire lifecycle of subscription services. It enables businesses to manage subscription services flows:, from initial acquisition to billing, renewals, and customer support, all in one platform. The solution is part of Oracle's broader suite of enterprise applications, ensuring seamless integration with other Oracle Cloud services and third-party systems to ensure a connected end to end process.

Key Components of Oracle Subscription Management

• Subscription Lifecycle Management: Manage the entire subscription lifecycle, including setup, modifications, renewals, and terminations, ensuring a seamless experience for both businesses and customers choice.
• Automated Billing and Revenue Recognition: Automate complex billing processes and ensure compliance with revenue recognition standards, reducing manual errors and enhancing financial accuracy.
• Customer Engagement and Retention: Provide tools for personalized customer engagement, including targeted promotions, loyalty programs, and proactive retention strategies to minimize churn.
• Advanced Analytics and Reporting: Leverage advanced analytics to gain insights into subscription performance, customer behavior, and revenue trends, enabling data-driven decision-making.
• Flexible Pricing Models: Support various pricing and renewal strategies, including tiered, usage-based, and hybrid models.

Industries Oracle Subscription Management Caters To

Oracle Subscription Management is flexible enough to caters to a wide range of industries, including:

• Technology and Software: SaaS companies, software vendors, and tech firms.
• Media and Entertainment: Streaming services, digital content providers, and media companies.
• Healthcare and Life Sciences: Medical subscription services, health and wellness programs.
• Retail and E-commerce: Subscription boxes, online retailers, and consumer goods.
• Telecommunications: Mobile carriers, internet service providers, Over the Top (OTT) platforms and cable companies.

Business Benefits of Using Oracle Subscription Management

Implementing Oracle Subscription Management can offer numerous benefits to organizations, including:

• Increased Revenue: Enhance revenue streams through efficient management of subscription plans and renewals with Subscription Lifecycle Management.
• Reduced Churn: Improve customer retention with personalized experiences and proactive engagement leveraging targeted promotion, flexible pricing models and loyalty programs.
• Operational Efficiency: Automate manual processes and reduce operational overheads with automated billing and revenue recognition.
• Better Decision Making: Leverage data-driven insights to make informed business decisions utilizing built in configurable dashboards.
• Scalability: Easily scale your subscription operations as your business grows.

Who Should Implement Oracle Subscription Management?

Oracle Subscription Management is ideal for businesses that:

• Operate on a subscription-based model service or offering.
• Seek to improve and scale their subscription management processes and business.
• Companies operating subscription offerings in multiple countries
• Aim to enhance customer satisfaction and reduce churn signal by low renewal rates.
• Customers in the IOT and OTT entertainment industries.
• Need seamless integration with other business systems, such as ERP or Supply Chain.

Best practices for Implementation and Post-Implementation of Subscription Management

• Clear Objectives: Define clear objectives and KPIs for your subscription management strategy, such as increased renewal rates, upgrade rates.
• Data Migration: Ensure smooth data migration from legacy systems to Oracle Subscription Management, by identifying all the start and end points of data. Ensure that customer, billing, and historical data are preserved
• Training and Support: Provide comprehensive training for your team to maximize the benefits of the system. Leverage your or your partner Change Management Organization to ensure a smooth transition for workflows, processes and end user experience
• Continuous Optimization: Regularly review and optimize your subscription management processes based on analytics and feedback.

Partnering with a certified Oracle partner ensures that these crucial points are expertly managed. With extensive experience and a deep understanding of Oracle solutions, a certified partner like Jade Global can help define clear objectives and KPIs tailored to your business goals.

Jade Global as an Oracle Subscription Management Partner

Partnering with a trusted implementation partner like Jade Global can significantly enhance the success of your Oracle Subscription Management deployment.

Jade Global is a certified Oracle partner for 20+ years, offering expertise in Oracle solutions, providing end-to-end support. From initial setup to ongoing optimization, we will ensure that our customers maximize the potential of their Oracle Subscription Management investment.

Accelerate your ROI and Achieve Your Business Expansion Goals with JSubscribe by Jade Global

JSubscribe by Jade is a subscription management solution built for Global Sales and Finance Teams. It combines the best-of-breed solutions from Oracle & Salesforce, offering our customers pre-built automated workflows for unified quote-to-revenue recognition, and faster ROI realization.

JSubscribe standardized and automates processes, reducing the complexity of using multiple systems and allowing you to skip time-consuming manual efforts. You can seamlessly adjust contracts and subscriptions according to your customer needs and market trends. Additionally, it reduces financial risks from revenue leakage due to pricing errors, renewal lapses, or missed up/cross-sell opportunities.

Benefits to Your Business with JSubscribe

• 40% improved efficiency for subscription management with 360 visibility tracking contracts, amendments, renewals, up-billing, and subscription analytics
• 50% reduced manual administration with Automated end to end subscription management workflows
• 40 % faster quote-to-revenue process with streamlined quote generation, contract creation & renewals, invoicing, and payments
• 20% reduction in revenue loss by identifying and managing errors in contracts
• 15% savings on implementation cost by leveraging our best practice implementation recommendations

How is JSubscribe Different?

The solution includes:

• 20+ pre-built use real time use cases with additional scalability for growing businesses
• Four different reference architectures
• Built-in analytics to drive GAAP and Non-GAAP KPIs
• Simple to configure yet powerful security model leveraging our best practices and experience
• End-to-end compliance, including ASC 606 rules and IFRS 15 rules for Revenue recognition.

Conclusion

Combining the capabilities of Oracle Subscription management and JSubscribe will enable you to reduce the complexity of using multiple systems for quotes, orders, contracts, and revenue recognition. JSubscribe offers a streamlined, efficient, and scalable solution that helps businesses achieve their expansion goals while maintaining operational efficiency and enhancing customer satisfaction.

For more information on how JSubscribe can benefit your business, check here.