ServiceSource Renew OnDemand Now Managing $1B in Recurring Revenue Opportunity via the Cloud
ServiceSource®, the global leader in recurring revenue management, today highlighted its momentum for Renew OnDemand, the first cloud application purpose-built to maximise recurring revenue. Released in the fall of 2012, Renew OnDemand today boasts major technology customers, representing over $1B in annual recurring revenue opportunity. ServiceSource also announced several new capabilities available in the Renew OnDemand cloud application as successful companies increasingly rely upon ServiceSource to better manage their most profitable sources of revenue – existing customers.
Today, six major technology companies are leveraging Renew OnDemand to manage their subscriptions, maintenance and support contracts – all in the cloud. Announced customers include hardware, software, and SaaS providers such as Aspect and Bazaarvoice, with several major deployments planned for the upcoming quarter.
“We have reached a critical milestone, surpassing more than $1B in recurring revenue through Renew OnDemand,” said Mike Smerklo, Chairman and CEO of ServiceSource. “In less than a year, Renew OnDemand has rapidly proven itself as a strategic solution that drives growth for our customers. Our Summer Release of Renew OnDemand builds upon this initial momentum to ensure continued customer success.”
New Summer Release of Renew OnDemand
Available today, the Summer Release of Renew OnDemand includes powerful new capabilities to enhance channel sales operations and provide actionable analytics. For many companies, the channel represents 80-90 percent of renewal revenue. At the same time, channel renewal rates are typically twelve points below renewals managed by direct sales teams. New channel features designed to close this gap include:
- Two-tier channel management for OEMs to track and manage renewal sales through distributors and value added resellers.
- Twelve new channel-specific metrics to track and report on channel sales effectiveness.
- Activity collaboration to empower distributors and resellers to jointly manage and close opportunities with OEM channel account teams.
ServiceSource Announces Momentum for Renew OnDemand
Successfully managing renewals also requires advanced insight – at least 90-120 days – into upcoming expirations. The Summer Release of Renew OnDemand includes expanded analytics and reporting powered by GoodData®, a leader in cloud-based data analytics. The latest Renew OnDemand flexible reporting tool enables customers to define their own set of dashboard metrics to effectively manage as well as track account and channel performance:
- Over 60 renewal-specific metrics to quickly gain actionable insights.
- New Days in Advance Dashboard that visually tracks and displays key renewal milestones for greater insight on trending.
- Drill-down into root-cause analysis and renewal activities such as contact, opportunities, quotes and bookings to improve renewal performance.
For global companies, the Summer Release also expands international language support including Japanese, Korean and traditional and simplified Chinese.
ServiceSource International, Inc. (NASDAQ: SREV) is the global leader in recurring revenue management. Renew OnDemand™, the only cloud application built specifically to grow recurring revenue, automates a highly valuable but typically manual business process. By leveraging big data to give companies a complete view of their customers, Renew OnDemand and our proven services drive higher subscription, maintenance, and support revenue, improved customer retention, and increased business predictability.
With over a decade of experience focused exclusively on growing recurring revenue, ServiceSource's products and services are based on proven best practices and global benchmarks. Headquartered in San Francisco, ServiceSource® manages over $9 billion in recurring revenue for the world’s largest and most respected technology companies. ServiceSource renews a customer contract every 47 seconds through engagements in more than 150 countries and 40 languages. For more information, please go to www.servicesource.com.