Subscribing to Fraud and Security Innovation
It’s a fact: The technology market moves in cycles. The purchase, deployment, and maintenance of security systems have been a traditional process in the past. You’ve selected the video system that works for your organization, and your systems integrator partner installs it and maintains it for a fee.
This is how it’s always been, and little new has been offered to change the process.
But times have changed. With the demand for cloud services and an increased desire by end users to make security an operational rather than a capital expense, this model is evolving.
Subscriptions-based and as-a-service models are a valuable option for enhancing technology acquisition selection and management. Subscriptions scale better, enhance the customer experience, and hold the promise of recurring and more predictable costs.
This business model has predominantly been offered in the software world, but other industries have gotten behind this approach due to its inherent benefits.
Today, it is hard to find an industry that doesn’t have a successful subscription story.
We’re proud to have the opportunity to offer a subscription model to our banking customers. Now available, Edge VMS-as-a-Service is an exciting offering for many reasons. It complements a flexible and scalable solution that many customers demand. It also helps to improve the customer experience and lengthens the ongoing service Verint delivers.
And, it makes it easier and simple to afford and access because upfront infrastructure costs are eliminated or significantly reduced.
Edge VMS-as-a-Service is maintained, updated, supported, and serviced with little to no impact on you. As the customer, you don’t have to do any heavy lifting—it’s handled for you. But that’s only one benefit of the subscription model. Here are some others to consider:
Just as providers can offer varying quality and feature levels for physical products, they can provide a tier-based system for subscriptions. This approach allows you to expand your options depending on what your business needs are at any given time. That means the technology investment can grow with you and develop as required.
Purpose-Built for You
Many subscription-based products are customizable. You can select the features or tools that work for your business. You can customize specifics about how your organization uses it—such as how many people have access to it or how many facilities it supports.
It’s easier to plan for the future when you know that you have a reliable solution in place.
And although you may not require advanced features now, it’s good to know that new functionalities are waiting to be activated once your needs evolve. Without this longer investment lifecycle, you are forced to upgrade to a new solution once the current investment no longer meets your needs.
This process involves finding a new vendor and training employees to use a new tool. A subscription model is far less complex and management-intensive over time.
Immediate Access to New Features
New and upgraded features are available to you much faster, eliminating the long waits you often see with an annual or quarterly release. You gain access to real-time adjustments, bug fixes, and upgrades based on feedback and market needs. This leads to a richer customer experience.
With most software and hardware solutions, you must pay upfront, but the price can change over time due to evolving requirements and market conditions. That’s not the case with subscription-based services. With this more flexible approach, you are fully aware of the fees upfront and can quickly build out for ROI mapping and prepare for recurring payments.
In subscription models, it is imperative that a technology vendor supports the long-term use and deployment of the investment and supports the customer more closely. This consultative approach encourages continued business and helps promote more collaborative relationships.
Over the past year, we’ve seen that the subscription, cloud, and SaaS markets are here to stay. IDC anticipates that by next year, 53% of all software revenue will come from subscription-based models. Businesses that haven’t yet embraced these types of offerings should seek opportunities to explore the benefits and see how they can make an organization more innovative and proactive.
Learn how Verint is helping you transition to this model.
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