ServiceSource, a provider of recurring revenue management solutions, has introduced Scout Formulas, a user-configurable analytics solution for sales, marketing, and customer success teams to increase customer lifetime value.
ServiceSource Scout Formulas, using technology gained during its acquisition of Scout Analytics, allow business users to create and deploy unique key performance indicators and rules based on data aggregated from CRM, survey management, billing automation and other systems across the enterprise.
Scout Formulas eliminates the burden of managing data and calculations from multiple systems and spreadsheets. Leveraging comprehensive customer data with Scout Hub, a predictive analytics platform, Scout Formulas allows business users to create customized key performance indicators and rules, or Formulas, which perform calculations or automate decision rules. Once created, a Scout Formula for customers, subscriptions, or users can be deployed and used across the organization in reports, dashboards, playbook automation, workflow, and analysis tools. Typical use cases include the following:
- Customer Metrics and Functions (i.e. Customer Health Scores): highly personalized customer health-monitoring capability that automatically triggers specific playbooks. Business users can perform calculations for customer lifetime value and health scoring and gauge the performance and timeliness of specific playbooks.
- Subscription Metrics and Functions: allows business users to perform subscription-level calculations for compliance, renewal pricing, billing, and health scoring to automate usage charge billing and apply filters.
- User Metrics and Functions: provides customizable fields for user-level calculations and automated triggers for personalized nurturing to increase loyalty, usage, and customer lifetime value.
"All too often, customer success, sales, and marketing teams rely upon manual, time-intensive, and error-prone spreadsheets. This burdensome process will not cut it in today's fast-paced subscription economy, where real-time monitoring and interaction with customers is imperative for driving customer success and business growth," said Matthew Shanahan, vice president of product strategy for Scout by ServiceSource. "Now, Scout Formulas puts the power of predictive analytics into the hands of the business user. Sales, marketing, and customer success professionals can now quickly and easily create sophisticated key performance indicators and rules to monitor customer success and drive the right customer engagement to maximize customer lifetime value."
ServiceSource just last month integrated its Scout analytics engine into Marketo's marketing automation platform.