How data engineering businesses make payments easy with AI and automation

As more companies turn to AI and automation, big data, and data-driven business solutions, it is unsurprising to find that data engineering is becoming more sought after. For data engineering businesses, this means more quotes and increased need for effective quote management, and a requirement for payment systems that can cope with the level of customisation and options they then offer to their clients. In this article, we will have a brief look at an overview of the data engineering business before evaluating the challenges these companies might face with payments, how business process automation (BPA), Artificial Intelligence (AI) and technology is meeting these challenges, and what TEB Apps can do for you.

A brief overview of the data engineering industry

Statista reports that the global big data market is expected to double in size from 2018 to 2027 and reach $103 billion (USD). Within this niche, software has a 45% share that will see it become the largest big data market segment within this time period.

It is therefore unsurprising that Data engineering is a massive industry, one which according to Gitnux is expected to reach a market size of $229.4 billion (USD) by 2025 and has seen a 50% growth in demand for data engineers over the past few years.

As more companies reach for data-driven solutions, the demand for data engineering is going to continue to grow and evolve. Some of the major trends driving this industry include:

• Data AI and automation
• Augmented analytics
• Data Engineering as a Service (DEaaS)
• Big Data insights
• Cloud-Native data engineering
• Unified platforming of data warehousing and data lake solutions

There is a lot going on, and data engineering businesses need to be on the absolute cutting edge to remain competitive.

Being able to provide comprehensive services and flexible solutions to clients often means fully understanding their individual needs and creating bespoke solutions. As one of our latest features, TEB Apps has a unique customisable function that allows you to set your terms and conditions on an individual client level, giving you full control over your T&Cs and quickly, efficiently, and accurately covering what needs to be covered.

What challenges do data engineering companies face with payments?

Data engineering tasks often run the gambit from simple ‘off the shelf’ solutions, to entirely new developments and programming creations. Being able to accurately gauge time and resources, work out costs, and then agree on payments that might be one off, but are more likely to involve reoccurring invoices means that you need to be absolutely on top of everything that is going on.

For businesses in this industry, some of the key issues that are seen with payment structures and quote generation include:

• Inefficient quote creation processes and a lack of customisable options to manage the intricate details and variation from potential contract to potential contract.
• Difficulty in handling recurring payments especially when a client has different pricing requirements based on the work performed during a set time period.
• Lack of flexibility with existing tools to allow for variations in costs, overheads, and elements such as currency conversion with outsourced workloads.
• Data security concerns with legal obligations varying in different locations on larger projects.
• Charging errors due to inaccurate information that may result from human error, estimates for workload, or missing various data and changes in costs (such as recent upgrades resulting in higher licensing costs for software).

These challenges are difficult when they occur, but with the right AI and automation systems in place, and a fully integrated data-driven approach to business processes – they are not insurmountable.

In order to meet customer expectations, prove reliability and industry understanding, data engineering businesses are expected to lead by example and showcase operations that are smooth, streamlined, and cost-effective.

This is what the right technology can do behind the scenes to build consumer confidence, reduce overheads and expenditure, and allow resources to be used in the most effective manner.

How does new technology such as business automation, AI, and advanced CRM help with payments for data engineering companies?

In order to make the most of technology, and be able to manage payments with ease, there has to be the tools in place to support a strategic approach.

From how you handle your customer data with a CRM, to the information and data analysis that informs your marketing approach, and the way in which you create an efficient quote creation process – you need tools that work together.

As a data engineering business, you will undoubtedly be familiar with automation and the benefits it brings for your clients in making their business structures simpler, more effective, and easier to keep compliant with legal obligations.

With regards to your own business, and what AI, automation, and the right CRM can do for your sales, you could expect to benefit from:

• Shortened sales cycle.
• Ability to offer personalised service through identification of customer pain points.
• Faster and more effective communication with clients.
• Improved data security.
• Data-driven segmentation of leads and opportunities.
• Effective lead management and lead weighting.
• Customisable interactions and quotes with minimal resource usage.
• Reduction in human errors.

With the ability to save time, resources, and money in business processes, and better handle customer enquiries, lead management, and conversions – your data engineering business can focus on delivering results and increasing your bottom line.

Why is TEB Apps rapidly growing in popularity within the data engineering industry?

With unique features, a solid data-driven approach to your business, and the flexibility to scale with you, TEB Apps can provide you with all the support you need to ensure your business processes are working at their most efficiently for the benefit of your business.

When you bring TEB Apps into your data engineering business, you will be able to use:

• Streamlined payments with targeted specifications and flexible quote creation.
• Volumetric and bundle pricing to support your sales in more complex and larger contractual situations.
• Automated quote creation that gives you full control over your offerings and design of your quotation
• Multiple custom terms and conditions for different items and businesses

Book your demo now, and find out how your business can expand and grow with TEB Apps providing you with the support and tools you need whenever you need them.