Revenue Management Helps Companies Move Beyond CRM to Drive Growth
By Jeff Kaplan of THINKstrategies
As I explained in my previous blogpost, organizations of all sizes – but especially large scale enterprises – are facing unprecedented business challenges that require a better end-to-end revenue management approach and platform. Now, I’d like to identify some of the specific ways enterprises can employ revenue management to augment their customer relationship management (CRM) capabilities and maximize their revenue opportunities and performance.
Many enterprises are putting aside their legacy applications in favor of a new generation of Cloud-based applications, also known as Software-as-a-Service (SaaS). A large number of these migrations center around Salesforce’s Sales, Marketing and Service Cloud offerings. While these solutions provide a slew of powerful features to help businesses connect with their customers, in many cases they don’t go far enough to meet the specific needs of many enterprises to help them drive revenue growth.
For instance, the Salesforce’s solutions aren’t designed to support real-time international reference pricing and coordinate product launch sequencing on a global scale. This is an essential requirement for multinational enterprises that must carefully coordinate the rollout of new products, and continuously tweak the packaging and pricing of their products on a country by country basis.
Every enterprise is also looking for more efficiency and visibility over the contracts process which can accelerate sales cycles, increases sales productivity, and uncover potential cross-sell and up-sell opportunities. Enterprises are also seeking solutions that can streamline the process of generating proposals and contracts, while simplifying collaboration with their customers through the negotiation and redlining process. Therefore, enterprises need a flexible contract authoring and lifecycle management capability that complements and enhances Salesforce’s Quote-to-Cash process.
Salesforce helps manage channel partners and opportunities, but doesn’t provide tools to create strategic alignment of channel partners with your sales goals. Effective rebate programs that create and deliver the right incentives for channel partners are essential to success. This means implementing the right kind of rebate and incentive programs and being able to track their effectiveness. Because of the dynamic nature of the market, enterprises need revenue management tools that are flexible and easy-to-use so they can be modified to accommodate unique business requirements and are highly adopted.
Enterprises also need to share information with their channel partners to ensure they can coordinate their efforts effectively. The channel data management (CDM) system should be able to collect point-of-sale (POS), inventory and sales-in data from all of the channel partners in a centralized database that can serve as a single source for truth for channel intelligence. The ability to easily capture and continuously track channel activity can significantly improve performance. And, using a cloud-based portal to provide easy access to the information by the enterprise decision-makers and channel partners can build greater trust between them. It also enables them to respond more effectively to mutual customer issues and opportunities.
In sum, enterprises need revenue management software functionality, like that offered by Model N, to move beyond the capabilities delivered by Salesforce Sales, Service and Marketing Clouds and drive additional revenue growth.
To learn more about how Revenue Management can help businesses maximize their revenue potential, attend my webinar “Moving Beyond CRM: Leveraging Revenue Management to Maximize Revenue and Drive Growth” on Tuesday, April 18th at 10am PT. Register here.