Many companies are becoming obsolete and getting left behind… Is yours?
As we march forward into the new decade and beyond, things continue to evolve and change faster than ever.
And nowhere is this more prevalent than in the way we do business.
Everything from revenue recognition methods to customer engagement continues to grow and mature.
Customers’ demands are changing too, they’re looking for better quality goods and services. They also want more convenience, as well as ease of use when it comes to purchasing.
In fact, a survey conducted by HelpScout reported that 74 percent of customers will take their business to a competitor if they find the purchasing procedure too strenuous.
And that’s where the benefits of Salesforce Revenue Cloud can help your company.
Are you ready to make your buying process quicker and more efficient–and as a result–enhance your customer experience?
If so, then keep reading. Because this post will detail how you can achieve this as well as many other benefits.
Understanding Salesforce Revenue Cloud
Introduced in the latter half of 2020, Salesforce Revenue Cloud is a tool that helps you gain clarity on the income generated by your business. It gives way to full transparency in regards to your revenue streams’ performance.
It combines CPQ (Configure, Price, and Quote), PRM (Partner Relationship Management), billing, as well as B2B commerce serviceability, and much more, all on a single platform.
The overarching objective is to assist businesses in handling their income streams, strengthen estimation abilities, improve orderliness, and stimulate growth–across all channels.
B2B customers have changed the way they shop. They want an easy and unblemished experience from beginning to end.
And while in the process, they also look forward to hasty responses to any of their questions or concerns. This is most prevalent in the virtual space, where most people are doing their shopping anyway.
Armed with this info, you can prepare your business. You’ll have the tools to give a flawless experience on each sales cycle in all your sales channels.
How Salesforce Cloud Works
The aim of the Salesforce cloud is to make the process of revenue recognition as efficient as possible. This will optimize B2B commerce and enhance business growth.
Here are a few ways in which to achieve this process:
- Creates omnichannel sales by combining other channels (direct sales, virtual storefronts, and partners) – Your sales team can view insights of the customers buying history and online behavior, you can also deliver a flawless purchasing experiencing to your customers
- Integrates novel CPQ-B2B commerce coupling – This helps businesses to tailor-make virtual storefronts for intricate B2B selling
- Improves revenue cloud for multi-cloud advertisement – This gives a single platform to businesses to create recurring revenue streams, from other clouds
- Supplies Automation – This helps confirm orders, gather invoices, cut efforts, and gain control of leakage of revenue
- Brings a novel customer lifecycle management device – This displays a dashboard of previous customer purchases and provides real-time monitoring on KPIs (Key Performance Indicators) such as revenue growth, accounting principles, revenue from contracts with customers, and more
Reasons You Should Pick Salesforce Revenue Cloud
B2B buyers demand quick and accommodating purchasing choices. These include flexibility in payment methods, personalized service via phone calls, etc.
Also, customers desire more leeway in deals. They don’t want to have to wait for large amounts of time to pass before changes can happen in their contracts.
These are all issues that Revenue Cloud has the ability to solve.
Salesforce Revenue Cloud is a structure for channel selling. Additionally, it’s also a subscription and virtual business model. And there are many reasons why you should choose to use its services.
Here are a few of those reasons:
Visibility on Payment Balances and Consumption Margins
Revenue Cloud provides your sales team with more visibility. You get an inside look into the purchasing habits of your customers. Gaining this kind of insight is crucial as it can help you improve your strategy.
For example, when you understand the buying habits of customers, you can make better plans and methods to get better results and make more money.
Automation Used to Strengthen Revenue Efficiency
Automation is a tool that can save your team a lot of manual labor. Hence, it will free up their time to do more useful and productive things for the business.
With the benefit of automation, you can confirm sales orders. This allows you to gather and collect invoices (among other things), in an instant.
This will help you avoid many common issues such as underbilling, or inaccurately monitoring contracts that can result in revenue leakage in a sales cycle.
The dashboards provided give all teams a concise and honest source to turn to about any data on revenue. This eliminates any confusion that could take place.
Furthermore, KPIs assist teams with understanding how to handle and increase revenue. This allows the company to continue to grow and develop.
The benefits are many and very helpful. Here are a few other things you can gain that you might want to consider:
- Handle dunning
- Gather payments
- Create invoices across a multitude of channels
- Gift-wrap product bundles
- Combine direct sales, partners, and eCommerce
- Deal with complicated order arrangements
How to Know if Salesforce Revenue Cloud is Right For You
Even with these as well as many other benefits and advantages, it can still be difficult to determine if Salesforce Revenue is right for you. So the question then becomes: How do you find out if it’s a good fit?
What features should you be on the lookout for within your business to know if this service is right for you?
Here are some things to take into account:
It’s quite common for businesses to have erratic sales data coming through. As a result, this often requires manual labor to the workflow.
Businesses tend to make the case that they’re carrying out different quoting solutions to support the user’s wants. But all this does is create instances where quotes may have inadequate information or the wrong setup.
In these examples, you need to spend time with customers to reexamine and reevaluate the correct layout.
Abilities for Quoting and Billing
If you have your quoting channel opened on one platform and then invoicing done on another, this is an error in judgment waiting to happen. If this is the current setup for your operations, consider making a change.
With no process and system for recognizing revenue, a lot of confusion will present itself in your business operations.
This is a big determinant that could make Salesforce Revenue Cloud a great alternative for your company.
It would be a smart business choice, as this service will gather all of those moving parts and combine them into one, easy-to-use solution.
No Methodical Set of Rules
Without a set of standardized regulations in place, it can be very hard–if not, impossible–for a company to operate with any sense of cohesion. This will negatively impact your business process.
By producing and adhering to logical and systematized rules, your business can guarantee that resources are used wisely with customers who are getting a quote, order, and invoice.
If these sound like issues that you’re dealing with in your company, then it may be worth considering investing in Revenue Cloud.
Expanding Your Company with Salesforce Revenue Cloud
Revenue Cloud’s elements are created and designed to relieve these and other problems quickly and easily. Once everyone is using the same program to create quotes, consistency begins to develop as a side effect.
Furthermore, partners can retrieve data about goods and services via the PRM to gain entry to the CPQ software that goes a step further than just billing.
It includes promotional information, training manuals, and shared customer information.
Additionally, Salesforce billing supplies entry to important documents and reports on a shared interface with the entire procedure of quote-to-cash living on a singular program.
Revenue Cloud bolsters your company’s usability. And not only that, but it also produces a sound and consistent customer experience.
This causes a speedup of revenue growth by impacting income efficiency.
And it’s done with scalable plans that are practical for your customers as well as your internal team.
Gain Insights With Revenue Recognition
In order for your business to become (and remain) relevant, it takes a deep understanding of all aspects of it. And one of the most important is staying on top of things through revenue recognition.
And Salesforce is the solution to that problem.
If you’re interested in learning more, be sure to get in touch with us with any questions you may have. We look forward to hearing from you.