While the technology world is always buzzing with “game-changing” innovations, every so often, something truly cutting-edge and power-packed comes along. Salesforce has always maintained the innovation momentum by delivering just that. In 2023, they offered a glimpse of a unique, first-of-its-kind, and all-in-one software with end-to-end capabilities for managing the entire revenue lifecycle. In February 2024, the world witnessed the official launch of the Salesforce New Revenue Cloud, which quickly became the hot topic in powering business revenue.
What is Salesforce New Revenue Cloud
Salesforce New Revenue Cloud isn’t just another tool. You read that right. The current business landscape demands continuous engagement, value realization, and fast ROI. Salesforce recognized organizations’ needs and decided to address them with the New Revenue Cloud platform. Designed to bring all the different aspects of the revenue lifecycle together under one roof, Salesforce New Revenue Cloud literally manages all things revenue from creating the product catalog and setting the prices to managing contracts and automating billing. It ensures that the revenue processes are perfectly synchronized, highly efficient, and navigate the different revenue management scenarios with zero workflow interruptions.
What makes Salesforce New Revenue Cloud unique is its ability to completely unify the siloed processes into a cohesive flow. This means that businesses don’t need to juggle a multitude of platforms and tools because Salesforce New Revenue Cloud is the central hub where all the revenue processes connect seamlessly. This centralization results in simplification of process simplification and offers insights driving accurate and data-based decisioning.
Critical Components of Salesforce New Revenue Cloud
Designed in collaboration with customer engagement and powered by a set of robust features, Salesforce RLM delivers product-to-cash automation on one trusted platform with end-to-end revenue generation and management.
Product Catalog Management
Is your product data all over the place? Salesforce New Revenue Cloud ensures all your product data is stored and accessible in one place. Supported by attributes, product classifications, simple and bundled products, and rules, creation and management of the complete product portfolio is effortless.
Salesforce Pricing
Consistency is at the heart of pricing. With Salesforce New Revenue Cloud, businesses can design custom price adjustments methods, create precise formulas for calculating the final net price, and offer visibility into the pricing calculation process. Backed by a range of predefined objects, lookup tables, and pricing logic, creating an intuitive pricing experience is easy.
Product Configurator
Complex product configuration leads to lost deals. The product configurator feature in Salesforce New Revenue Cloud facilitates configuration of product bundles along with tailoring of individual product attributes. It instantly validates the product selections along with cost insights and real-time pricing updates.
Quote & Order Capture
Salesforce New Revenue Cloud automates and optimizes the perfect quote creation or order capture regardless if its an initial, amendment, or renewal sale.
Salesforce Contracts
Salesforce New Revenue Cloud covers all your contracting needs - ranging from creation, tracking, and management of contracts without leaving the Salesforce ecosystem, fast tracking the sales cycle.
Dynamic Revenue Orchestrator
As part of Salesforce New Revenue Cloud, it enables organizations to manage complex products with precision. It enables easy simplification of intricate product and order details, delivering custom fulfillment plans for customer specific requirements. Presence of this feature allows easy designing, management, and tracking of the fulfillment journey from start to finish.
How the Salesforce New Revenue Cloud Components Work as One
Built to operate as a unified platform, every component supports the next, ensuring the creation of a seamless revenue management experience.
Step 1
Set up product offerings using Product Catalog Management.
Step 2
Use Salesforce Pricing to design and apply the pricing strategies.
Step 3
During the time of sale, leverage the Product Configurator to customize the product as per client requirements.
Step 4
After the quote is ready, the Quote and Order Capture uses a few clicks to turn the quotes into orders.
Step 5
Now, the Dynamic Revenue Orchestrator takes over to handle the fulfillment process. In case of contract creation, Salesforce Contracts steps in.
Salesforce New Revenue Cloud vs. CPQ: Key Differences
Object Model
Built natively on the Salesforce Einstein 1 Platform, Salesforce New Revenue Cloud offers seamless compatibility and improved performance, while CPQ usually functions as a managed package meaning it’s a pre-built solution that is installed on top of your existing Salesforce environment.
APIs
Leverages a headless architecture making Salesforce New Revenue Cloud easier to independently operate on its user interface, while CPQ comes in-built with pre-configured APIs.
Omnichannel
Comes with in-built omnichannel capabilities, Salesforce New Revenue Cloud allows businesses to use different channels to sell without customization which isn’t the case with CPQ that demands additional customization.
Promotions
The discount calendar functionality in Salesforce New Revenue Cloud empowers businesses to easily plan, manage, and apply promotion within the tool, reducing the time for custom development whereas creation and management of promotions in CPQ is customization-reliant and requires additional configuration.
Pricing Waterfall
As a built in feature in Salesforce New Revenue Cloud managing complicated pricing structures is easy without relying on customization while setting up and managing pricing structure demands customization to meet particular business rules.
Contract Management
Salesforce’s contract management feature delivers a seamless and integrated approach for managing contracts. However, CPQ needs third-party additional integrations for the effective management of contracts.
Approvals
The standard approval workflow is available in Salesforce New Revenue Cloud whereas the CPQ provides advanced approvals as an optional feature.
Order-to-Cash
A completely integrated order-to-cash process is native to Salesforce New Revenue Cloud while CPQ needs integrations for connecting all the steps starting from order placement to revenue recognition.
Real-World Salesforce New Revenue Cloud Application Across Industries & Business Teams
Industries
Telecom
Managing complicated pricing models and billing processes is easy with Salesforce New Revenue Cloud, resulting in negligible errors, quicker billing, and more satisfied customers.
Hi-Tech
Enabling the technology businesses to maintain robust and long-lasting relationships with customers.
Financial Services
Ensuring correctness of revenue recognition and abiding by the regulator norms so that compliance is not jeopardized.
Healthcare & Life Sciences
Handling complicated reimbursement processes and regulatory requirements is a breeze with Salesforce New Revenue Cloud.
Subscription-Based Businesses
Simplifying subscription billing, managing automated renewals, & offering detailed insights into customer behavior, resulting in lower churn & higher satisfaction.
Teams
Sales
Enabling efficient designing, pricing, and quoting, curtailing the time from lead-to-cash. The configurator and pricing features deliver tailored customer experiences, bringing improvement in the win rates and customer satisfaction rates.
Finance
Ensuring easy management of different billing scenarios, including subscriptions and one-time purchases, resulting in optimized cash flow management. These are some of the areas where Salesforce New Revenue Cloud comes in handy for the finance team.
Operations
Enabling effective order management and fulfillment to ensure customer commitments are addressed with dynamic revenue orchestration and asset management.
IT
Offering an easy to integrate platform lowers the complexity and cost of maintaining different systems simultaneously while ensuring a scalable IT infrastructure.
Key Questions Businesses Ask About Salesforce New Revenue Cloud
Salesforce New Revenue Cloud will only enhance any of your existing Salesforce tools such as CPQ, Revenue Cloud, etc. It’s like the next step up where the best features of your current platforms are integrated into a more intuitive and unified system. Salesforce New Revenue Cloud is like an upgrade that supports and builds on the current business setup without interrupting your operations.
While it is part of the Salesforce Revenue Cloud, its capabilities are much more. As a fully integrated suite that modernizes the existing toolkit using the most updated design architecture such as Omnistudio. As a cohesive platform, it reduces the need to handle different tools at the same time.
An New Revenue Cloud overhaul is necessary if your existing setup isn’t smooth and fails to drive value, resulting in gaps and problem areas.
While New Revenue Cloud deployment may need around 8-12 weeks, along with a few more weeks needed for fine tuning and training, the timeline largely depends on the process complexity and customization level. Choosing a top-tier Salesforce implementation partner like Forsys can come in handy here.
Why Forsys for Salesforce New Revenue Cloud
When it comes to maximizing your revenue lifecycle, Forsys stands out as your go-to partner for Salesforce New Revenue Cloud. Our dedicated team of Salesforce consultants and RevOps experts bring deep expertise and a proven track record in optimizing every facet of the revenue operations.
Our approach goes beyond just streamlining processes; we work closely with your team to unlock new efficiencies, reduce operational costs, and drive sustainable growth. With Forsys as your partner, you can trust that every step of your revenue journey is optimized for peak performance, ensuring that you’re not only keeping up with the competition but leading the way.
Conclusion
There’s no denying that Salesforce New Revenue Cloud has revolutionized the entire revenue management approach. Having said that, to really make it work for your business, choice of a world-class implementation partner makes all the difference. Talk to our Salesforce experts to transform your revenue operations.