Effectively implementing a monetization platform will transform your business. Correct implementation of an enterprise monetization platform like Nitrobox can reduce your time to first revenue by 10x, cut late payments in half, close a month’s accounting in a day, and slash your cost per invoice by 78%.
Monetization platform benefits
- looking to build a streamlined order-to-cash1 process – whether it’s a billing system rebuild, a first-time monetization process set-up, an order-to-cash system setup, or a subscription business model set-up,
- in a global enterprise or a scale-up, and
- looking to improve your cash flow.
A brief overview of your ideal monetization platform implementation teamUnless otherwise stated, these roles are all internal in your team. These role titles are not set in stone and will likely change from company to company. It is also totally possible for these roles to combine responsibilities or be more than one person in each role. Finance managers often are responsible for leading the project as well as translating the current order-to-cash process2 (billing & monetization) into the new platform.
Leads the client-side project team and is also the platform provider’s primary point of contact (PoC). Responsible for internal organization, gathering stakeholder requirements, and reporting to stakeholders. There is a good chance if you’re reading this blog, this is you.
Works alongside the other team members to translate current billing and monetization systems and processes into the new monetization platform.
Accounting & Finance Team
Day-to-day platform user who acts as a stakeholder for the features they need and shares precise knowledge of their order-to-cash process.
Adds the monetization platform to the overall system architecture.
Product Owners/ Product Manager
Determines which business models/products (new and old) to add into the system and what the pricing models look like.
Sales/ Go-to-Market Team
Provides insight into the Configure Price Quote (CPQ) process and the sales lifecycle.
Determines high-level project goals and controls the budget. Part of the steering committee (stakeholders).
Why do you need a monetization platform implementation team?
Composed of a range of internal experts, client-side implementation teams play a crucial role when setting up a monetization platform. There are multiple reasons why this is.
- Your employees possess valuable internal knowledge about your business. They understand its needs and ways of working. These insights bypass the learning curve you experience when working with external teams, accelerating project progress. Your employees can also leverage their understanding of your business model(s), customers, and market(s) to help tailor the monetization platform to your business.
- Your team will become familiar with the tool during the implementation project. This means they can hit the ground running immediately after the project finishes, maximizing productivity.
- Having an internal team lead the project improves morale3 and fosters a sense of ownership. When employees feel invested, they will engage more and contribute to the project’s success, encouraging wider adoption throughout the organization.
Having a client-side implementation team speeds up the implementation process, increases the value your organization gains from the tool, and boosts employee buy-in. It’s a no-brainer.
What team do you need for getting started with a monetization platform?
You must utilize a diverse mix of internal expertise when implementing a monetization platform. Below, we explain which roles should take center stage and discuss their responsibilities throughout the project.
The Project manager is the glue that holds the client-side team together, acting as the primary point of contact and leading the project from start to finish. They excel at gathering stakeholder requirements and transforming them into actionable project objectives.
Project managers ensure the project stays on track, meets deadlines, and fulfills its goals. Their primary goal is to establish clear communication between all parties and maintain the project’s momentum.
The Finance Manager is the bridge between the abstract and the concrete. They decide which order-to-cash processes and systems to translate into the new monetization platform, focusing on ensuring a seamless customer buying journey.
They receive input on how to best configure the new monetization platform from the accounting & finance teams. The Finance Manager leverages their topical expertise to anticipate potential challenges, devise solutions, and maintain the project’s momentum.
Accounting & Finance Team
These team members are likely the primary users of the new monetization platform. Therefore, they are crucial stakeholders, advocating for the features they need in the platform and using their granular understanding of the client’s billing process to maximize the tool’s value. Their goal is to ensure the system’s compatibility with existing financial workflows.
The IT architect correctly integrates the new monetization platform into the existing system architecture. They are responsible for maintaining system integrity during the implementation phase, ensuring the platform’s integration doesn’t disrupt the overall IT infrastructure.
Product Owners/ Product Managers
These are the visionaries of the team. They decide which business models, both new and existing, to incorporate into the system and what the pricing models will look like. Their role is instrumental in shaping the monetization platform to align with business strategies and wider market trends.
Sales/ Go-to-Market Team
This team provides critical input into the Configure Price Quote (CPQ) process and the sales lifecycle. Their insights help ensure the monetization platform supports the sales process effectively and contributes to revenue generation.
Leadership/ Decision Makers
These individuals set the project’s overall goals and control the budget. Their strategic guidance and decision-making capabilities are vital for getting the project over the line. They are part of the steering committee, making key decisions that dictate the project’s progress and overall direction.
Turning goals into gold: the importance of a skilled project team when implementing a monetization platform
You must assemble the right project team when implementing a monetization platform. By leveraging a diverse range of expertise, you can easily overcome potential hurdles, boost team-wide buy-in, and speed up the tool’s time to value.
Ready to take the first step? Get in touch and book a Nitrobox demo today to learn how Nitrobox’s Monetization Platform can help your business thrive, or to discuss how to assemble the right implementation team with our experts.