Spring Release of ServiceSource Renew OnDemand™ Delivers Proven Analytics and Complete View of Customer Data to Increase Recurring Revenue
by Business Wire
ServiceSource® (NASDAQ: SREV), the global leader in recurring revenue management, today introduced major new enhancements to Renew OnDemand™, the only SaaS application built specifically to maximize recurring revenue.
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 leverages the principals of Fast Data and Big Data to analyze 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 maximizing 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, maximizing 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 specialize 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.
Please join our webinar, Turning Your Data into Currency with the Cloud, on March 26 at either 9:00 am eastern time or 1:00 pm eastern time to learn more about how Renew OnDemand can drive revenue for your business. Register here: http://corporate.servicesource.com/RenewWebinar.
- To watch our video about Renew OnDemand, please go to http://corporate.servicesource.com/Renew_Spring_Launch_Video
- To learn more about Renew OnDemand, please go to http://www.servicesource.com/renew-spring2013
- To learn more about ServiceSource, please go to www.servicesource.com
Renew OnDemand Spring Release Capabilities:
Renewal Ready Data
- The only complete view of customers’ recurring revenue potential
Renew OnDemand merges and integrates large amounts of constantly
changing data from many systems, such as ERP and CRM systems. This
- Customer contact data
- Asset data such as physical assets and software licenses
- Product and service entitlement data such as SKUs and support level
- Quote and order data
- Offer data
- Usage data
Advanced Business Analytics
Over 15 new revenue-specific metrics help customers understand buying
behavior, data quality and sales team progress toward renewal
bookings, such as:
- Leading indicators on the likelihood to renew
- Conversion rates on up-sell and cross-sell programs
- Operational metrics, including on-time delivery of quotes and time to process booking requests
Role-based access designed to provide essential information for each
specific contributor in the recurring revenue sales process, including
tailored views for:
- Sales Representative, Manager and Executive
- Operations Representative, Manager
- Data Analyst
- Channel Partner
- System Administrator
- New ad-hoc analysis capability enabling users to create and modify customized reports and dashboards
Integration with Salesforce.com
- One view of all new sales opportunities and expiring contracts
- Allows sales people to increase deal sizes and win rates with better information about what the customer owns and what is up for renewal
- Improves forecast accuracy by providing more visibility into recurring revenue opportunity and a consolidated view into new and recurring revenue pipelines
- Leverages investments in CRM by adding a system specifically designed to maximize recurring revenue
Renew OnDemand, winner of a 2013 Stevie® Award for Best New Business Intelligence Solution and Information Week’s 8 Cloud Services for Road Warriors, is a cloud-based enterprise software application that includes Analytics, Sales, Ops, Installed Base and Channel applications. The Renew OnDemand Cloud application is built upon a high performance architecture that is scalable and fast, secure and reliable, and configurable and extensible. Renew OnDemand is purposely designed to easily integrate with CRM, ERP and other critical business applications. It includes a completely intuitive user interface that provides anywhere, anytime access to recurring revenue insights on a PC or mobile device.
About ServiceSource, Inc.
ServiceSource is the global leader in recurring revenue management. The world's most successful companies rely on us to maximize subscription, maintenance and support revenue, improve customer retention and increase business predictability and insight. ServiceSource delivers results with Renew OnDemand, the world's only cloud application built specifically to manage and grow recurring revenue, which can be combined with our industry-leading services.
With over a decade of experience focused exclusively in growing recurring revenue, our services and applications are based on proven best practices and global benchmarks. The company is headquartered in San Francisco, and has over $8 billion under management for customers in more than 150 countries and 40 languages.
ServiceSource and any ServiceSource product or service names or logos above are trademarks and/or registered trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners.
Forward-Looking Statements This press release contains forward-looking statements, including statements regarding our Renew OnDemand Cloud platform and application, its capabilities, its overall benefits to customers, and its ease of integration with other third-party applications that our customers use. These forward-looking statements are based on the Company's current assumptions and beliefs, and involve risks and uncertainties that could cause our results to differ materially from those expressed or implied in our forward-looking statements. Those risks and uncertainties include, without limitation, the risk of material defects or errors in the Company's software offerings; the ability to integrate Renew OnDemand with other third-party applications used by our customers; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; changes in market conditions that impact our ability to sell the Renew OnDemand solution and/or generate service revenue on our customers' behalf; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; our ability to adapt our solution to changes in the market or new competition; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, which and can be obtained online at the Commission's website at http://www.sec.gov. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements.