ServiceSource sells technology that helps companies manage customer subscriptions and contracts, unveiling a new cloud platform that aims to help tech firms better manage their recurring revenue sources.
Renew OnDemand is a suite of applications that covers a lot of ground: there are separate tools for operational activities and direct sales, and another dedicated to handling the partner side of things. Renew also offers analytics capabilities that service providers can leverage to get better insight into their installed base, and compare overall performance with industry benchmarks and peers.
“In an economy where a 10 percent increase in customer retention can result in a 30 percent increase in the value of a company, no CEO, GM or vice president of sales can afford to ignore this opportunity,” said Mike Smerklo, the chairman and CEO of ServiceSource. “Renew OnDemand is a game-changer for the industry. With our decade of experience in this market, ServiceSource is the only company with the global knowledge, best practices and benchmarks to deliver an application squarely focused on the growth of recurring revenue.”
In a release, the company cites Gartner research that estimates service providers lose $30 million in revenue annually due to mishandling this part of their business.
While ServiceSource is integrating the cloud into its sales pitch, the tech firms that its software caters to are doing the same. Even some of the biggest names in the industry are doing the same: Oracle has been buying enterprise cloud providers left and right. Most recently it acquired SelectMinds, which offers a hosted, social media-centric platform for HR departments.
The SelectMinds move supplements the acquisition of Taleo earlier this year. The former’s offering has a lot of fairly unique features that have the potential of adding value to Oracle’s $1.9 billion investment from February.