The fast-paced and dynamic high-tech industry is for players driving quicker product innovation to market cycles and staying afloat in this fiercely competitive market. Mergers & Acquisitions (M&As) cannot be ruled out; they help organizations enter newer business areas, capture niche skills, and access the intellectual property (IP). Global expansion and going public are other known phenomena in this industry.
In the high-tech industry, too, COVID-19 has accelerated many societal and technology shifts. The pandemic-driven technology era has witnessed a widespread and forced adoption of work-from-home, e-commerce, pickup/delivery services, entertainment-as-a-service, etc. It has induced a profound behavioral change and newer ways of engaging with businesses and consumers. “Anything-as-a-Service” or XaaS offerings help digital enterprises enable this shift in the business ecosystem.
High-Tech Industry is seizing this unprecedented opportunity to pause the traditional growth/execution treadmill and are re-imagining CX, Offerings & Value.
The high-tech industry is seizing this unprecedented opportunity to pause the traditional growth/execution treadmill and is re-imagining CX, offerings, and value. While the industry (serving both B2C and B2B) is fast peddling and moving into XaaS models, it’s important to understand the key tenets of this business model and how consolidating the core business systems is needed to drive effective revenue management while staying compliant with the changing global financial reporting and revenue recognition standards – GxxP/ASC 606/IFRS 15.
Key Tenets of XaaS business model
The need of the hour is Effective Revenue Operations – powering organizations to consolidate their business systems that matter the most, such as CRM, Subscriptions, Contracts, Billing, Collections, Renewals, Financials, ERP, Revenue Recognitions – ASC 606 & IFRS 15
With HCL’s Oracle NetSuite-powered solutions and offerings, we recently championed a success story for a leading high-tech customer in the media and entertainment business by tying their contracts, subscription-based billing operations, monitoring sales & discounting, revenue recognition, revenue reclassifications, revenue forecasting, and revenue reporting per ASC 606 & IFRS 15.
Our solution highlights:-
- We helped the client identify NetSuite as their financial application, based on their requirements and future business plan.
- We implemented Oracle NetSuite to power customer’s financial management, accounts receivables, accounts payables, subscriptions, revenue recognition, planning, and budgeting.
- Oracle NetSuite's cloud-based solution reduced audit preparation time by 30%, and IT cost by 35%.
- Timely period closures
- Seamless revenue recognition across various subscription models & revenue related reporting across geographies
Conclusion: - Get, set, and grow your Hi-Tech business with our industry-leading Oracle NetSuite solutions and offerings. For more information, please write to us at Oracle@hcl.com