More agile and adaptable monetization strategies have become the key to business success. But if you are just beginning to evaluate your own organization’s monetization health, where to begin? Fortunately, MGI Research has already put a lot of thought into that topic for us.
MGI Research is broadly recognized as the thought leader in Agile Monetization concepts, strategies and best practices, among many other things. What exactly is Agile Monetization? MGI has defined it as “the ability to experiment with, iterate, and manage change in the ways financial transactions are abstracted and processed”. Said another way, it’s about being able to quickly and easily adapt – which I think we can all agree, is more critical than ever in today’s ever changing business environment.
We’re delighted to share their report: 13 Deadly Sins of Agile Monetization.
We’d encourage you to dive into the piece because while it isn’t long, it is weighty. In it, MGI outlines the key indicators that an organization’s monetization strategy might need some adjustment - if not a complete overhaul. Their assessment? Most mid-large sized businesses suffer from at least 5 of the deadly sins, and about 30% suffer from 8 or more.
From our point of view, the 13 Deadly Sins’ focus on monetization accuracy – in everything from billing, forecasting, pricing books, revenue realization etc. – is particularly relevant. Monetization technology has come so far over the past several years that it is painful to think about the various human/system workarounds companies have come to rely on to keep the status quo. These workarounds inevitably leave money on the table, add unnecessary complexity and absorb talent and time that could be better used elsewhere.
Companies are benefiting from future-proofed technology in so many other areas, why shouldn’t it be the same for pricing and billing?