Case Study: 3M HIS streamlines billing and revenue recognition with SOFTRAX

3M HIS streamlines billing and revenue recognition with SOFTRAX

3M Health Information Systems (3M HIS), a division of 3M Company, faced challenges with disparate legacy systems in sales and billing and needed a new solution to manage complex revenue recognition under ASC 606 and IFRS 15, as well as subscription and consumption-based billing. They selected the SOFTRAX revenue management system for its unique combination of billing automation and revenue recognition capabilities.

The SOFTRAX solution integrated with 3M HIS's existing legacy systems and provided the flexibility to quickly incorporate acquired businesses. As a result, 3M HIS automated its billing, contract renewal management, and revenue recognition, maintaining system-level controls, keeping close times short, and avoiding the need to scale human resources despite significant growth.

3M HIS