ServiceSource, a recurring revenue management software provider, has launched Renew OnDemand, a cloud-based applications suite aimed at companies with prolific recurring revenue streams, such as subscriptions, warranties, contracts, and maintenance.
"Across the industry, we estimate there's about thirty billion dollars [based on Gartner statistics] of revenue leakage that's being left on the table today because people cannot measure [with] the right analytics and do not have the right visibility, and therefore, don't know what to optimize and where the real opportunities for cross-sell/up-sell are," comments Ganesh Bell, chief product officer at ServiceSource.
ServiceSource's new Renew OnDemand solution, which integrates with many enterprise systems like CRM, ERP, and configuration software, seeks to give sales reps, channel partners, and executive management insights into customer buying and behavior patterns to help identify points of churn and improve retention.
Features of Renew OnDemand include:
- Renew Analytics: an advanced analytics platform provides role-based dashboards and drill-down capabilities for each stage of the renewal process;
- Renew Sales: built-in renewals-specific sales methodology prompts sales reps to "hand off" resources within sales operations;
- Renew Ops: separate selling and administrative activity to increase time to revenue and utilize workflow tools to prioritize and route tasks;
- Renew Channel: dynamic collaboration, workflow, quoting, and forecasting tools to help channel partners improve channel performance; and
- Renew Installed Base: advanced algorithms to cleanse, merge, and analyze data designed for better customer categorization.
ServiceSource, which underwent an initial public offering last year, primarily services companies that have "a tech-enabled recurring revenue stream [and] where a B2B transaction happens," Bell explains. Bell says companies manage, on average, $250 billion in recurring revenue, and that many organizations still rely on Excel spreadsheets to manage recurring revenue streams.
"That's really the problem [we're looking to] solve," he says. "We've always gone to market as a combination of our data services, cloud applications, and managed selling services."