FEI Webinar- How Recurring Revenue Business Models are Impacting Finance Organizations
We recently had the opportunity to host a webinar with FEI featuring Kevin Long, VP Global Cash Operations at ACI Worldwide.
In this interactive discussion, Kevin discussed how ACI, a global payments company, struggled to combine 3 separate billing systems and 80-plus usage systems across 4 acquired companies, while integrating with Oracle Financials Cloud. What led them to RecVue was they were looking to adopt digital transformation across the company in order to modernize their operations and capitalize on new business models.
During the webinar we had the opportunity to poll the audience and found that:
- Only 28% of participants have an active digital transformation initiative in place
Of those that are considering digital transformation initiatives, the following goals were highlighted:
- Adjusting the business model in response to market disruption- 22.9%
- Increasing or shifting to revenue streams from subscription or usage-based models- 17.1%
- Offering more pricing & delivery options for using or acquiring our products and services- 11.4%
- Updating or replacing the systems we use for finance and accounting- 40.0%
During the Q&A, Kevin discussed the biggest challenge the organization faced in embarking on this initiative:
“Some of the biggest challenges were internal. Having a vision for what we wanted to do was difficult because we had so many internal stakeholders dependent on what we chose to select and implement. In addition, having the vision for our data environment became one of the biggest challenges- master data, governance protocols, how that relates to the contracting process itself, is a common thread all companies face. It is worth the time internally for every organization to have those discussions about what the future looks like before undertaking a major technological investment and business process change.”
We invite you to watch the webinar on-demand here.