A little for loop might assist for dealing with multiple files, and here I'm assuming -i option is not available:
for file in $(grep -wl BILL /file_sys/file/*); do
echo $file
sed -e 's/\bBILL\b/BILLING/g' $file > tmp
mv tmp $file
done
Here's what's happening:
grep -w Search for all (and only) files with the word BILL
grep -l Listing the file names (rather than content)
$(....) Execute whats inside the brackets (command substitution)
for file in Loop over each item in the list (each file with BILL in it)
echo $file Print each file name we loop over
sed command Replace the word BILL (here, specifically delimited with word boundaries "\b") with BILLING, into a tmp file
mv command Move the tmp file back to the original name (replace original)
You can easily test this without actually changing anything - e.g. just print the file name, or just print the contents (to make sure you've got what you expect before replacing the original files).
sedandawkutilities. Start by reading their man pages.manpage documents the-iflag and yoursedcommand does not? That sounds very strange...sed -i.bak 's/something/else/'