(This is a business case study. It will be used to guide discussions during the session: “Money, Money, Money: How the Paysite Pros do Billing – Reporting” with co-hosts Mitch and Thierry of Vendo at the Paysite Meetup.)
Lara put down her copy of The Lean Startup by Eric Ries. Everyone she knew in tech had read it so she figured she had to read it. And so she read it. Straight through on a weekend away with her boyfriend by a lake in Northern California. Her take away? It was all about learning.
What Eric described was a system for learning.
As she read the book that made famous the Minimum Viable Product (MVP) she thought about her own organization. “How do we learn?” she asked herself.
As she thought about learning she inevitably returned to reporting. That is where they saw results. The results told them to keep going, “Iterate” or “Pivot” another buzzword the book made famous that she now understood in more depth.
Reporting for was different for each area in her company. But they could all be categorized along a continuum:
Descriptive: What happened? This was where most of her reporting was (and there were lots of areas where she couldn’t even see what happened). But even if she could see what happened…and it wasn’t good enough. She wanted to go to the next level.
Predictive: What will happen? This is forecasting. It would tell her when a deal is going to make money and how profitable it will be.
Prescriptive: What should we do about it? This is reporting that tells people what to do. Like a risk platform that tells a customer service agent not give a refund.
Cognitive: Automated learning. This is the promise of AI and machine learning. Machines that test thousands of ideas and learn and improve on their own.
- Where is most of your reporting on this continuum? How can you “level up”?
- How do you use billing reporting to learn?
- How do you use the data that your biller has to help you make better decisions and make more money?