Zuora Offers Free Platform Workflows to Enable Customer Growth During Unpredictable Market Conditions
May 27 2020 - 8:00AM
Business Wire
New Zuora Central Platform features enable
companies to deliver subscription agility at scale
Zuora, Inc. (NYSE: ZUO), the leading subscription management
platform provider, today announced the next generation of its
Zuora® Central Platform and free pre-built workflows to provide
customers with the agility to adapt to rapidly changing market
conditions. Powered by Zuora's cloud-based microservices
architecture, the enterprise platform helps companies test and
launch new subscription products faster at scale — beyond tens of
millions of active subscriptions.
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The Zuora Central Platform arms
subscription businesses with the agility to adapt to market demands
at scale. (Graphic: Business Wire)
A company's true competitive advantage comes from its on-going
relationships with customers. While product-centric S&P 500
companies saw sales decline in Q1 2020, customer-centric
subscription businesses have proven to be resilient and agile amid
unpredictable market conditions. Roughly half of these companies
saw limited impact to their subscription growth rates, while 20%
actually saw an acceleration.
According to the Subscribed Institute, subscription businesses
who are agile enough to respond to changing customer needs grow at
three times the rate of their peers. With a flexible platform,
companies can offer customers more options and greater control over
their subscriptions. For example, by offering customers options to
suspend subscriptions, the Institute found that subscription
businesses can save 1 out of every 6 customers from churning.
However, IT teams, hamstrung by monolithic systems, can’t
swiftly adapt, seize growth opportunities, or scale amid external
pressures. “COVID-19 is a great example of an unpredictable and
massive impact on businesses which requires an agile platform to
enable the company to react at scale to offer concessions such as
suspends, payment delays, and offer credits so businesses can
accommodate their customers quickly and reduce churn,” said Mark
Thomason, Research Director at IDC. “Businesses need easy ways
of testing growth ideas like new products and bundles so they can
be prepared as the market heals. Having a solid technology
foundation and infrastructure that efficiently enables this agility
is critical today and is paramount to sustaining, growing, and
competing in any economic climate,” continues Thomason.
The Zuora Central Platform arms subscription businesses with the
agility to adapt to market demands at scale. Zuora's platform
couples enterprise-grade capabilities with latest consumer-scale
cloud technologies such as AWS, DynamoDB, and Presto, to extend
Zuora's suite of Order-to-Revenue applications for the
enterprise.
Now generally available, developers will be able to leverage
new features and enhanced capabilities of the Zuora Central
Platform including:
- Custom Objects enables companies to customize and extend
the Zuora data model to power industry-specific use cases with
immense processing power across billions of objects.
- Data Query provides fast access to live distributed data
all through a standard SQL interface.
- Workflow orchestrates business processes across all
platform data and services. For six months, customers will receive
free access to Zuora Workflow software for five specific use cases
to address common challenges in response to COVID-19. They include
applying goodwill discounts, applying credit back, suspending
subscriptions, resuming subscriptions, and suspending payment
collections.
- Audit Trail gives CFOs a trusted, financially compliant
system to minimize risk exposure with reporting and monitoring of
critical subscription activity.
- Zuora Central Sandbox leverages microservices
architecture to enable developers to nimbly test and deploy new
capabilities without multiple day delays.
Since June 2019, the number of customers leveraging Zuora’s
platform and adopting these new features has grown to more than
half of its user base. Many companies have seen faster time to
market with the launch of new subscription products and
services.
Hudl, a sports analysis software company with over 3.5 million
users was an early adopter. “Zuora’s test environment capabilities
allowed us to simulate a change to our product catalog on 150,000
subscriptions ahead of doing the change in production. The
confidence it gave us led to the completion of the project several
months earlier than anticipated with minimal impact on our users.
Definitely an effective tool for the job,” said Paul Poulsen,
Engineering Manager at Hudl.
To learn how the Zuora Central Platform features can help
companies move fast and respond to unpredictable market changes,
visit the product page here.
About Zuora, Inc.
Zuora provides the leading cloud-based subscription management
platform that functions as a system of record for subscription
businesses across all industries. Powering the Subscription
Economy®, the Zuora platform was architected specifically for
dynamic, recurring subscription business models and acts as an
intelligent subscription management hub that automates and
orchestrates the entire subscription order-to-revenue process
seamlessly across billing and revenue recognition. Zuora serves
more than 1,000 companies around the world, including Box, Rogers,
Schneider Electric, Xplornet and Zendesk. Headquartered in Silicon
Valley, Zuora also operates offices around the world in the U.S.,
EMEA and APAC. To learn more about the Zuora platform, please visit
www.zuora.com.
© 2020 Zuora, Inc. All Rights Reserved. Zuora, Subscribed,
Subscription Economy, Powering the Subscription Economy, and
Subscription Economy Index are trademarks or registered trademarks
of Zuora, Inc. Third-party trademarks mentioned above are owned by
their respective companies. Nothing in this press release should be
construed to the contrary, or as an approval, endorsement or
sponsorship by any third parties of Zuora, Inc. or any aspect of
this press release.
SOURCE: Zuora Financial
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks, uncertainties and assumptions, including
but not limited to statements regarding the expected growth and
trends in the market for subscription businesses, and the expected
benefits of any such trends. Any statements that are not statements
of historical fact may be deemed to be forward-looking statements,
and actual results could differ materially from those stated or
implied in forward-looking statements. This press release also
includes market data and certain other statistical information and
estimates from industry analysts and/or market research firms.
Zuora believes these third party reports to be reputable, but has
not independently verified the underlying data sources,
methodologies or assumptions. Information that is based on
estimates, forecasts, projections, market research or similar
methodologies is inherently subject to uncertainties and actual
events or circumstances may differ materially from events and
circumstances reflected in this information.
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version on businesswire.com: https://www.businesswire.com/news/home/20200527005297/en/
Jayne Gonzalez press@zuora.com 408-348-1087
Zuora (NYSE:ZUO)
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