Value Package

The Value Package feature in Open Cloud MDM enables the bundling of multiple products into a single offering, which can be sold as a package to customers. This feature utilizes managed accounts within the Account domain to streamline and manage these bundled offerings efficiently.

Key Functionalities

1. Product Bundling: This feature allows clients to combine two or more products, such as banking products or services, into a single value package.
2. Managed Account for Bundle Management: The bundle created is stored as a managed account within the Account domain, which acts as the system of record for the value package.
3. Reference Accounts for Individual Products: Within the value package, individual products are stored as referenced accounts, allowing for detailed tracking and management of each component in the bundle.
4. Up-Selling and Added Benefits: Value packages are often used as a strategy to up-sell products, typically by associating the package with added business benefits, like free services or discounts, to incentivize customers.
5. Terms and Conditions Governance: Each value package is governed by specific terms and conditions to maintain its validity, such as requiring all component accounts to remain open.
6. Ongoing Evaluation and Management: The state of the products within the value package is continuously monitored and evaluated against the set terms and conditions.

System Components for Managing Value Packages

• CONTRACT and CONTRACTREL Business Entities: Utilized for managing the value package and the relationships between the value package and the associated referenced accounts.
• Event Manager: Monitors significant changes to the referenced accounts, ensuring that the value package remains compliant with its terms and conditions.
• Business Rules Execution: Implements business rules to regularly evaluate the states of the referenced accounts against the terms and conditions of the value package.
• Behavior Extension and Terms and Conditions Rules Framework: These components support the management of the value package, particularly in terms of compliance and behavior within the set terms.

Value Package Example Use Cases

• Banking Services Bundle: A bank bundles a savings account with a checking account into a value package. Added benefits like free overdraft protection are offered to customers who open both accounts.
• Telecommunications Package: Telecom companies can bundle phone, internet, and TV services. The package might offer discounts or exclusive features unavailable with individual services.
• Insurance Bundle: Insurance companies might offer a value package that bundles home, auto, and life insurance, potentially with benefits like reduced premiums.
• Retail Product Bundles: Retailers bundle related products, offering them at a discount compared to purchasing each item separately.
• Software and Service Bundles: Tech companies can bundle software products with support services, offering a comprehensive solution to customers.

The Value Package feature in Open Cloud MDM is a strategic tool for bundling products and services, providing clients with the ability to up-sell and offer additional benefits. Managed through the Account domain, this feature ensures efficient management, compliance with terms and conditions, and ongoing evaluation of the product bundles. It leverages various components of the Open Cloud MDM platform, like CONTRACT entities, Event Manager, and a rules framework, to maintain the integrity and appeal of these value packages.