Salesforce is introducing a new component to the Salesforce Sales Cloud, the Salesforce Revenue Cloud. The new Cloud feature will allow you to accelerate the growth of your revenue across every possible channel. It does this through CPQ and Billing, Partner Relationship Management, and B2B Commerce functionality. It is already part of the Customer 360 Platform, so it will automatically connect your various teams together. All for the purpose of getting insights for revenue and customer transactions for proper revenue recognition.
Once you start using the Revenue Cloud, you can:
Enhance the Buying Experience
Salesforce has introduced a new CPQ and B2B Commerce connector which allows customization of online storefronts. You can add more configurable functionality like adding customizable pricing to carts so customers can serve themselves. When a customer is specifying their cart according to their needs, sales representatives are able to access their previous information.
This makes it easier to answer questions that they might be asking them about discounts and other promotions. Representatives have access to the entire purchase history, as well as online interactions available right in front of them. All of the above will give customers the ability to switch to and from different sales channels. With the help of direct sales partners and digital storefronts of course.
Accelerate New Revenue Sources
With Revenue Cloud, your marketing and sales teams can more easily form new strategies for revenue generation. Anything from subscription packages to implementing various pricing strategies. Salesforce has acquired new technologies like Vlocity, which adds to the Cloud workflows related to revenue management. These range from managing ad inventories or licensing of content for media companies.
Companies can now utilize data from different clouds on a single platform with the new Multi-Cloud-Billing feature. Another feature, Revenue Cloud Quick Starts, can help you quickly set in motion a subscription product in eight weeks. This is a huge godsend as before the process would take a few months at the least.
Efficient Revenue Generation
Generally, tracking revenues has always been a manual process, transferring important data between systems, approvals, and data reconciliation. This where a new form of automation comes in, now you can automatically initiate sales orders and consolidate invoices. These will prevent problems pertaining to underbilling and making incorrect changes to contracts, essentially preventing incorrect revenue figures.
Customer Asset Lifecycle Management is a new tool that visualizes what the customer has purchased. As well as other information like open balances, which offers unique insights and can be leveraged to deepen the relationship. Efficient comparisons against good KPIs like customer lifetime value, net revenue retention is useful for all present teams. This way teams can make key decisions on where costs should be cut and exactly who to target now. It even integrates with ERP systems to make immediate use of the data.
So there you have it, Salesforce once again adds a robust tool to its Cloud platform. The new Revenue Cloud allows you to track and report revenue generation efficiently and with accuracy. The gaps in revenue generation will be filled and reinforcing areas of it with its automation capabilities.
Become a part of the Salesforce community now, and reap the benefits of revenue generation of a new standard.
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