A. Salesforce Donning a New Hat
Salesforce, an entity better known for its world-class products and for offering varied services ranging from Customer Relation Management (CRMs) to Enterprise Resource Planning (ERPs), has achieved a yet new milestone in recent years. Widely recognized for its endeavors in delivering monumental breakthroughs in the areas of market automation, customer retention through analytics and application development to name a few, has offered the much-needed impetus to explore the uncharted territory of revenue augmentation.
Given the importance of revenue-generating streams, Salesforce took the plunge by turning into a Revenue Cloud platform causing the integration of several disparate functionalities namely, Billing, Partner relationship Management, and B2B among others. Now the question that might tinker with your imagination is, what exactly is Revenue Cloud and why is there so much hype created about the same?
B. Digging into the Anatomy of Revenue Cloud
Before excavating the nitty-gritty of Revenue Cloud it is pertinent to note that what all shortcomings it could potentially address for your conventional business models. In this regard, with the integration of Revenue Cloud customers can find a common breeding ground for approaching disparate business processes falling under the disciplines of sales, operations, and finance. Revenue Cloud is capable of achieving the above feat by facilitating structured sales process leading to downstream automation as well as compliance.
Besides this, the core objective that Revenue Cloud aims to serve is forging a synchronous tie between customer and revenue lifecycle that can unify varied types of sales motions. The types of sales motion include product bundling, collecting payments, invoice generation from discrete channels, and mitigating financial risk and compliance burden.
C. What are the Perks, associated with the adoption of Salesforce Revenue Cloud, for you?
As discussed above, Salesforce cloud coupled with Revenue Cloud offers strings of features that are imperative in the era of entrenched market penetration. Apart from this, some of the added advantages that businesses could reap with the inclusion of Salesforce Revenue Cloud are as below:
- Generation of invoices can be performed directly from the order as a standalone mechanism, in contrast to relying on the practice of integrating with highly expensive third-party billing applications.
- Revenue cloud offers uniformity across vast sales channels including assisted, self-service, and partner channels with the aid of a standardized proration engine that will render constant experience across each and every channel.
- Moreover, one of the greatest potentials that would help in supplanting your business with scalability and uniformity is the improved pricing across different channels. In this regard, a business could leverage its positioning with the right mix of price in accordance with the channel, partner, deal type, and most importantly the product-service mix.
D. What are the possible bottlenecks associated with Salesforce Revenue Cloud
Although the integration of Revenue Cloud with Salesforce speaks volumes about the degree of efficacy that is rendered to the existing business model; however, there are a few limitations in the adoption as well.
- Revenue identification: Salesforce offers a very light version of revenue recognition tool, which may limit the advanced functionality of revenue recognition that is sought by many given the scalable nature of complex bills.
- Dynamic Pricing: Despite the fact that the ability to explore with varied pricing models is highly sought after by many, still being able to derive customized code is also equally important that is deficient in Salesforce.
- Scalability to usage records: Salesforce hovers around a limit for the daily volume of data that it can act upon, which still turns them dependent on third-party solutions for facilitating that objective.
How can Algoworks help your organization get across the fear of leveraging revenue streams with Salesforce Revenue Cloud?
We at Algoworks, are in constant pursuit of delivering state-of-the-art technological marvels through our team of highly officious designers and developers. Over the years, we have established ourselves as one of the leading technology consulting firms and bestowed with several accolades under our belt for a vast range of mobile and web application projects. Our shrewdness in the choice of Salesforce products for our clients has earned us a strategic mark in the industry. For queries regarding fabricating your own customized Salesforce product do reach out to us. Contact us.