How does the BRIM solution affect the world of Retail?
With megatrends and increased online involvement, the retail industry has gained momentum in the subscription economy. The COVD-19 pandemic has accelerated this development towards eCommerce and sustainability, as the brick-and-mortar stores are on a lapse and customers have indulged more into online product and service consumptions.
This continuous involvement has optimized B2C commerce on a wider range. Consumers always demand new levels of value and SAP BRIM solution offers these levels on a purpose-driven platform. This has a substantial effect on the retail enterprises, wherein they get the opportunity to expand their product line and improve or even build a new business strategy.
Digitalization of new retail business models using SAP BRIM.
1) Financial Restoration
- To optimize your business, it is important to handle the finances efficiently especially when there is an involvement of mass data, number of customers, and reconciliations.
- Facilitate different flexible payment methods, as the improved structure of payment system improves the sales even for an expensive service.
2) Business Diversification
- Business diversification means includes the engagement of partnerships to bring in revenue shares. This will expand your business on a larger scale.
- Offer digital solutions to the customers and partners to improve your reliability and expand your marketplace.
3) Business reconciliation
- Offer the partners or customers flexible subscription, pay-per-use, rent, or Everything as a Service to completely transform the business and become more effective and profitable.
SAP Cash Application
Manage your high-volume finance using the SAP Cash Application on FICA that intelligently captures the matching criteria from the history payments master data and automatically clears any unattended payments. This process is automatic and eliminates tedious and time-consuming manual clarification process. This application can be integrated with SAP S4 HANA to improve days of sales, share the services to scale as the business grows, and empower finance to focus on other strategic tasks.
Mobility as a Service
MaaS is a type of service that enables users to plan, book, utilize, and pay for multiple types of transport as a service through different digital channels. Examples of Mobility-as-a-service include Uber, Citymapper, Transit App, etc. These services follow a streamlined process right from registration to facilitate the journey.
Processes involved in MaaS:
1) Registration
- This allows one-time registration and access to all the offers of the service provider.
2) Journey Planning
- · Provides all options for the customers to choose an optimal trip.
3) Booking
- It enables the customers to finalize and purchase a ticket.
- Provides options for bundled subscriptions.
- Issues ticket as a document or QR code.
- Ensures the availability of tickets and capacity.
4) Payment
- Executes B2B and B2C invoicing.
- Provides choices for subscription or pay-as-you-go payment methods.
- Allocates revenue sharing with business partners.
5) Journey
- Delivers updates on the day of travel
- Validates the travel
- Updates on delays
- Provides on-route info.
How does SAP BRIM enable a fully functioning Mobility-as-a-service?
While transforming the MaaS process into SAP Billing and Revenue Innovation Management, the step processes are also transformed in accord with the scalable criteria for the SAP BRIM solution.
1) Subscription Product
This step encompasses registration, booking, and payment. Processes subscription orders, a complete view of contract and customer accounts, installment plans, subscription bundle creation, and product configuration.
2) Transactions and Events
The payment and transaction details are incorporated here. This step manages new transaction events, event context, and provides real-time pricing.
3) Charge and Revenue
This step enables charge calculations for accounts according to the consumption, allocation of revenue for partners and multi-parties.
4) Invoicing and Payment Statements
It brings in aggregated bills and delivers the complete invoice to the corresponding accounts. This step carries out the billing cycle.
5) Settlements and Financials
Checks and settles the accounts receivables from the customers and accounts payables for the partners. This is built on automated payment processing with end-to-end traceability.
SAP BRIM is accelerated towards its future in retail, MaaS, and other industries for a scalable tomorrow. This could be your chance to integrate the SAP BRIM solution into your business model. Mobolutions will guide you through the process of deployment of SAP BRIM to your business.