Speeding Up Revenue Recognition

It’s an interesting time to be a vendor in the HR space. That’s not to say it’s an easy time, specifically for companies that set out to be “all things to all people.” For developers that do one thing, and do that one thing exceptionally well, now is your time to shine.

Whether your company has a niche application, or a line of different products, there’s one thing all professionals in the HR space can agree on: one way to achieve longevity today is with successful and timely revenue recognition. It is the key to client acquisition, client retention, project development, and maintenance.

The HR Environment Is More Complex than Ever

The HR space is busy and crowded. Products come to market so quickly that it’s difficult, if not impossible, to keep track of them all. As a result, new and potential clients are being inundated with product news, announcements, and pitches—including information about selecting the right technology and API integration solutions.

This data overload can make it extraordinarily difficult for vendors to get their foot in the door with a new client. Everyone is susceptible to frustrations with on-going application upgrades, routine maintenance issues, and especially integration problems.

HR professionals are known for resisting attempts from vendors to come in early to start the education process. They prefer instead to educate themselves online. A vendor’s success, therefore, hinges on making their company stand out and eliminating competition in these early stages.

Narrowing the Field of Choice for Clients

Here are three ways vendors can gain an edge on the competition:

  • Remove API integration obstacles for end users.
  • Make existing products more valuable to clients rather than moving on and developing new products.
  • Develop the skills necessary to ease clients’ existing pains and avoid creating new pains.

Earning Your Revenue

Your goal should be focusing on issues that concern new and existing clients the most—like removing integration obstacles. Presenting solutions for pain points before introducing a new application will help clients feel secure with your abilities and knowledge of the industry. Knowing they can easily implement and run your product is a crucial selling point for clients. And a content client is a paying client.

Achieving Full Integration

A full integration is not a lengthy process when done correctly. It should take no more than six to eight weeks—especially with a cooperative client. The key is to be sure you’re working with experts who are experienced in the HR space. Clients are paying for useful, operable applications that deliver on your promise. As long as integration is not an obstacle for your client, you can revenue faster.

Choosing the Right Partner

Working with a company that specializes in HR technology integrations is a huge advantage for vendors and application developers alike.

One area of expertise that specialist companies can provide is in bundling HR applications with solutions to integration obstacles. By helping clients implement products quickly and better than the competition, revenue recognition can also occur faster. Ensure that you work with a company with a proven track record for providing satisfying services and creating trusting relationships with vendors, developers, and end-users. This, above all else, will help you to speed up your revenue recognition.

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