Why the right reporting is so important
t3n from 30.03.2021: Improved predictability and higher liquidity are the most obvious benefits of monthly recurring revenues, such as those generated by subscriptions. What can be achieved with a good data basis and the right reporting, you can read here.
One-time transaction turns into long-term relationship
While customers have an intense but one-time touchpoint with the brand when they buy a product, a subscription model offers multiple benefits in the long run:
- Lower entry hurdle for users: Due to the lower entry price and often flexible cancellation options, users are more likely to take the step towards a contract than with a single purchase.
- More connection points: Steady interactions between brand and user are created via regular product mailings, monthly billing and recurring product use
- Improved corporate planning: Forecasts and trends provide reliable forecasts of revenue and user numbers; at the same time, the churn rate indicates the need for action at an early stage
In particular, the improved predictability of sales and the ability to use trends and forecasts to assess risks and opportunities at an early stage and respond to them is worth hard cash. But this requires not only Monthly Recurring Revenue (MRR), but also one thing above all: a data and reporting basis tailored to the specific needs of the company.
Reporting made easy(er)
The creation of reports is often associated with a lot of work and effort – especially when, in addition to classic KPI reports, industry-specific reports, monthly and annual financial statements or detailed transaction overviews are among the recurring time-consuming and nerve-racking tasks. This problem has been addressed by the Berlin-based software company nexnet.
nexnet not only helps with the creation of standard reports with a fixed structure, but also creates individual reports for which the scope of services can be determined by the user. This means that the data obtained can be evaluated as desired without having to deal with it manually. Reporting from nexnet is not only beneficial for retrospective analysis; the data is also valuable for fraud management thanks to high-spender reports and indications of conspicuous user behavior.
Useful addition by Tableau
With the features of Tableau, a business intelligence tool, this acquired data can be further processed in a meaningful way. Tableau is the world’s leading platform for analytics and data visualization and enables companies to prepare data visibly and understandably and to use it efficiently to identify and solve problems.
nexnet has been providing the right setup for monitoring and controlling transactions for over 20 years. From accounts receivable management to MRR billing or subscription billing: any of nexnet’s services can be usefully supplemented by a comprehensive BI report.
Meaningful reporting and data visualization are important tools for both strategic and operational processes. At nexnet, the customer decides between standard reports or individually customized reporting – by e-mail, online or directly integrated. Connecting Tableau also adds valuable visualizations and analytics capabilities to this setup.
