On Thursday, Salesforce launched Revenue Cloud, a new cloud product designed to give companies a holistic view of their revenue cycle and launch new revenue streams. “We are helping businesses accelerate growth, whether that means filling the gaps of lost revenue or doubling down on the areas of your business that are doing well,” Salesforce said in a blog post. “No matter the complexity of your deals, business model, or revenue processes, Revenue Cloud can be the single source of truth for customer transactional data.”
Revenue Cloud is part of the Salesforce Customer 360 platform and combines the capabilities from the company’s existing CPQ and Billing, Partner Relationship Management (PRM) and B2B Commerce products into a single offering. It also contains new solutions…Multi-Cloud Billing, Customer Asset Lifecycle Management and the CPQ-B2B Commerce connector.
Multi-Cloud Billing is based on technology from Vlocity, which Salesforce acquired in June 2020 and has since been renamed Salesforce Industries. Multi-Cloud Billing pulls from the industry-specific cloud solutions offered by Salesforce Industries to help businesses build new revenue streams by managing billing and payments within a single system. Revenue Cloud also contains Quick Starts designed to help companies launch new revenue streams.
Customer Asset Lifecycle Management provides a visual dashboard that can help companies track KPIs, like customer lifetime value (CLTV), net revenue retention (NRR) and monthly recurring revenue (MRR) in real time. Businesses can see a variety of customer information such as purchases, contract amendments and open balances.
Using the CPQ-B2B Commerce connector, businesses can customize their digital storefront and carts. Customers can add products or services to their shopping cart and then reach out to a sales reps if they have questions. And the system will also give sales reps detailed client information, such as existing product history and online interactions.
Revenue Cloud is the latest addition to Salesforce’s specialized cloud offerings. Earlier this year the software-as-a-service company announced Work.com to help businesses and governments respond to COVID-19, Salesforce Anywhere to improve workforce collaboration, and updates to Meetings and Einstein Call Coaching.