The COVID-19 global pandemic has put a toll on the economy and businesses in every industry. While some are at a halt with no prediction in sight for continual, others witness unprecedented growth as buying patterns and customer demands have encountered constant fluctuation. The economy does not seem to go back to “normal” any time soon. But even during “normal” time, every business experiences both busy seasons and slow periods.
The billing system is the key factor for businesses to handle demands during peak times and make the most out of the lulls. It is important to have a billing system which enables scale up or down, boosts agility, and allows businesses to reach desired standards in both capacity and offerings at a reasonable cost and small amount of time.
A lot of companies have stuck with legacy billing systems, which are designed to be efficient with standard capacity. However, when it comes to scaling, they are not quite up to par. When demands increase, the system might experience overloads or jams as the workload exceeds what it was designed to handle. On the other hand, when scaling down, businesses are stuck with paying for extra capacity that they don’t need.
As opposed to legacy systems, cloud-based billing is agile and designed to expand or contract on demand, supporting business growth along with the flow of the market and the economy.
One word: Elasticity
One of the most outstanding perks of a cloud-based system is that it has the ability to adjust to any volume of demand or capacity. When purchasing a traditional billing platform, businesses often have to pay a fixed price regardless of usage volume. If usage goes above that range, companies have to buy and install new hardware, knowing that when usage declines again, they will find themselves paying high bills for unused capacity.
As a scalable solution, cloud billing makes it easy to add or remove capacity fast when needed at a marginal cost. There’s no limit on upper growth, and in difficult times (like during a global pandemic), businesses can avoid breaking the bank spending money on unnecessary equipment.
Growth in high-demand seasons
As the business grows in unexpected highs, whether locally or internationally,, you need a system that can manage new products and services along with processing complex transactions, in many cases dealing with multiple languages or currencies. Fast adaptation is crucial as business can’t afford errors or interruptions and miss out on new opportunities during high peaks of business.
Cloud-based solutions are built to handle growth and unexpected change, letting the business move fast and get ahead of the curve to achieve seamless expansion.
Scaling down when demands shrink
The first step in dealing with a slower season or an unexpected lapse is to take advantage of elasticity to reduce capacity and eliminate unnecessary costs. When the market is slow, companies often find themselves looking for ways to meet customers’ needs and attract more business as they try to reduce their budget. This could mean offering extra discounts, coupons, free accompanying goodies, etc.
To avoid slowing down the company with new additions and changes, the same agility and flexibility as scaling up is required. Cloud-based billing, promoting such flexibility, is the solution for ready-to-grow businesses.
At Congero Technology Group, we are equipped with the expertise to prepare your business for scaling up and down during this unstable time. Have a look at our platform and reach out to us today for a customized demo, only for your business.