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.