The importance of managing revenue will never deteriorate. In fact, it is seemingly becoming more and more urgent. With the challenges and unpredictability that businesses faced this year, following the COVID-19 pandemic, this fact is abundantly clear. The Salesforce Revenue Cloud is here to help with these challenges.
Additionally, to keep buyers interested in your business, you need to ensure that you can provide exactly what they want quickly and with flexibility. There also needs to be a high level of personalization. In fact, the customer experience that a buyer has with your business significantly impacts the success of your business.
But, ensuring that this experience is smooth takes a lot of work from various departments and people. It becomes more and more complicated as companies grow and networks widen. This is where Salesforce Revenue Cloud will come in and help your business to reach the next level. Read on to find out more about it.
What Is Salesforce Revenue Cloud?
At this point, we’ve probably piqued your interest already. So let us explain what Salesforce Revenue Cloud is before we dig into how exactly your business can leverage it.
The Salesforce Revenue Cloud combines several of the existing tools offered on the Salesforce platform, most importantly, the Salesforce CPQ & Billing, partner relationship management, and B2B commerce capabilities. These ensure that you are able to regain control of your revenue growth on all channels. Consequently, it allows you to have a more powerful sales engine.
Via Revenue Cloud, companies are able to integrate their approach to finance, operations, and sales. It also results in a higher level of revenue compliance.
As if that was not impressive enough, Salesforce Revenue Cloud allows companies to carry out various transactions, including allowing for the bundling of products, creating invoices from various channels, amalgamating different kinds of sales such as direct sales, specialized industry sales, partners sales, and more.
With all of these functionalities, it’s almost impossible to think that Salesforce Revenue Cloud won’t help your business.
How Can Companies Leverage Salesforce Revenue Cloud?
As we mentioned above, there are several ways that organizations can make use of Salesforce Revenue Cloud. Let’s take a look at some of these in more detail.
Speed Up Fresh Streams Of Revenue
The technology comes in handy for revenue operations teams, who will be able to create novel and original strategies for monetization. For example, they could decide to apply new pricing models such as consumption pricing, based on information they receive from the technology, or they could set up a subscription product.
In addition, the technology brings with it solutions that are specific to your industry, allowing you to use it for your unique workflow related revenue. For instance, it can be made use of to manage inventory from advertisements or content syndications for media companies.
Moreover, you will be able to use a single platform to construct revenue streams from different clouds. An example of this is the fact that service reps are able to use one system that is unified to generate revenue through services on the site or by upselling products.
Finally, your organizations will be able to set up a subscription option from beginning to end, and instead of taking months to complete, this process will only take weeks.
Boost The Effectiveness and Productivity of Revenue Streams
Efficiency is one of the most important things in any business, no matter what it is you’re offering. And, it is important to both the satisfaction of customers and the productivity of the organization internally. With the Salesforce Revenue Cloud, efficiency in terms of revenue is taken care of.
Tasks such as data reconciliation, transcriptions of orders from one system to the other, and manually approving things take time and can hinder or hamper the teams who do them. But, these processes can be automated using technology. Similarly, automation ensures that issues that arise from human error do not occur. This saves your teams a lot of time.
For instance, mistakes such as charging too little for a product or service, or inaccurately making changes to a contract that needs to be updated will be avoided with the automation of validation of orders and invoice consolidation. As a result, the revenue that would be lost through these mistakes will no longer be an issue.
Further to this, additional tools are provided to give your organization access to dashboards for customers showing their purchase history and contract changes. This ensures that you have a full understanding of the customer with a single glance at your screen.
You can track useful KPIs such as recurring revenue, net revenue retention, and customer lifetime value, which will allow you to make the best decisions on who to target as customers or where to reduce costs.
Modify The Way Way People Make Purchases
With Salesforce Revenue Cloud, you will be able to provide your customers with the smoothest of experiences, in which they can easily switch from one channel to another. The improved buying experience allows customers to purchase various configurations of items or services by filling their carts on their own, after which they are able to connect to a sales rep if they so please.
Should they contact a sales rep, the rep will already be clued up on their purchasing history and as such can provide them with a customized and personalized, seamless interaction. Furthermore, organizations are able to tailor their online storefronts and include tailored pricing. These ensure that the self-service experience is seamless and pleasant.
revVana And Salesforce Revenue Cloud
revVana is built on the Salesforce architecture and incorporates all its advantageous capabilities. This makes revVana’s revenue forecasting one of the most diverse and reliable options out there.
For example, in terms of reporting and analytics, revVana’s revenue scheduling engine creates forecast data at the company, account, and opportunity levels, and these are all directly on the Salesforce platform. Further, revVana simplifies the process of generating revenue forecasts with predictions created using your Salesforce opportunities.
It also allows for revenue forecasting directly from your sales pipeline and open opportunities. You will have a full view of your revenue at all levels throughout the customer cycle. Directly within the Salesforce platform, you will have access to forecast amounts based on opportunities in the pipeline, those that have committed, and those that are closed.
Moreover, using the Salesforce platform, revVana provides its users with unmatched privacy and security in terms of data protection. It allows for configuration options and tools which means you can set up easily and quickly no matter what your needs are, and you can easily connect applications in the cloud too.
Salesforce Revenue Cloud clearly allows for organizations to take customer experience and internal operations to the next level, to optimize business processes, and ensure that outcomes are as strong as they could possibly be. What’s more is that this is not only for SaaS businesses, it can be used for any type of company.
With revVana, you can get all of this and more. Since the platform is built on Salesforce, the forecasting provided is highly accurate due to being directly based on sales data found in Salesforce.
By making use of all the information on what is currently happening in terms of sales – including all opportunities from those which are still only leads to those that are finalized – revVana allows organizations to manage sales expectations much better. Resulting from this, organizations will have a much stronger decision-making process.