Finance Teams Address Pandemic by Accelerating Move to the Cloud and Driving Revenue By means of New Goods and Companies

DENVER, Dec. 17, 2020 /PRNewswire/ — BillingPlatform today launched its Trends in Finance: 2021 Current market Outlook & Tactics for Growth survey, which will take an in-depth seem at how finance teams are adapting to macroeconomic traits fueled by the world-wide pandemic, finances implications and challenges dealing with finance departments, approaches to generate earnings and other connected subject areas. Conducted in October and November, the nationwide U.S. survey included much more than 300 CFOs and senior finance executives representing a assortment of industries and vertical markets with a the vast majority creating $100 million or more in earnings for every 12 months.

As corporations across the U.S. deal with the ongoing pandemic’s influence on the world economy, finance groups acknowledge its impact on 2021, but continue to be hopeful:

  • Anticipating an Financial Upturn – 83% of respondents imagine it is “most likely” there will be an economic upturn in 2021, with 47% declaring it is “pretty most likely.”
  • Finance Price range Growth – Even from the backdrop of the macroeconomic difficulties, 82% of respondents hope those people to have a constructive effects on their 2021 budgets, with 51% anticipating a reasonable to huge maximize in their 2021 budgets compared to 2020.
  • Concentration on Digital Transformation – When asked how they system to adapt to the new world-wide economic natural environment, respondents named a few best priorities: commit in cloud-primarily based systems (42%), determine techniques to push larger income by way of new goods and solutions (41%) and cut down working expenditures or funds investments (36%).

As the world economic climate recovers, positioning their corporations to drive earnings development is a important purpose for finance groups. When provided a choice of 7 options to rank for driving income, the adhering to had been the leading five alternatives:

  1. Launching new merchandise and solutions to raise market mix (53%)
  2. Instituting new enterprise designs to overcome sector disruption (52%)
  3. Featuring promotional bundling and pricing incentives (44%)
  4. Leveraging recurring or intake-primarily based billing to provide much more interesting pricing (43%)
  5. Growing product footprint into new world-wide areas (42%)

Underpinning the finance group targets and targets for 2021 is a target on technologies and electronic transformation across the whole lead-to-revenue system:

  • Accelerating to the Cloud – The top rated technologies priorities for finance include transitioning legacy IT infrastructure (30%) and legacy business apps (16%) to the cloud, applying AI for predictive analytics (15%), consolidating disparate procedure knowledge for analysis (15%) and automating or updating billing units (14%).
  • The Check out is However in the Mail – Only 9% of respondents described that all of their accounts receivables ended up compensated via electronic payments even though about 50 percent said that at minimum 50% have been paid out digitally.
  • Limitations to Electronic Payments – When requested what was avoiding them from transferring to electronic payments, respondents listed the expense of products and services (42%), fears of cybersecurity assaults and payment fraud (38%), consumer reluctance (32%), devices and infrastructure lacking (31%) and worldwide currency complexities (29%) as the prime issues.

“Even though it is no shock that the world wide pandemic has entirely disrupted programs for this year, the study displays its extended-expression influence on the business tactics for finance teams. In contrast to our last survey, both the quantity of respondents observing financial uncertainty as a problem and shifting to the cloud have doubled,” reported Dennis Wall, BillingPlatform CEO. “Accelerating a cross-marketplace development, companies are recognizing the great importance of recurring earnings and the will need to offer you a lot more flexible products and services with promotional, incentive, recurring or usage-based mostly types to make loyalty and travel profits.”

In addition to the Craze in Finance: 2021 Current market Outlook & Methods for Advancement report, there is also an infographic obtainable.

About BillingPlatform, Corp. 
BillingPlatform’s agile billing software answer presents revolutionary enterprises the freedom to properly monetize and deliver products and solutions and companies ensuing in advancement and competitive differentiation. Our business-top, cloud-centered platform adapts to each unique small business product and pricing structure. With world wide shoppers throughout various industries which includes communications, transportation, production, banking, technological innovation, vitality, media, and program, BillingPlatform processes billions of transactions and bucks each and every calendar year, enabling enterprises to mature profits, cut down costs, and strengthen all round consumer experience. To master a lot more, visit billingplatform.com.  

Push Make contact with: 
Meghan Locke 
BillingPlatform  
[email protected] 

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