The digital economy refers to an economy that is based on digital technologies, although we increasingly perceive this as conducting business through markets based on the internet and the World Wide Web. (BCS, The Charter Institute of IT)
The world economy is currently in the midst of a shift from the internet economy to what can be best called the Digital Consumer Economy. The reality is that innovation of technology and how companies conduct business over the internet has opened up a digital economy that is just emerging.
Kosha Gada with CNBC analyzes the Digital Economy and the behavioral shifts it has ignited illustrates the Digital Economy as a 3 Trillion Ecosystem.
The Digital Economy is worth almost three trillion dollars today. To put it in context, this is about 30% of the S&P 500, six times the U.S.’ annual trade deficit or more than the GDP of the United Kingdom. What’s more is that this entire value has been generated in the past 20 years since the launch of the Internet.
The cloud and big data have been tremendous enablers of the digital economy, and they will continue to have an impact as they evolve and develop. But I think the next breakout technology will be the IoT [Internet of things] because it will impact a wide range of industries—insurance, health care, automobiles, appliances, etc., - See more at: http://www.baselinemag.com/innovation/what-is-driving-the-digital-economy.html#sthash.QkGEkaBC.dpuf
The diagram shown, is a forecast of Intelligent Systems for a More Connected World. Intelligent Systems are devices that transform how we travel, shop, and make things and more. Some examples here are: By 2020 each person will own an average of 7 connected devices 71% of todays shoppers are multi-channel. 23.6 million cars are projected to have the internet by the end of this year. That is rising from 8.7M in 2010.
And this is just the beginning of a digital evolution. There are additional factors that are driving the digital economy (NEXT SLIDE)
As the IoT emerges, it will unleash new thinking around business models. New business models that balance people, process, and technology will drive new innovative solutions. Whether is creating a connected device to your network and charging for it, or developing a new smartphone app to integrate to a device and network. Old technologies and business models will change and you will need a billing solution or provider along the way.
Another factor driving the DE is the The Now Generation (aka Millenials) Expect to be connected all the time, anytime and in real time Expect data and updates in real time They want to manage their accounts in real time They want to purchase in real time
As the DE economy continues to emerge and develop companies need to ask themselves , are my systems ready for the digital economy? Specifically how can you undertake a digitial transformation to remain competitive without breaking the bank.
More flexible charging and pricing capabilities Full Order to Cash lifecycle Usage and tiered billing events Support complex B2B use cases: Revenue sharing Partner sharing Complex revenue recognition Compensation/commissions Integration that is secure and standard A Powerful partner ecosystem
BRMbox demo at Oracle Open World 2016
How to Monetize
Enterprise Billing in the Cloud
September 20, 2016
Oracle Open World 2016
What is the Digital Economy
3 trillion ecosystem based on:
1. Technological infrastructure
2. Increase in intuitive devices and interfaces
3. Big Data
4. Audience Networks
5. New Media/Content
Factors Driving the Digital Economy
• Cloud and Big Data will continue to evolve and develop
• The IoT will have a significant impact across multiple industries requiring
How to Monetize Services in the Digital
• Companies developing new business models (digital
Companies thriving in the digital economy are doing do by
improving customer experiences, optimizing operations and
creating new business models—all through superior digital
expertise and leadership.
• The “Now” Generation is driving real time decision making
Connected anytime, anywhere, all the time
Account access and updates in real-time
Real-time buying power.
Are your systems ready for the Digital Economy?
Concept to Cash in a Digital Economy
Product Catalogue Definition
Tax, GL, Payment Setup
Create the Billing Experience
Sell to Customers
Purchase Products and Services
Bill Products and Charges
Process Payments and Receivables
Make Business Decisions
business in the
BRMbox Cloud Billing Service
• Hosted on public or private cloud
• Flexible Cloud Options
– Standard BRMbox Offering
– Enterprise BRMbox Deployment (container)
• Managed by dedicated Cloud Application
• Extensions enabled by eBillSoft and Tridens
• Highly secure
• Highly available
• Highly scalable
The BRMbox Integration Highlights
• Product Catalog Integration
Two-way integration of product catalog between BRMbox and your CRM platform. The product
synchronization works at the simple rate level, additional complex rate enrichment for volume
tiers can be done directly using BRMbox Web UI
• Customer Account Integration
Two-way integration of customer accounts between BRMbox and your CRM platform. We support
basic account management and AR functionalities.
• Sales Order Integration
Two-way integration of sales orders between BRMbox and your CRM platform. We support order
management workflow to allow order status update back to CRM front end.
The BRMbox Integration Highlights
• Universal Usage Gateway
One-way pull of cloud usage details, CDRS or other usage metrics from AWS, Rackspace, BroadSoft switches.
• Universal Payment Gateway
Full tokenization and payment operations to Braintree, Paypal, Stripe, Authorize.net and Paymentech Orbital
• Universal Tax Gateway
Full sales and communication tax calculation support from Vertex, SureTax and Avalara. Tax exempt
management is on our roadmap.
• Universal Financial Gateway
BRMbox can work as a full billing, AR and revenue platform where it provides GL summary to any cloud based
financial application. Or it can work as a pure rating engine where it sends billable items and taxes to your
selected financial application for invoicing and AR management.
Key Cost Benefits
• CAPEX to OPEX benefit as upfront and
ongoing costs are changed in a Cloud
Computing business model.
• Lower capital investment and predictable
• Dedicated cloud service offers full
functionality enabling you to develop
• Current implementation is de-risked due to
expert vendor viability, efficient operating
model and robust functionality (full vs pilot)
Open World Demo (Kiosk)
First True O2C
• Saleforce BRMbox App for
• Product Synchronization
• Product Catalog Setup
• Price/Rate Plan Management
• Customer Creation
• Invoice/Usage View
• Dashboard Reports
• Payment Setup (BrainTree, Paypal, Authorize.Net, Stripe)
• Payment Authorization
• Payment Reversal
• Refund, Chargebacks, Endpoints
• Tax Setup (Alavera/SureTax
• Sales Tax
• Telecom Tax
• Financial Setup (QuickBooks)
• GL Integration
• Revenue Reports
• Financial Reports
Showcase end to end BRMbox Features and Capabilities showing ease of use and seamless integration.