RecVue modernizes and automates the OTC process by creating a digital platform that delivers billing, revenue and channel partner compensation—key elements of a modern OTC process in a single solution.
Please tell us about your role and the team / technology you handle at RecVue.
I am the Founder and CEO, RecVue. RecVue automates the complex order-to-cash processes that enable companies to innovate and operate new business models and scale efficiently.
How does RecVue fit into the modern fintech ecosystem?
Order-to-cash (OTC) is undoubtedly amongst the most critical and complex processes in an organization, yet fewer companies paid real attention to it before the pandemic. The OTC process is the collection of activities—everything from receiving an executed order to fulfilling it, billing as per contract terms and recognizing revenue as per ASC606 rules. Although it seems to operate in the back end, the order-to-cash process optimizes almost every step of the customer journey.
As the process transcends across various departments such as sales, pricing, contracting, collections, warehousing, marketing, finance, and customer service, its significance cannot be underestimated.
RecVue modernizes and automates the OTC process by creating a digital platform that delivers billing, revenue and channel partner compensation—key elements of a modern OTC process in a single solution. Thus, enabling businesses to reduce costs, boost sales, enhance customer satisfaction, and strengthen relationships with all stakeholders.
Our customers will validate that modernizing the order-to-cash process and deploying RecVue’s OTC solution boosts revenues by 5-10% every year.
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Tell us about the recent trends in Order to Cash platforms that you are most excited about. How did the pandemic push for new standards in the industry?
As mentioned, Order-to-Cash (OTC) is one of the organization’s most critical processes.
However, in the ongoing COVID-19 crisis, companies all over the world realized the importance of having recurring revenue business models. Additionally, they concluded that in order to generate liquidity and conserve cash for their very survival, they needed to minimize the risks and maximize the returns from all parts of their business operation—and more specifically, from the OTC processes.
Today, most order-to-cash processes are supported by siloed systems owned by disparate functions. The finance function manages invoicing, billing, and collections, while operations manage distribution and shipping systems, and order processing and sales is managed by the commercial function. This results in a complex and tricky system, often with limited exchange of information and employees having to manually switch between different systems and applications to transfer data. That means unnecessary errors, stress, inefficiencies, time, and costs. Ultimately, adversely impacting customer service and the bottom line.
Post pandemic, we predict that companies will integrate these disparate systems into a single platform solution. This will be a comprehensive OTC platform that will streamline and facilitate all of the exchanges between the relevant functions in the buyer and seller organizations for every transaction. A set of modular infrastructures and applications will support this unified platform that can rapidly evolve to meet the increasingly changing customer and organizational requirements, giving them rapid scale and speed.
What services do you currently offer? What does your Ideal Customer Profile look like?
RecVue provides solutions that help our customers ensure billing completeness, ASC 606 revenue compliance, as well as automates revenue share arrangements with partners. Our company meets the needs of mid-market and enterprise companies dealing with varying custom applications, excel spreadsheets and manual processes—giving them a single, integrated solution. RecVue handles high transaction volumes so enterprises can quickly and accurately process millions of transactions in minutes.
Fintech is one of the most proliferated data science marketplace. How does RecVue use data science, analytics and AI?
RecVue offers a deep learning / neural network platform to revolutionize functions like reduction of calculations and manual operations in the areas of billing, MRR forecasting, anomaly detection in expected revenue, change in behavior, and churn analysis.
Could you tell us about the various B2B integrations that you offer with Enterprise Applications?
RecVue’s integration framework allows seamless data and business event connectivity with CRM systems such as Salesforce, Zoho, Microsoft Dynamics, and Workday, as well as all ERP systems including Oracle, Oracle Netsuite, SAP, and more.
Our API integrations support the sharing of master and transactional data with both upstream and downstream business applications, which allows near-realtime exchanges of information critical to business processes, and shares large data sets with reporting and analytical systems.
We also provide highly optimized Open APIs to modules like Order, Billing, Revenue to post/release billing events, and enable Webstore integrations from customer’s websites—scheduling and maneuvering for ReVue’s Object model.
Finally, RecVue also provides a data mediation layer which is designed to handle multiple data sources, formats and delivery sources. It provides the importing of data using API connectors while supplying a robust exception framework.
What kind of IT infrastructure does a company need to adopt your platform?
RecVue is a full SaaS-based Order-to-Cash platform that runs in the cloud. Customers can access full functionality of RecVue solution without a lot of investment in on-premise IT infrastructure. However, because RecVue bridges the gap between CRM and ERP systems, it needs to integrate these systems (which could be a mix of on-premise or cloud) through a series of APIs and Connectors.
Tell us more about your approach to the adoption of data privacy and cybersecurity frameworks? How do such steps benefit customers?
Our technology has adopted the SOC2 framework, the standards that have been established by the American institute of certified public accountants. The purpose of this framework is to enable organizations that collect and store personal customer information in cloud services to maintain proper security.
Customers’ data privacy is of utmost importance, which is why it’s imperative to conform to the security requirements and conduct both external and internal threat analyses to identify potential cybersecurity threats and take corrective and precautionary measures.
RecVue subscribes to the SOC2 compliance requirements, which is amongst the most challenging frameworks to implement. The implementation of procedures for destroying confidential information, monitoring systems for security anomalies, procedures for responding to security events, for example, have been taken care of.
RecVue has received certification for SOC 2 Type II and SOC 1 Type II compliance.
These steps help establish our credibility with our customers and reassure them of our commitment to uphold their data privacy and protection. Similarly, our content evaluation of the cybersecurity threats, both external and internal, helps prevent data breach risks and strengthen security.
Your predictions on the future of Order Management, especially in the pandemic-hit regions.
Order management touches virtually every system and process in an organization. A well-governed order management also has a direct impact on how a customer perceives a business or brand, especially for those expecting a seamless experience in an Omnichannel environment.
Each point in the order lifecycle management journey presents an opportunity to provide a great customer experience and boost retention and revenue.
This omnichannel journey also presents opportunities to make up-sell and cross-sell recommendations and grow revenue.
Given that enterprises today need best-in-class order-to-cash solutions to be successful, I predict that the future of Order Management will need to provide the following:
- An intelligent Billing Platform (IBP): With evolving economic dynamics and changing customer behavior, organizations will need an intelligent billing engine that can help business leaders quickly react and pivot their time and investment. IBP also provides reporting, analysis, and predictive insights to confirm that business leaders are choosing the billing events that work today and support growth for tomorrow.
- Scalability to meet business demands: The future demands a billing infrastructure that has the ability to be agile and adjust to demand peaks and troughs—which ultimately defines a company’s competitive advantage.
- Customizable business and contract rules: Businesses adopting innovative models and complex revenue streams will need an order-to-cash system that allows rules-based pricing and unique customizations, upgrades, upsells, contract changes, with multi-currency and geo aspects factored in. Businesses will need a futuristic order management system that can help them operate across their global supply chain for inventory to fulfill orders while presenting a single, seamless experience to customers.
- Looking beyond the ERP: ERP systems were not designed to handle the complex order-to-cash challenges of the modern economy—specifically one impacted by the COVID-19 crisis. Today’s complex billing models, including subscriptions that factor in everything from quoting to ordering and fulfillment, are unable to be contained within such a linear process. This requires instead an agile system capable of rapid responsiveness to literally thousands of daily customer events.
- The growing gap between front office (CRM) and back office (ERP): With the increasing business complexities, there is a growing gap between front and back-office processes. Data silos, manual processes, and custom-built applications force many enterprises to do complicated data integrations and process changes to make CRM and ERP systems work together. This makes it much harder for them to embrace innovation, agility and adopt new business models and revenue streams if needed. I predict that digital-ready organizations are going to need modern order-to-cash solutions that are purpose-built to address this growing gap and manage billing, revenue management, and channel partner compensation in a single unified solution.
- Agile billing is becoming a reality: The time for agile billing has come! Organizations need to move from isolated billing solutions to complete order-to-cash solutions which offer organizations the freedom to scale from one-time charges, subscriptions, unlimited usage-based models, to whatever billing model they need. This billing flexibility is what will take both customer satisfaction and innovation to the next level and eventually boost a company’s bottom line.
Thank you, Nishant! That was fun and we hope to see you back on globalfintechseries.com soon.
Nishant Nair is the Founder and CEO at RecVue, an enterprise-grade recurring billing and revenue management platform.
He has spent 20+ years helping companies embrace quote-to-cash, subscription, and consumption-based processes and technologies to drive business growth. He has strong experience in leading business process and systems transformation at high growth, global companies including LinkedIn, Yelp, Pinterest, Dropbox, Lumosity, Equinix, Fujitsu, Walmart.com, Openwave, and Laserscope.
Prior to RecVue, Nishant was a managing partner at Infovity, a technology company that helps enterprises implement, integrate, and develop applications using Oracle Cloud and Salesforce platform. He was responsible for overall operations including the growth strategy, solution roadmap, and customer success efforts. Nishant is also a frequent speaker at leading industry events and a valued contributor to the Forbes Technology Council.
Nishant earned a Bachelor of Engineering degree from Mumbai University and also holds an EMBA in Business from Pepperdine Graziadio Business School.
RecVue simplifies billing by leveraging the most robust and complete Order-to-Cash platform on the market to help modern businesses automate complex billing models, enabling them to scale at speed. RecVue reduces the time to revenue, optimizes billing and revenue processes, and boosts customer satisfaction. Our customers have cut the bill-to-invoice cycle by up to 61% and streamlined Days Receivable Outstanding by up to 25%.
RecVue’s order-to-cash monetization solution is designed for any combination of subscription, usage or consumption-based business models. The platform includes transaction mediation tuned to support high volumes of transactions, a mobile app to capture billable activities in the field, complete billing-to-invoice capabilities, advanced pricing support, partner management/revenue sharing, and robust analytics and reporting.
RecVue’s Order-to-Cash automation solution fits into any IT environment. The platform integrates with any system involved in the recurring revenue lifecycle, including sources of billable transactions, CRM, ERP, and independent receivables or payables applications.