New account health and experience innovations enable organisations to retain and grow their customer base.
Oracle has announced subscription management updates to Oracle Advertising and Customer Experience (CX) which will help organisations create long-lasting customer relationships and grow recurring revenues.
The latest updates within Orac Subscription Management help companiesgain 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, the software maker said in a statement on 12 May.
“Over the last 12 months, many organisations 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.”
The new features include Churn Probability Predictions, Pre-built Subscription Reports, Self-Service Subscriptions in Commerce, and Service Logistics Integration.
“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.”
According to Brent Leary, co-founder and partner, CRM Essentials, these updates to Oracle Subscription Management make it easier for organisations to efficiently and consistently turn insights identified from the aggregate front- and back- office data into relevant and timely experiences and next best actions.