Oracle Boosts Subscription Management to Help Organizations Grow Recurring Revenues

Rhea-AI Summary

Oracle announced updates to its Subscription Management platform to enhance customer relationships and boost recurring revenues. Key features include Churn Probability Predictions that help identify risks to renewals using AI, Pre-built Subscription Reports providing insights on customer activity, and Self-Service Subscriptions that allow customers to manage their subscriptions independently. The updates aim to reduce churn, improve customer experience, and streamline operations, ultimately helping businesses retain clients and enhance profitability.

Positive

• Introduction of Churn Probability Predictions to help increase customer retention.
• Availability of Pre-built Subscription Reports for deeper insights into customer behavior.
• Launch of Self-Service Subscriptions to enhance customer experience and reduce operational costs.
• Integration of Service Logistics to improve on-site customer service.

Negative

• None.

AUSTIN, Texas, May 12, 2021 /PRNewswire/ -- To help organizations create long-lasting customer relationships and grow recurring revenues, Oracle today announced subscription management updates to Oracle Advertising and Customer Experience (CX). The latest updates within Oracle Subscription Management help companies gain 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.

"Over the last 12 months, many organizations 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."

New features include:

• Churn Probability Predictions: Help sales reps identify issues that might be impacting renewals and take timely corrective action to retain the customer. The predictive model uses artificial intelligence and historical indicators to identify the top drivers contributing to customer churn. The subscription dashboard provides all information necessary to quickly address issues and optimize renewal rates.
• Pre-built Subscription Reports: Enable organizations to engage at-risk customers while also providing the service representatives with the information needed to reward loyal customers through subscription health information. Reports such as top customers and products by monthly recurring revenue (MRR), most frequent product upgrades and downgrades, annual recurring revenue (ARR) and total contract value (TCV) by account and product, and average revenue by customer help organizations gain greater insight into customer activity.
• Self-Service Subscriptions in Commerce: Allow customers to manage their subscription – including viewing usage and upgrading or downgrading service – without help from a sales or service representative. The ability to manage a subscription anywhere and at any time enhances customer experience and reduces costs.
• Service Logistics Integration: Enables field service technicians to view entitlements (i.e., services, rates, and discounts) that are available for a subscriber, which can be assigned in the field at the time of appointment. The ability to instantly assign special offers and discounts improves on-site customer experience.

"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."

"Subscription models provide businesses with the opportunity to interact more frequently with customers, but those interactions must lead to compelling experiences and tangible customer value over time to keep them on board," said Brent Leary, co-founder and partner, CRM Essentials. "These updates to Oracle Subscription Management make it easier for organizations to efficiently and consistently turn insights identified from the aggregate front- and back- office data into relevant and timely experiences and next best actions."

Learn more and see demos at our Innovation Showcase here. 

About Oracle
Oracle offers suites of integrated applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.

Trademarks
Oracle, Java, and MySQL are registered trademarks of Oracle Corporation.

View original content to download multimedia:http://www.prnewswire.com/news-releases/oracle-boosts-subscription-management-to-help-organizations-grow-recurring-revenues-301289281.html

SOURCE Oracle

FAQ

What are the new features in Oracle's Subscription Management announced on May 12, 2021?

The new features include Churn Probability Predictions, Pre-built Subscription Reports, Self-Service Subscriptions, and Service Logistics Integration.

How does Oracle's Subscription Management help reduce customer churn?

It uses AI to predict churn probability, enabling timely interventions to address potential issues affecting renewals.

What benefits do Pre-built Subscription Reports provide?

They offer insights on customer activities, such as monthly recurring revenue and product upgrade trends, helping organizations engage at-risk customers.

How do Self-Service Subscriptions enhance customer experience?

They allow customers to manage subscriptions independently, improving satisfaction and reducing support costs.

What is the significance of the updates to Oracle's Subscription Management for businesses?

The updates aim to improve customer retention, streamline processes, and enhance overall customer experience, driving recurring revenues.