New account health and experience innovations enable organizations to retain and grow their customer base
To help organizations create long-lasting customer relationships and grow recurring revenues, Oracle today announced subscription management updates to Oracle Advertising and Customer Experience (CX). The latest updates within Oracle Subscription Management help companies gain a clear picture of account health, with insights from finance, supply chain, and customer experience applications, to increase customer satisfaction and improve retention and renewals.
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“Over the last 12 months, many organizations have embraced subscription business models to grow recurring revenue streams while enhancing customer experience,” said Katrina Gosek, vice president, Product Strategy, Oracle Advertising and Customer Experience (CX). “The latest updates enable businesses to quickly address issues that lead to customer churn and take steps that enhance the subscription experience to improve the likelihood of renewal.”
New features include:
- Churn Probability Predictions: Help sales reps identify issues that might be impacting renewals and take timely corrective action to retain the customer. The predictive model uses artificial intelligence and historical indicators to identify the top drivers contributing to customer churn. The subscription dashboard provides all information necessary to quickly address issues and optimize renewal rates.
- Pre-built Subscription Reports: Enable organizations to engage at-risk customers while also providing the service representatives with the information needed to reward loyal customers through subscription health information. Reports such as top customers and products by monthly recurring revenue (MRR), most frequent product upgrades and downgrades, annual recurring revenue (ARR) and total contract value (TCV) by account and product, and average revenue by customer help organizations gain greater insight into customer activity.
- Self-Service Subscriptions in Commerce: Allow customers to manage their subscription – including viewing usage and upgrading or downgrading service – without help from a sales or service representative. The ability to manage a subscription anywhere and at any time enhances customer experience and reduces costs.
- Service Logistics Integration: Enables field service technicians to view entitlements (i.e., services, rates, and discounts) that are available for a subscriber, which can be assigned in the field at the time of appointment. The ability to instantly assign special offers and discounts improves on-site customer experience.
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“With Oracle Subscription Management, we have reduced our subscription processing time from several days to hours, which has enabled us to focus more on value-driving initiatives, create new business opportunities, and most importantly, provide an outstanding customer experience to our subscribers,” said Trevor Persaud, director, Revenue Cycle at Edmunds. “As a longtime customer of Oracle Cloud ERP and HCM, adding Oracle Subscription Management to our product suite enabled us to align back and front office processes to increase productivity and reduce costs, while better supporting our growing customer base.”
“Subscription models provide businesses with the opportunity to interact more frequently with customers, but those interactions must lead to compelling experiences and tangible customer value over time to keep them on board,” said Brent Leary, co-founder and partner, CRM Essentials. “These updates to Oracle Subscription Management make it easier for organizations to efficiently and consistently turn insights identified from the aggregate front- and back- office data into relevant and timely experiences and next best actions.”