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.