Retail Industry Forecast for 2022

Mrunmayee Honrao | July 8, 2022 | 203 views | Read Time : 1 min

Retail Industry
While retail has faced its fair share of challenges over the last two years, the pandemic has also provided an opportunity for a long-overdue great retail reset, which could help many retailers move into a more stable—and profitable—position. To get there, you must balance short-term challenges with long-term commitments and transformational thinking.

For nearly two years, predictions about the future of retail have appeared pessimistic, and retail headlines for 2022 don't look much better: empty store shelves, over one million unfilled retail jobs1, and surging inflation. However, these headwinds have resulted in some positive outcomes: retailers have been forced to re-examine legacy systems and strategies that have shaped the industry for years.

To reap long-term and long-lasting benefits, retailers should continue down the remediation path they started at the start of the pandemic in 2022. Indeed, the next 12 months’ present opportunities to restructure obsolete supply chains, rightsize inventory management, review pricing, rebalance promotional cadences, and reinvent the physical store for the digital age. This will almost certainly necessitate entirely new ways of thinking and long-term commitments from retailers, but these efforts have the potential to forever change the way retailers do business. That future begins today by addressing short-term retail challenges with a long-term perspective.

Three retail industry priorities and trends

The resulting data, when combined with insights from 15 Deloitte retail subject-matter specialists, client work, and prior research, provides a snapshot of strategies and investment plans that help inform the industry's future.

  • Reimagine the workforce
  • Supply chain resiliency
  • Digital revolution

Retailers face significant challenges that will almost certainly outlast the pandemic, but there are also unexpected opportunities that can help them prepare for future disruptions. Retailers should embrace the current disruption and commit to a future pivot. To learn more, download our complete 2022 retail industry outlook.

Spotlight

DEX

DEX is in the business of identifying and delivering supply chain solutions at the lowest total cost to our clients by leveraging our engineering, systems, design, and consulting expertise. These infrastructures and core competencies give DEX an unmatched foundation for supply chain solutions.

OTHER ARTICLES
POS RETAIL

Cloud POS Solutions Reshaping Operations in the Retail Sector

Article | December 24, 2021

Until recently, most brick-and-mortar retail stores relied on local platforms to save their point-of-sale (POS) data, such as transaction records and product price lists. These include a variety of solutions, ranging from larger network servers to on-premises PCs or servers used by service providers. However, a large number of retailers are shifting their business operations to online platforms, with cloud POS emerging as a trailblazer in the transition. Retailers are heavily investing in the development of digital payments, contactless, and cashless transactions and have begun to implement innovative point of sale (POS) solutions to improve their bottom lines in the long run. Cloud POS Providers Responding to Transition Over the years, POS platforms, especially cloud-based POS, have evolved into robust platforms capable of integrating a wide range of retail operations, including data analytics, accounting, inventory, accounting, and marketing. This evolution of POS platforms from traditional to cloud-based has manifested itself in a variety of ways, ranging from increased inventory management efficiency to improved user experience, data security, disaster management, and increased profitability, positioning themselves solutions as an imperative retail tool, today. On account of the rising awareness regarding the merits of integrating cloud technology, approximately 52 percent of corporate firms have fully migrated to cloud POS solutions, with more than 40 percent planning to follow the same, as per a study. Citing the trend, cloud POS solutions are anticipated to exceed $9 billion by the end of 2026. Leading industry players are riposting to this transition in earnest by launching innovative products designed to address the need for advanced POS solutions across the retail sector. For instance, in 2022, Visa unveiled a new cloud-based payment platform, Visa Acceptance Cloud (VAC), which can transform almost every device into a cloud-connected payment terminal. The Future’s Story In this digital disruption era, enterprises are gearing up to invest in innovative technologies and enter the new software market. One of these is the cloud-based POS system, which has permitted retail stores to manage customer data and handle sales and inventory digitally. POS software has clearly benefited all business domains, but it has completely transformed the retail sector's facet, making it more progressive, tech-savvy, and customer-oriented.

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POS RETAIL

Impact of Cashless Transactions on Third-Party Payments

Article | March 16, 2022

In recent years, with the progression and development of information technology and the Internet, the third-party payment platform has experienced immense up-gradation. This has resulted in facilitating people's lives to a great extent and simplifying and transforming the method of payment. With the accelerated advancement in the era of the Internet and the significant rise in the scale of third-party payment transactions, in comparison to the conventional mode of payment, these solutions have substantially increased people's consumption power by not only making operations more convenient and reducing transaction costs, but also by safeguarding the rights and interests of both parties. Shift Towards Cashless Transactions Bolstering the Third Party Payments There is a rapid shift towards the use of cashless point-of-sale (POS) solutions, driven by the growing digitalization. According to a study, nearly 82 percent of the population in the U.S. are using digital or cashless payments—defined to include in-app or browser-based online purchases, QR codes, in-store checkout using a mobile phone, and person-to-person (P2P) payments. Citing the trend, about 27% of consumers and around 32% of business owners said they believe the U.S. will become a completely cashless society in the coming future. Third-party payment solutions add functionality to the cashless transactions and act as payment aggregators, providing freedom and flexibility to customers to select the solutions they find most favorable to meet their financial needs. Therefore, with increasing cashless transactions, third-party payment solutions will gain huge traction across the POS sector. What’s Next? With the improvement in the urbanization level, the continuous growth of the urban population, and the appeal of third-party payment solutions, it is crucial to tap into the spending potential of customers. Hence, leading POS solution providers are emphasizing on development and introduction of new third-party and mobile POS systems. For instance, Paynear Solutions Pvt. Ltd., a financial technology company, announced the launch of a third-party omnichannel cashless solution under an umbrella through a mobile PoS solution, enabling all the business owners signed up with Paynear to seamlessly accept UPI transactions.

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POS RETAIL

8 POS Software Trends for 2022: New Forecasts and What's Next 2

Article | June 7, 2022

When the pandemic first started, most retail stores had to close, and some even suffered financial losses. Know more how retailers up scaled their businesses. Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and importantPOS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

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POS SOLUTIONS,CLOUD BASED POS

Point-of-Sale Systems to Emerge as a Necessity for Modern Retailers

Article | July 12, 2022

Innovative POS systems with built-in advanced inventory management and secured payments to mandate their adoption by retailers. For businesses and retailers, conventional cash registers have long been an important part of sales operations during the past few years. But today, the cash registers of even the smallest of businesses are attached to a computer through "point-of-sale" (POS) systems. These novel solutions have garnered huge popularity over traditional cash registers as they not only ring up the sales but also provide crucial and real-time information about the customer and inventory. The importance of POS systems goes way beyond managing transactions at checkout counters across the retail industry. Emphasis on Improving Customer Experience Demands POS Adoption: With a growing fast-paced lifestyle, customers around the world are opting for faster, and more convenient shopping and billing experiences. Reassuring customers that their transactions are secure significantly increases satisfaction and customer loyalty. Since novel POS systems assist in providing faster checkout, flexibility in payment options, highly secured payments, and a seamless billing experience, these POS systems are extensively being adopted by modern retailers. According to a study, retailers across the U.S. lose nearly $45 billion, due to insufficient inventory in stock, and $224 billion, due to excess inventory. POS systems help in managing the inventory, resulting in declining losses by preventing excess or insufficient inventory. An estimate states that, an independent retailer with a $400,000 revenue can cut costs by nearly 10%, saving an average of $40,000 per year. What Comes Next? With technology getting better and new POS solutions like cloud-based, mobile, cashless payment, and others coming out, retailers are extensively installing POS solutions to make it easy for customers to pay. For instance, Veras Retail and ACCEO Solutions Inc., an American company specializing in all types of electronic payment transactions, announced plans to install their respective payment middleware solutions and point-of-sale software solutions in National Stores locations across Puerto Rico and the U.S. Hence, the growing focus on enhancing in-store customer experience and customer retention is mandating modern retailers to deploy POS solutions.

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Spotlight

DEX

DEX is in the business of identifying and delivering supply chain solutions at the lowest total cost to our clients by leveraging our engineering, systems, design, and consulting expertise. These infrastructures and core competencies give DEX an unmatched foundation for supply chain solutions.

Related News

POS HARDWARE

GK and Comdata Join Forces To Offer the Premier Point-of-Sale for Fuel and Convenience

Comdata | October 04, 2022

GK and Comdata, Inc., a FLEETCOR company, announced a strategic partnership for Comdata to offer truck stops and convenience store retailers a single point-of-sale (POS) solution that empowers ongoing innovation. The partners will present their cutting-edge technology solutions in tandem at booths #6844 and #6053 at the NACS Show from Oct. 2-4, 2022.As the industry standard for commercial payments for over 50 years, Comdata is constantly investing in new ways to improve the customer experience. Most recently, the technology provider turned to GK to update the tech stack for its SmartDESQ application. SmartDESQ will now be connected to GK CLOUD4RETAIL via GK OmniPOS. The integration of GK’s advanced cloud and point-of-sale technology will transform Comdata’s SmartDESQ into a next-generation retail platform. Comdata can now offer the GK omnichannel suite of solutions, enabling truck stops and convenience store retailers to improve the customer experience and drive operational efficiencies. “At Comdata, we have spent years cultivating strong relationships in the trucking industry, both with mom-and-pop truck stops and with some of the largest major oil chains in the country,By partnering with GK, we can ensure our customers have access to the most innovative and flexible solutions including POS and payments capabilities, self-checkout kiosks, hardware independence, mobility and much more.” Matthew Miller, Vice President of Merchant Services, FLEETCOR Working together, Comdata and GK have developed the industry’s most advanced retail platform, simplifying the store environment and driving business innovation. As both companies expand their reach within the truck stop and convenience store industries, they will also continually deliver new value driving solutions, helping retailers thrive by better serving customers. GK’s role in convenience and truck stop retailing is growing rapidly,” said Bill Miller, Vice President of Sales, GK. The ability to process Comdata fleet cards in both the store and forecourt with GK is an industry game-changer. Our partnership and integrated solutions with Comdata will drive significant value to fuel retailers of all sizes, from a single site to the largest enterprises globally. GK and Comdata will be presenting their solutions at booths #6488 and #6053 at the NACS Show from Oct. 2-4, 2022. GK will showcase its suite of retail solutions, including omnichannel POS, Self-Checkout, Mobile POS, Self-Scan, QSR, Fuel and Comdata Fleet payments and more. About GK GK breaks down the barriers to unified commerce with its open CLOUD4RETAIL platform and a broad portfolio based on it, like OmniPOS for point of sale, mobile POS, mobile customer engagement and a full range of store/back-office solutions. The company is a recognized leader in omnichannel retail, offering a single, global software platform for all retail formats and touchpoints. Ten of the Top 50 retailers worldwide rely on GK, and GK is the fastest growing global POS provider in new installations over the last three years. For more information, visit www.gk-software.com. About Comdata Comdata Inc., a FLEETCOR company, is a leader and innovator in commercial payment solutions, driving actionable insights from spending data, building enhanced controls to protect clients’ interests, and positively impacting day-to-day operations for fleet owners and managers and drivers in the trucking industry. Founded in 1969 in Brentwood, Tennessee, Comdata has proudly supported the life-impacting trucking industry for over 50 years.

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POS RETAIL,ERP

McHenry Makes the Change to Unanet GovCon ERP

Unanet | September 16, 2022

Unanet, the leading provider of project-based ERP and CRM for the government contractor (GovCon) and architecture, engineering and construction (AEC) industries, today announced that the McHenry Management Group (TMMG), a systems and maintenance engineering company which provides design and development for government agencies including the Navy and Coast Guard, plans to replace its sunsetting legacy system with Unanet GovCon ERP.Familiar with Unanet's capabilities and customer service from working with the solution at two previous firms, Jeffrey Estes, CFO at TMMG, immediately suggested Unanet when TMMG learned its existing software wasn't going to be supported in the future. Estes declined a different program offered by the competing software company, and instead was confident that Unanet could provide the detailed and robust reporting functionality so project managers could make financial decisions that will grow individual contracts and ultimately help steer the company toward expansion. "We saw more than 30% growth in our firm in one year, and we knew we needed to enhance our reporting capabilities with Unanet in order to navigate our company, With Unanet's versatile reporting capabilities, we can grow our project managers into leaders that understand ultimately how to positively impact TMMG's overall bottom line." "McHenry Management Group (TMMG Founded in 2008, TMMG has more than 200 employees and manages diverse GovCon projects in the U.S. and internationally that specialize in asset, life cycle management, industrial operations and program management. TMMG has already started an implementation plan while the firm continues to expand its design group and has found that Unanet's solution provides a variety of options for contract reporting and their customer service team has been extremely responsive "Unanet's commitment to customer service is very important to me," said Estes. "Unanet listens to us and responds quickly when we have a question or a challenge." More than 2,000 fast-growing GovCon companies like TMMG select Unanet GovCon ERP because it has the right mix of functionality and accessibility, while also offering the ability to scale and grow seamlessly. About Unanet Unanet is a leading provider of project-based ERP and CRM solutions purpose-built for Government Contractors, architecture, engineering, construction, and professional services. More than 3,700 project-driven organizations depend on Unanet to turn their information into actionable insights, drive better decision-making, and accelerate business growth. All backed by a people-centered team invested in the success of your projects, people, and financials. For more information, visit www.unanet.com. About McHenry The McHenry Management Group (TMMG) provides senior level maintenance engineering services to commercial and government clients and is a recognized leader in enterprise level program management, change management and process improvement programs. Focused on providing innovative and cutting-edge solutions to challenging program level problems, TMMG brings deep expertise in Condition-Based Maintenance (CBM), Reliability-Centered Maintenance (RCM) and maintenance engineering process improvements. TMMG assists customers (including U.S. Navy, U.S. Coast Guard and Amtrak) with the world's most complex maintenance challenges resulting in significant productivity advancements.

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POS SOLUTIONS,POS RETAIL

Emburse Selects BillingPlatform as Global Billing and Revenue Management Solution

Emburse | September 22, 2022

BillingPlatform, the enterprise monetization platform for today's innovative business models, today announced that Emburse, a global leader in spend optimization solutions, selected BillingPlatform's Billing, Revenue Recognition, Collections and Customer Portal products. BillingPlatform was selected for its robust, enterprise-ready billing and revenue management capabilities and ability for business and finance teams to configure the platform to suit Emburse's specific needs.Emburse is a modern spend optimization company offering solutions that revolutionize the way organizations manage employee expenses, process invoices and make payments. The company aims to humanize work by empowering business travelers, finance professionals and CFOs to eliminate manual, time-consuming tasks, so they can focus on growing their business. Emburse serves 12 million users in more than 120 countries and has over 18,000 customers, from start-ups to global enterprises. A fast-growing global enterprise and innovator in the spend optimization industry, Emburse was looking for a billing and revenue management solution that could match its scale and volume, was flexible to meet its evolving needs and could be easily configured. BillingPlatform was selected as the solution that provided the strongest capabilities across Emburse's unique business requirements and revenue streams, which spans SaaS subscriptions and interchange-based payment solutions. "The BillingPlatform team demonstrated and communicated significant subject matter expertise during our evaluation, easily making them the partner that we could place our trust in to help us be successful, With BillingPlatform, we will be able to automate complex billing and pricing structures, support our ASC 606 revenue recognition requirements and optimize our invoicing and rebate management processes which will be a key driver of our future growth initiatives." Frank Davis, senior vice president, digital transformation at Emburse With global customers serving multiple industries, including communications, transportation, media and entertainment, retail, finance and software, BillingPlatform is the only enterprise billing and monetization solution on the market that enables enterprises to monetize any type of product offering, from simple subscriptions to sophisticated usage-based pricing models and everything in between. BillingPlatform provides full lifecycle support of the quote-to-cash process – all on a secure, next-generation cloud platform. The unparalleled flexibility of the platform puts enterprises in control of how they differentiate in the market, maximize profitability, reduce operational costs and improve the customer experience. Like many of our enterprise customers, Emburse's initial requirements centered around billing modernization, but expanded as they recognized the inherent advantages of our platform's ability to support the entire quote-to-cash process, said Dennis Wall, BillingPlatform CEO. "BillingPlatform's cloud-based, multi-tenant platform will enable Emburse to transform their billing and revenue management processes to deliver a world-class experience to their customers and end users. This news comes on the heels of BillingPlatform having announced that MGI Research positioned BillingPlatform's Automated Revenue Management solution as a Market Leader based on an independent analysis of its product, management, strategy, finances and channels. The company was also recognized as a silver award winner in the Best in Biz Awards Enterprise Product of the Year - Financial Software category, recognized as a fast-growing company on Deloitte's Technology Fast 500™, named a winner in the 2021 Colorado Companies to Watch list and listed on the 2022 Inc. 5000. About BillingPlatform, Corp. BillingPlatform's enterprise monetization platform gives innovative companies the freedom to effectively monetize products and services that result in growth and competitive differentiation. Our industry-leading, cloud-based platform adapts to every unique business model and pricing structure. With global customers across multiple industries, including communications, transportation, manufacturing, banking, technology, energy, media and software, BillingPlatform processes billions of transactions and dollars every year, enabling enterprises to grow revenue, reduce costs and improve overall customer experience.

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POS HARDWARE

GK and Comdata Join Forces To Offer the Premier Point-of-Sale for Fuel and Convenience

Comdata | October 04, 2022

GK and Comdata, Inc., a FLEETCOR company, announced a strategic partnership for Comdata to offer truck stops and convenience store retailers a single point-of-sale (POS) solution that empowers ongoing innovation. The partners will present their cutting-edge technology solutions in tandem at booths #6844 and #6053 at the NACS Show from Oct. 2-4, 2022.As the industry standard for commercial payments for over 50 years, Comdata is constantly investing in new ways to improve the customer experience. Most recently, the technology provider turned to GK to update the tech stack for its SmartDESQ application. SmartDESQ will now be connected to GK CLOUD4RETAIL via GK OmniPOS. The integration of GK’s advanced cloud and point-of-sale technology will transform Comdata’s SmartDESQ into a next-generation retail platform. Comdata can now offer the GK omnichannel suite of solutions, enabling truck stops and convenience store retailers to improve the customer experience and drive operational efficiencies. “At Comdata, we have spent years cultivating strong relationships in the trucking industry, both with mom-and-pop truck stops and with some of the largest major oil chains in the country,By partnering with GK, we can ensure our customers have access to the most innovative and flexible solutions including POS and payments capabilities, self-checkout kiosks, hardware independence, mobility and much more.” Matthew Miller, Vice President of Merchant Services, FLEETCOR Working together, Comdata and GK have developed the industry’s most advanced retail platform, simplifying the store environment and driving business innovation. As both companies expand their reach within the truck stop and convenience store industries, they will also continually deliver new value driving solutions, helping retailers thrive by better serving customers. GK’s role in convenience and truck stop retailing is growing rapidly,” said Bill Miller, Vice President of Sales, GK. The ability to process Comdata fleet cards in both the store and forecourt with GK is an industry game-changer. Our partnership and integrated solutions with Comdata will drive significant value to fuel retailers of all sizes, from a single site to the largest enterprises globally. GK and Comdata will be presenting their solutions at booths #6488 and #6053 at the NACS Show from Oct. 2-4, 2022. GK will showcase its suite of retail solutions, including omnichannel POS, Self-Checkout, Mobile POS, Self-Scan, QSR, Fuel and Comdata Fleet payments and more. About GK GK breaks down the barriers to unified commerce with its open CLOUD4RETAIL platform and a broad portfolio based on it, like OmniPOS for point of sale, mobile POS, mobile customer engagement and a full range of store/back-office solutions. The company is a recognized leader in omnichannel retail, offering a single, global software platform for all retail formats and touchpoints. Ten of the Top 50 retailers worldwide rely on GK, and GK is the fastest growing global POS provider in new installations over the last three years. For more information, visit www.gk-software.com. About Comdata Comdata Inc., a FLEETCOR company, is a leader and innovator in commercial payment solutions, driving actionable insights from spending data, building enhanced controls to protect clients’ interests, and positively impacting day-to-day operations for fleet owners and managers and drivers in the trucking industry. Founded in 1969 in Brentwood, Tennessee, Comdata has proudly supported the life-impacting trucking industry for over 50 years.

Read More

POS RETAIL,ERP

McHenry Makes the Change to Unanet GovCon ERP

Unanet | September 16, 2022

Unanet, the leading provider of project-based ERP and CRM for the government contractor (GovCon) and architecture, engineering and construction (AEC) industries, today announced that the McHenry Management Group (TMMG), a systems and maintenance engineering company which provides design and development for government agencies including the Navy and Coast Guard, plans to replace its sunsetting legacy system with Unanet GovCon ERP.Familiar with Unanet's capabilities and customer service from working with the solution at two previous firms, Jeffrey Estes, CFO at TMMG, immediately suggested Unanet when TMMG learned its existing software wasn't going to be supported in the future. Estes declined a different program offered by the competing software company, and instead was confident that Unanet could provide the detailed and robust reporting functionality so project managers could make financial decisions that will grow individual contracts and ultimately help steer the company toward expansion. "We saw more than 30% growth in our firm in one year, and we knew we needed to enhance our reporting capabilities with Unanet in order to navigate our company, With Unanet's versatile reporting capabilities, we can grow our project managers into leaders that understand ultimately how to positively impact TMMG's overall bottom line." "McHenry Management Group (TMMG Founded in 2008, TMMG has more than 200 employees and manages diverse GovCon projects in the U.S. and internationally that specialize in asset, life cycle management, industrial operations and program management. TMMG has already started an implementation plan while the firm continues to expand its design group and has found that Unanet's solution provides a variety of options for contract reporting and their customer service team has been extremely responsive "Unanet's commitment to customer service is very important to me," said Estes. "Unanet listens to us and responds quickly when we have a question or a challenge." More than 2,000 fast-growing GovCon companies like TMMG select Unanet GovCon ERP because it has the right mix of functionality and accessibility, while also offering the ability to scale and grow seamlessly. About Unanet Unanet is a leading provider of project-based ERP and CRM solutions purpose-built for Government Contractors, architecture, engineering, construction, and professional services. More than 3,700 project-driven organizations depend on Unanet to turn their information into actionable insights, drive better decision-making, and accelerate business growth. All backed by a people-centered team invested in the success of your projects, people, and financials. For more information, visit www.unanet.com. About McHenry The McHenry Management Group (TMMG) provides senior level maintenance engineering services to commercial and government clients and is a recognized leader in enterprise level program management, change management and process improvement programs. Focused on providing innovative and cutting-edge solutions to challenging program level problems, TMMG brings deep expertise in Condition-Based Maintenance (CBM), Reliability-Centered Maintenance (RCM) and maintenance engineering process improvements. TMMG assists customers (including U.S. Navy, U.S. Coast Guard and Amtrak) with the world's most complex maintenance challenges resulting in significant productivity advancements.

Read More

POS SOLUTIONS,POS RETAIL

Emburse Selects BillingPlatform as Global Billing and Revenue Management Solution

Emburse | September 22, 2022

BillingPlatform, the enterprise monetization platform for today's innovative business models, today announced that Emburse, a global leader in spend optimization solutions, selected BillingPlatform's Billing, Revenue Recognition, Collections and Customer Portal products. BillingPlatform was selected for its robust, enterprise-ready billing and revenue management capabilities and ability for business and finance teams to configure the platform to suit Emburse's specific needs.Emburse is a modern spend optimization company offering solutions that revolutionize the way organizations manage employee expenses, process invoices and make payments. The company aims to humanize work by empowering business travelers, finance professionals and CFOs to eliminate manual, time-consuming tasks, so they can focus on growing their business. Emburse serves 12 million users in more than 120 countries and has over 18,000 customers, from start-ups to global enterprises. A fast-growing global enterprise and innovator in the spend optimization industry, Emburse was looking for a billing and revenue management solution that could match its scale and volume, was flexible to meet its evolving needs and could be easily configured. BillingPlatform was selected as the solution that provided the strongest capabilities across Emburse's unique business requirements and revenue streams, which spans SaaS subscriptions and interchange-based payment solutions. "The BillingPlatform team demonstrated and communicated significant subject matter expertise during our evaluation, easily making them the partner that we could place our trust in to help us be successful, With BillingPlatform, we will be able to automate complex billing and pricing structures, support our ASC 606 revenue recognition requirements and optimize our invoicing and rebate management processes which will be a key driver of our future growth initiatives." Frank Davis, senior vice president, digital transformation at Emburse With global customers serving multiple industries, including communications, transportation, media and entertainment, retail, finance and software, BillingPlatform is the only enterprise billing and monetization solution on the market that enables enterprises to monetize any type of product offering, from simple subscriptions to sophisticated usage-based pricing models and everything in between. BillingPlatform provides full lifecycle support of the quote-to-cash process – all on a secure, next-generation cloud platform. The unparalleled flexibility of the platform puts enterprises in control of how they differentiate in the market, maximize profitability, reduce operational costs and improve the customer experience. Like many of our enterprise customers, Emburse's initial requirements centered around billing modernization, but expanded as they recognized the inherent advantages of our platform's ability to support the entire quote-to-cash process, said Dennis Wall, BillingPlatform CEO. "BillingPlatform's cloud-based, multi-tenant platform will enable Emburse to transform their billing and revenue management processes to deliver a world-class experience to their customers and end users. This news comes on the heels of BillingPlatform having announced that MGI Research positioned BillingPlatform's Automated Revenue Management solution as a Market Leader based on an independent analysis of its product, management, strategy, finances and channels. The company was also recognized as a silver award winner in the Best in Biz Awards Enterprise Product of the Year - Financial Software category, recognized as a fast-growing company on Deloitte's Technology Fast 500™, named a winner in the 2021 Colorado Companies to Watch list and listed on the 2022 Inc. 5000. About BillingPlatform, Corp. BillingPlatform's enterprise monetization platform gives innovative companies the freedom to effectively monetize products and services that result in growth and competitive differentiation. Our industry-leading, cloud-based platform adapts to every unique business model and pricing structure. With global customers across multiple industries, including communications, transportation, manufacturing, banking, technology, energy, media and software, BillingPlatform processes billions of transactions and dollars every year, enabling enterprises to grow revenue, reduce costs and improve overall customer experience.

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