At Dreamforce 2024, Meredith Schmidt, EVP of Revenue Cloud, unveiled a game-changing update to Salesforce’s Revenue Cloud platform.
The Missing Piece of the Puzzle
Meredith Schmidt, with 15 years of experience in Salesforce revenue operations, emphasised the significance of this release:
“This is a dream come true. The missing pieces of Sales Cloud are together. On the Salesforce platform.”
As shown in the image, the new Revenue Cloud is a complete revenue lifecycle platform that allows businesses to:
- Reach customers on any channel
- Unlock any revenue model
- Automate the complete revenue lifecycle
An End-to-End Solution for Every Business
Schmidt highlighted the universal need for revenue management tools:
“How many of you need to create quotes? How many of you need to invoice your customers? Manage orders, pay commissions, and build sales plans. That literally should be every one of you here and online.”
Key Features of the New Revenue Cloud
- Native Salesforce Integration: Built natively on the Salesforce platform for the first time.
- API-First Design: Enables quote and order creation from any channel.
- Simplified User Experience: With a modernised UI.
- AI-Infused: Artificial intelligence is integrated throughout the product.
- Composable Architecture: Allows Salesforce apps and industry clouds to use all components.
Schmidt emphasised the uniqueness of this solution: “This is our only solution bringing together everything from pipeline to paycheck.”
Sign in to Salesforce+ to watch the Sales Cloud Keynote: Accelerate Growth, Pipeline to Paycheck from Dreamforce 2024.
Product Catalog and Price Management
The new Revenue Cloud offers a robust product catalog and price management capabilities. Businesses can easily create and maintain complex product catalogs, set dynamic pricing rules, and manage discounts and promotions. This ensures accurate and up-to-date product information across all sales channels.
Configure Price & Quote (CPQ)
With advanced CPQ functionality, Revenue Cloud streamlines the quoting process. Sales representatives can quickly configure complex products, apply accurate pricing, and generate professional quotes. The system’s guided selling features help ensure that reps offer customers the most appropriate solutions.
Contract Lifecycle Management
Revenue Cloud’s contract lifecycle management capabilities cover the entire contract process from creation to renewal. It offers:
- Automated contract generation
- Collaborative negotiation tools
- Seamless integration with e-signature solutions
Enabling you to:
- Track contract statuses
- Monitor contract creation dates
- Identify contracts that require immediate action.
This streamlines the contract process, reduce errors, and improve compliance.
Order Management
The order management component of Revenue Cloud provides a centralised view of all orders across channels. It enables efficient order processing, tracking, and fulfilment. With real-time visibility into order status, businesses can improve customer satisfaction and operational efficiency.
Order Decomposition & Orchestration
Revenue Cloud handles complex orders through its order decomposition and orchestration features. It can break down bundled products into individual components for fulfilment and orchestrate the delivery process across multiple systems and departments, ensuring smooth and accurate order execution.
Invoice, Bill and Collect Payments
The platform offers comprehensive invoicing, billing, and payment collection capabilities. It supports various billing models, including subscription and usage-based billing. Automated invoicing and flexible payment options help businesses streamline their revenue collection processes and improve cash flow.
These additional components work seamlessly within the Revenue Cloud ecosystem, providing businesses with an end-to-end solution for managing their entire revenue lifecycle.
Integration with Salesforce Core
Revenue Cloud works harmoniously with other Salesforce products, enhancing capabilities across sales and service teams. This integration ensures a unified approach to managing customer relationships and revenue streams.
All these components are built on and deeply integrated with the Salesforce Core platform, which provides several advantages:
- Data Consistency: By leveraging the same underlying data model, Revenue Cloud ensures consistency across all stages of the revenue lifecycle.
- Seamless Workflow: The platform enables smooth transitions between quoting, ordering, fulfilment, and asset management processes.
- Unified User Experience: Users benefit from a consistent interface across all components, reducing the learning curve and improving productivity.
- Scalability: Being built on Salesforce Core allows Revenue Cloud to scale quickly as businesses grow and their needs evolve.
- Extensibility: Businesses can leverage Salesforce’s extensive ecosystem of apps and integrations to further enhance their revenue management capabilities.
PhiX’s Innovative Accelerator for Faster Revenue Cloud Implementation
As a leading Salesforce SI Partner, PhiX has developed a suite of innovative accelerators designed to enhance and expedite the implementation of Salesforce Revenue Cloud.
With over 5,000 hours of innovation on the platform, these four pre-built solutions address common challenges businesses face in managing their revenue lifecycle.
1. SaaS Self-Service Accelerator
Our SaaS Self-Service Accelerator empowers customers to manage their own subscriptions and account details, reducing the workload on your customer service team. Key features include:
-
Self-service portal for subscription management
-
Automated renewal processes
-
Easy upgrade/downgrade options
-
Simple billing and payment management
2. Automated Sales Process Accelerator
The Automated Sales Process Accelerator streamlines the entire sales journey from lead to cash. Benefits include:
-
Automated lead qualification and routing
-
Guided selling processes
-
Integrated quote generation and approval workflows
-
Seamless handoff to order fulfilment
3. Dynamic Revenue Orchestration Accelerator
Our Dynamic Revenue Orchestration Accelerator helps businesses manage complex revenue models and processes effectively. Features include:
-
Flexible revenue recognition rules
-
Multi-element arrangement handling
-
Automated revenue allocation and deferral
-
Real-time revenue forecasting and reporting
4. Contract Lifecycle Management Accelerator
The Contract Lifecycle Management Accelerator ensures smooth contract creation, negotiation, and management throughout the entire lifecycle. Key advantages:
-
Automated contract generation
-
Collaborative negotiation tools
-
Approval workflows and e-signature integration
-
Contract renewal and expiration management
These accelerators are designed to work seamlessly with Salesforce’s new Revenue Cloud, enhancing its capabilities and providing tailored solutions for specific business needs.
By leveraging these pre-built solutions, businesses can significantly reduce implementation time, minimise customisation efforts, and quickly realise the benefits of a comprehensive revenue management system.
A Game-Changer for Revenue Management
Revenue Cloud represents a significant leap forward in revenue lifecycle management. By unifying revenue and customer data with actionable insights and automation, Salesforce has created a powerful tool that promises to drive growth and efficiency for businesses of all sizes.
The new platform offers multi-channel engagement capabilities, allowing businesses to reach customers wherever they are. Its flexibility in handling various revenue models ensures that organisations can adapt to market demands seamlessly.
In addition, automation within the Revenue Cloud simplifies processes from quoting to invoicing, significantly reducing manual workload and errors.
Future Trends in Revenue Management
As we look towards the future, trends such as increased reliance on AI for predictive analytics and evolving customer expectations will shape revenue management strategies. The new Revenue Cloud is well-positioned to adapt to these changes.
FAQs About Revenue Cloud
How does Revenue Cloud differ from traditional CPQ solutions?
Revenue Cloud goes beyond CPQ by integrating end-to-end revenue management processes into one platform.
What industries can benefit most from Revenue Cloud?
Industries with complex revenue models—such as technology, telecommunications, and subscription services—will find significant value in adopting this solution.
How can businesses get started with implementing Revenue Cloud? Contact PhiX for a free consultation or demo tailored to your organisation’s needs!
At PhiX, we’re excited to partner with our clients to implement these new capabilities and help them transform their revenue operations.
Whether you’re looking to streamline your quote-to-cash process, gain better visibility into your recurring revenue, or enhance your overall customer experience, the new Revenue Cloud offers the tools and insights you need to succeed in a dynamic business environment.
Stay tuned for more insights and updates on our Insights blog and YouTube Channel as we explore Salesforce Revenue Cloud’s full potential.
