The software company Salesforce was built around one main idea that software should be delivered round the clock to people over the cloud.
The revolutionary idea of bringing every software over the cloud has proven path-breaking for multiple tech giants in the industry.
Continuing its legacy of delivering innovative and out-of-the-box solutions to its customers, Salesforce has recently launched Revenue Cloud.
It is a solution that will help businesses to speed up their revenue growth across multiple channels. The solution is aimed to enable businesses to develop a rapid & easy buying process, accelerate new revenue streams, and to improve revenue efficiency.
Covid-19, Business Challenges & Revenue Cloud
The outbreak of pandemic has brought havoc on businesses across the globe. The revenue cycles of the companies are getting loose in the pool of uncertainties, deals got stuck as customers’ requirements suddenly change, sales channels were disturbed, and the forecasting data became unreliable. Nobody knew what to expect.
The ramifications of Covid-19 are severe, but the need to manage revenue remains the same, or we must say, it is now crucial more than ever.
According to a State of the Connected Customer report by Salesforce, 80% of B2B buyers accepted that the experience offers by a company is as important as products/services. 74% of B2B buyers are using multiple channels to quickly initiate & complete a transaction.
The B2B buyers in the present time are looking for rapid and flexible purchasing options. Most B2B buyers want to go for an online buying experience, wherein they can take help from sales reps as per their requirements and adjust their contract as soon as possible without holding for long or starting from the beginning with new sales representatives.
Having an online buying experience is daunting for B2B businesses as it involves different people, processes, and stakeholders like sales, finance, partners, operation, digital commerce, and any more. The complexities grow with the business, partner networks, and acquisitions.
To deal with all such problems, Salesforce launched Revenue Cloud.
Take Your Business Revenue To New Heights with Salesforce Revenue Cloud
With the introduction of Revenue Cloud, Salesforce has added one more feather in its hat of innovation. This new package brings together B2B commerce, quote-to-cash (CPQ & Billing), and PRM (Partner Relationship Management) as a part of the Salesforce Customer 360 platform so that businesses would get a consolidated view of revenue & customer transactions.
Apart from making the buying process easy and faster, it also speeds up new revenue streams and improves revenue efficiency. It also enables companies to excellently connect operations, sales, finance, and sales teams to build a single source of truth for revenue & customer transaction.
Application of Revenue Cloud for Seamless Business Growth
The advent of the Revenue Cloud will be a cornucopia of fecundity for business and revenue generation. The tools will guide organizations to better invest in the channels and methods that drive revenue for businesses.
With Revenue Cloud by your side, you would be able to:
Improve Efficiency of Revenue
The best part about the Revenue Cloud is its impeccable automation feature which eliminates the burden of manual approvals, data reconciliation, and transcriptions of orders from one system to another.
Revenue Cloud enables automatic validation of sales orders and brings invoices in a consolidated manner. It prevents issues like under-billing for services and other problems that lead to loss of revenue in the sales cycle.
- The powerful dashboard shows everything that customers have bought.
- Keep track of all the changes done in a contract over time.
- Provide a deep understanding of customer relationships by opening balances.
- Align different teams and empower them to make strategic decisions on targeting the right set of customers and saving cost.
Improve Buying Experience
The buying experience for companies will never be the same, as Revenue Cloud has revolutionized the entire buying process. This new Customer Asset Lifecycle Management tool enables customers to rapidly switch multiple sales channels with direct partners, sales, and digital storefronts.
- Revenue Cloud allows customers to fill their online cart with their desired product or services.
- It provides sales representatives all the understanding of customers’ present product history as well as online interaction.
- On the basis of the acquired information, sales reps can offer suitable discounts to customers and enable a smooth transaction.
- Companies can customize their digital store with Revenue Cloud & CPQ for complex B2B selling and to provide customers a self-service experience.
Boost New Revenue Streams
The newly launched revenue management tool helps revenue operations teams to spin up monetization strategies. The strategies include launching a subscription product, implementation of consumption pricing, etc.
This novel customer asset lifecycle management tool, draws on the technology by Vlocity, the recent acquisition of Salesforce. And so, it offers an industry-specific revenue management solution through which users can manage ad inventory, streamline content syndication for media companies, and many other tasks.
- It has a multi-cloud billing feature that enables companies to create revenue streams from different clouds on a single platform.
- The revenue cloud quick starts feature allows businesses to launch subscription offerings from start to finish in just 8 weeks.
Deliver Amazing Customer Experience with Revenue Cloud Implementation Services
Are you excited to have Revenue Cloud implemented in your organization? Off-course you must be. Who does not want to spin up the revenue generation ways?
With Revenue Cloud, you not only can easily connect your customers and revenue lifecycles but also bridges your sales and finance functions together to offer an unparalleled customer experience at every step.
The tool will help you keep everyone on the same page and offers multiple benefits like:
Speed Up Negotiated Sales – You can create compliant solutions and route pricing for fast approval.
Helping customers themselves – Enable customers to browse products, place self-service orders from anywhere across multiple channels.
Validating Transaction – You can easily define business rules, ensure compliance, and save margins on different channels.
Updating Products & Pricing – It will let you provide consolidated catalogs & price books that will automate the entire revenue lifecycle.
Billing Engine – The flexible billing engine will speed up the cash collection process.
Real-time Information – The Revenue Cloud implementation will help you recognize the revenue streams, which help you forecast performance. You will also get a 360-degree view of your customers’ data and all from a single source of truth.
Conclusion
In the testing time of a pandemic, it becomes necessary for businesses to accelerate their revenue lifecycle. The advent of the Revenue Cloud will be a boon for different industries and accelerate their business growth.
Whether it is about filling the gaps of lost revenue or about any other complexities related to a business model, deals, and revenue process, this newly launched tool can single-handedly tackle all problems. It has become a single source of truth for all customer transactional data.
The Revenue Cloud also comes with CPQ, Billing, CPQ for Partner Communities, CPQ for Customer Communities, and CPQ B2B Commerce Connector. The entire package will excellently help you manage your entire revenue management process.
