Late last week, Citibank made headlines when, rather than sending $7.8M in interest payments on the behalf of their client (cosmetics giant Revlon), Citibank accidentally sent $900M to creditors.
Ordway is releasing a new whitepaper, The Ultimate Guide to Architecting a Flexible Finance Stack for Complex Business Models, to help multilayered businesses prepare for the next stage of growth.
This whitepaper was inspired by the challenges that our customers have encountered prior to partnering with Ordway, such as:
- Disconnected systems creating blockers and inhibiting growth
- Gaps between sales and finance teams
- Costly systems maintenance and third-party consultants
We are excited to be able to announce that Ordway has been recognized by the 2020 Stratus Awards for Cloud Computing. This award highlights companies and individuals disrupting industries with innovative technologies, and that’s exactly what we’re aiming to do at Ordway.
In today’s ultra-competitive marketplace, organizations need to be increasingly flexible in order to drive value for their customers with every interaction. To make that happen, they need systems that can support delivering the best-possible performance.
Our team is on a mission to help companies compete on a global scale through the Ordway platform. Today, I’m proud to announce our release of multi-entity billing and revenue management which means businesses can expand internationally with ease.
As your business grows, the last thing you want to worry about is if your finance stack will scale with you. I commissioned our team to leapfrog the limitations of legacy software and find solutions to multi-entity support that historically were only available to the Enterprise. Historically, only costly and clunky legacy ERP software could support multi-entity companies with their billing and accounting needs. This translated into manual workarounds and spreadsheets and hundreds of thousands spent on software fees and professional services, placing a drag on even the most nimble companies.
Today, companies can run their business units independently and still unify billing, revenue schedules, and reporting within one system on the Ordway billing and revenue automation platform.
We love it when we get to witness the performance economy in action. Why? We believe that, now and in the future, sustainable business success is dependent on delivering greater value with every transaction. But, not just any value... it must be demonstrable to the customer.
This demonstrability—or “transparency,” as the model calls it—is woven through every fiber of the modern-day performance economy, especially in the way that businesses measure and optimize success for their customers. And digital technology is a key tool in making that transparency possible.
This next performance economy spotlight features a company—Indigo Agriculture—that’s using technology to embed value in every level of their business. What’s more, they’re working to support the environment while doing so.
Our business is about eliminating manual workarounds in scaling businesses’ billing process from the initial sale of their service, through upsells and renewals, to revenue recognition. When I was an accountant, my training and education centered around basics of double-entry bookkeeping, credits and debits, T accounts, etc. It turns out I learned and implemented 500-year old methods to keep my clients’ books in order.
Sameer Gulati recently shared insights on scaling a startup outside of Silicon Valley with the audience at the Tom Tom festival in Charlottesville, Virginia. He took the stage with Entrepreneur's Editor in Chief, Jason Feifer, Revolution's Rise of the Rest Seed Fund Partner, David Hall, and STORD's Co-founder and CEO Sean Henry.
Throughout the panel discussion, Jason as moderator was able to explore the differences between East Coast and West Coast Venture Capital (traction vs potential). The four panelists also discussed how to prove product market fit during the early phase of an organization's life cycle, and what it means to scale a business outside of a major tech hub like New York City, Silicon Valley, or Boston.
This series of blog posts is exploring companies in the emerging performance economy. Performance based pricing—also known as outcome-based pricing or results-based pricing—refers to a pricing model where the product is priced based on the customers’ expense reduction or revenue gained as a result of the adoption that product.
In the first two posts of this series, we covered performance-based pricing models that use revenue gained as the lever for shifts in pricing.
- [24/7].ai leverages artificial intelligence and machine learning, combined with human intelligence, to create a personalized, predictive, and effortless customer experience.
- Clerk.io helps companies drive sales by using artificial intelligence to power a personalized shopping experience, for every customer in their online store.
In performance economy spotlight #3, we’ll look at the other side of the performance-based pricing coin—using expense/cost reduction, rather than revenue gained, as a mechanism for setting customers’ price. What better industry to examine cost reduction than sourcing and procurement? LevaData stood out as an interesting company planting a flag deep into the performance economy.
In the first of four posts exploring companies that are embracing the emerging performance economy we highlighted 7.ai. 7.ai is redefining the way companies interact with consumers by leveraging artificial intelligence and machine learning—and a performance-based pricing model—to deliver customer acquisition products and customer engagement products.