– Streamline your lead to cash business processes in a single unified platform.
Salesforce Revenue Cloud Suite is part of the Salesforce Customer 360 platform. It is a comprehensive set of tools and solutions designed to help businesses manage and optimize their revenue streams effectively. It is a fully integrated product-to-cash solution that allows you to connect and integrate with different Salesforce solutions like CPQ, Billing, Contracts, and Subscription Management.
Source: Salesforce.com
Why Salesforce Revenue Cloud?
It helps businesses manage sales and finance operations on the same platform by establishing a single source of truth for revenue and customer transactions from purchase to revenue recognition. This will eliminate the silos between the front office and the back office by bringing in the information they both need together in real-time. It empowers organizations to streamline their revenue management processes and drive growth.
Source: Salesforce.com
It prevents businesses from working with multiple systems or vendors for each process by bringing entire product-to-cash solutions into a single unified platform. This will reduce the sales order validation time, accelerate the deals, increase customer trust and experience, reduce implementation costs, and increase revenue.
Source: Salesforce.com
Salesforce Revenue Cloud Journey
Its journey started with CPQ and Billing then later Salesforce included Subscription Management and the latest solution added to this suite was Salesforce Contracts.
Source: Salesforce.com
Source: Salesforce.com
Salesforce CPQ
Salesforce CPQ stands for Configure, Price, Quote. It is a quotation tool. This is a managed package that can be installed on top of the Sales cloud. Salesforce CPQ helps businesses to close deals faster by maintaining a structured product catalog, advanced pricing and discount mechanism, and simplified quoting process i.e., right from preparation to sending to the customer.
CPQ’s advanced features like guided selling, product rules, and price rules make the sales rep’s job easy by adding the right set of products to the quote with the right prices and product quantities.
Another advantage customers will get with CPQ is access to advanced approvals. This is exclusively for CPQ customers. With this, you can unleash the power to automate and customize your approvals. By default, upon installation, this feature will be enabled on the Opportunity object. But this can be enabled on any CPQ object as per the business need. Advance approvals can now also integrate with Slack for faster approvals.
With CPQ’s out-of-the-box Amendment and Renewal capabilities, you can reduce churn with automated customer communications on renewals and also accelerate upsells and cross-sells to manage swaps and upgrades by amending the ongoing contract.
Source: Salesforce.com
Salesforce Billing takes care of all the operations involved in the quote-to-cash processes. It is an add-on package that inherits key records and information from Salesforce CPQ. After a sales rep finalizes a quote and orders it within Salesforce CPQ, Salesforce Billing picks up the order record for invoicing, payment, and revenue recognition. The order object acts as the bridge between Salesforce CPQ and Salesforce Billing.
This component of Revenue Cloud enables businesses to create and manage billing arrangements, automate invoicing processes, generate debit and credit memos for any change required to the invoices, and collect payment seamlessly. It also supports various billing models, including one-time charges, subscriptions, and usage-based billing, allowing organizations to accommodate diverse customer needs.
Source: Salesforce.com
Salesforce Contracts
The Salesforce Contracts app allows customers to manage the end-to-end lifecycle of Contracts. Generate contracts easily at any stage in the sales cycle from opportunities, orders, quotes, standard salesforce objects, and custom objects. Contract lifecycle management is crucial to the overall health of the sales processes in an organization.
Using Salesforce Contracts, the Legal team can create document templates for contracts. They can manage a clause library with compliance clauses and pre-approved clauses.
Any applicable team can initiate a contract request, can generate a contract document, alter it if needed, and send it to the customer, get it signed, execute the contract, and track compliance over all the terms and conditions of the contract.
Source: Salesforce.com
Salesforce Subscription Management
Salesforce Subscription Management gives customers greater flexibility in what they buy and how they buy, for this purpose subscription models are highly preferred. This is a game changer for businesses. Using ERPs for subscriptions and ongoing contract changes results in expensive customizations along with complex integrations.
Also, with traditional systems and ERP processes the relationships between businesses and customers end after a single sale. Thanks to recurring revenue models, it doesn’t have to stop there. Recurring revenue models extend relationships between buyers and businesses over time.
With changing market dynamics, customer retention becomes an important aspect of any business. To support that, businesses must be able to adapt quickly. With Subscription Management, customers can shop anywhere by browsing a unified product catalog and from any self-serviced sales channels, communities or mobile app on the phone. Customers can select products that fit their needs, and add them to the shopping cart. When they are ready, they can negotiate the price through chat, and interfaces like Slack and then they simply make their purchases.
As Subscription Management is a product of Salesforce customer 360 all the purchase information will be saved on a single unified platform, it can be accessible by customers anywhere regardless of the channel the product was purchased. So, they can always go back and view their purchase history, view invoices on an ongoing basis, pay bills, and do renewals, and upgrades on their own anytime.
Source: Salesforce.com
Note: Subscription Management will no longer be available as an individual SKU under Revenue Cloud from Apr 30, 2024. This functionality will be moved under Revenue Lifecycle Management, a new SKU under Revenue Cloud Suite.
These are some of the metrics that Revenue Cloud customers are seeing once they start using the platform.
Source: Salesforce.com
Salesforce Revenue Cloud is the right solution for you if your business is struggling with:
- Large and unstructured product catalog
- Complex pricing
- Legacy or manual quotation process
- Recurring revenue business
- External Finance and ERP systems
- Longer sales cycle time
- Sales and Finance teams are working in Silos
- Extensive Customizations
- etc
Conclusion:
With the number of RevOps solution tools available in the market, the biggest problem has shifted from lacking the tool to finding the perfect tool capable of simplifying complexities and delivering effective business solutions.
In the realm of sales and revenue management Salesforce Revenue Cloud emerges as a game-changer it offers a comprehensive solution that outstrips traditional boundaries. Its ability to unite sales, finance, and operations under a single platform unlocks unprecedented synergies and drives sustainable growth. Additionally, Revenue Cloud’s scalability and customization options cater to the diverse needs of enterprises, from startups to multinational corporations.
It reduces manual tasks, allowing sales teams to focus on building relationships and driving revenue. The platform’s alignment with Salesforce’s ecosystem ensures seamless integration with other applications, fostering a unified approach to sales and revenue management. Moreover, the flexibility and agility provided by Revenue Cloud enable businesses to adapt to evolving market dynamics and stay ahead of the competition.
