Renew OnDemand is based on proven best practices and software that ServiceSource has used for 12 years to manage over $8B in annual recurring revenue and uses the principals of Fast Data and Big Data to analyse large, rapidly changing data sets and provide analytics that drive business decisions. The Spring 2013 enhancements deliver Renewal Ready Data that aggregates, enriches and quality checks renewal data from multiple systems. Also included are advanced business analytics with 15 new recurring revenue-specific metrics and dashboards, and integration with Salesforce.com for an easy-to-access view of potential, new and recurring revenue sales opportunities for each customer.
”Customers have relied upon our expertise in maximising recurring revenue for over a decade. Sitting at the intersection of Fast Data and Big Data, Renew OnDemand is the only cloud application built to help companies make money from the customers they've already won", said Mike Smerklo, ServiceSource Chairman and CEO. “Customers understand that recurring revenue typically accounts for 50% of their profit and traditional approaches to renewal sales leave highly profitable revenue on the table every year due to failed execution, excessive churn and missed opportunities to up-sell and cross-sell.”
Unlike information for new sales, which is typically housed in one CRM system, maximising recurring revenue often requires extensive data from 5-7 different systems. Renewal sales teams can spend 30-40% of their time pulling this data together, rather than selling. Renew OnDemand imports needed data – including asset, customer contact, contract entitlement and offer history data - from a myriad of systems, then merges and enriches that data to create renewal-ready customer records. Renew OnDemand scores data quality, identifies questionable data and quarantines it for corrective action by the customer, or by ServiceSource’s expert data analysts.
ServiceSource pairs Renew OnDemand with Data Services provided by a team of data management experts. With extensive experience managing data from the largest companies in the world, these teams specialise in understanding customers’ business and systems. They assess and monitor data quality and develop systematic approaches for ensuring the highest on-going levels of data integrity.
Renew OnDemand’s advanced business analytics deliver recurring revenue metrics and dashboards that enable sales managers and executives to make informed revenue-generating decisions. With 45 recurring revenue-specific metrics – including 15 new metrics - Renew OnDemand provides intelligence to help users understand which customers have churned and why, and how sales are trending by product, channel and region. Based on ServiceSource’s best practices, these analytics are proven gauges of recurring revenue health.
“Renew OnDemand provides Blue Coat with a purpose-built recurring revenue cloud application that allows us to drive greater efficiency in our business and through our channel," said Michael Hartmann, Vice President Worldwide Service Sales, Blue Coat Systems. “By adding detailed metrics and a consolidated view of all recurring revenue opportunities, Renew OnDemand will allow to us continue to drive a successful renewal sales business.”
By adding recurring revenue insight into Salesforce.com and other ERP and CRM systems, Renew OnDemand provides sales teams with a truly integrated view of new sales opportunities and contracts up for renewal.