I wrote last year about how interest in pricing management is now expanding from the traditional use cases in industries such as manufacturing and chemicals. In part, this has been helped by technology changes that are allowing vendors to offer the advantages of pricing optimization and management without the “science project” approach, which has previously convinced many that the returns did not justify the disruption and time to value of traditional initiatives. All three parts of a typical pricing optimization and management project: data collection, analysis and operationalization, can now be much lighter touch in terms of effort, resources needed, and time spent.
Topics: Revenue Management, Office of Revenue
The Subscription Management Value Index Classifies and Rates Vendors
I am happy to share insights gleaned from our latest Value Index research, an assessment of how well vendors’ offerings meet buyers’ requirements. The Ventana Research Value Index: Subscription Management is the distillation of a year of market and product research by Ventana Research. Drawing on our Benchmark Research, we apply a structured methodology built on evaluation categories that reflect the real-world criteria incorporated in a request for proposal to Office of Revenue vendors supporting the spectrum of subscription management. Using this methodology, we evaluated vendor submissions in seven categories: five relevant to the product experience ﹘ Adaptability, Capability, Manageability, Reliability and Usability ﹘ and two related to the customer experience ﹘ TCO/ROI and vendor Validation.
Topics: Subscription Management, Office of Revenue
Subscription Management Market Dynamics for Buyers on Contracting and Analytics
Having just completed the 2023 Ventana Research Value Index for Subscription Management, I want to share some of my observations about an important component of subscription management: Contract management.
Topics: Subscription Management, Office of Revenue
Subscription Management Market Observations for Buyers
Having just completed the 2023 Ventana Research Value Index for Subscription Management, I want to share some of my observations about how the market is evolving. The era of subscriptions has transformed the way businesses operate and consumers engage with services across every industry. Organizations are increasingly adopting a digital approach to selling goods and services, wherein customers have the option to purchase through periodic subscription pricing or based on consumption, rather than traditional one-time ownership. Add to this an increasing desire for customers to purchase when, how and where they want, whether via digital commerce, self-service portals by and by voice and text and the landscape looks very different from even just five years ago.
Topics: Subscription Management, Office of Revenue
Conga is part of our Office of Revenue market coverage and I recently attended the 2023 Conga Connect conference held in Orlando during April of 2023. The conference was the public reveal of a new Conga, with significant announcements in three main areas. First was the overall positioning within a self-designated category of revenue life cycle management. Secondly was the first public revealing of a new Conga platform. And finally, announcements of new partnerships were headlined by a significant relationship with Accenture.
Topics: Subscription Management, Revenue Management, Office of Revenue
I have been involved with customer relationship management for over 15 years, and although that is not as long as the category has been around, it does coincide with an era where companies and commentators are calling into question the application’s effectiveness. To counter this perception, both CRM vendors and complementary third-party “add-ons” have developed new functionality that aims to improve the “R” in CRM, especially as it relates to sales engagement. But much of this additional functionality is dependent on the quality of the original base data – whether it’s facts about a customer, prospect of products or, if not more important, when, how and what activities were performed in furtherance of this relationship.
Topics: Revenue Management, Sales Engagement, Office of Revenue
Why Configure, Price & Quote Should Be Important to Sales
Configure, price and quote (CPQ) software has been traditionally viewed as a specialist outpost of software, almost exclusively B2B and predominately used in manufacturing or specialty chemicals or other industries where there were large variants of similar products that required careful configuration, pricing and ultimately generating a quote that could be forwarded to a prospective customer for consideration. But in recent years, this has changed, both in the number of vendors offering CPQ products, either standalone or more commonly as part of a broader offering, and the number of selling organizations recognizing the value of either the “C,” the “P,” or the “Q” or some combination of these.
Topics: Revenue Management, Office of Revenue
2023 Market Agenda: Digitalization Evolves for Business Revitalization
Ventana Research has announced its market agenda for 2023, continuing a 20-year tradition of credibility and trust in our objective efforts to educate and guide the technology market. Our research and insights are backed by our expertise and independence, as we do not share our Market Agenda or our market research – including analyst and market perspectives – with any external party before it is published. We continuously refine our Market Agenda throughout the year to ensure we offer the expertise and insights organizations rely on to better assess and navigate the direction of the technology industry.
Topics: Customer Experience, Human Capital Management, Marketing, Office of Finance, Analytics, Data, Digital Technology, Operations & Supply Chain, Digital Business, Office of Revenue
Those of us who have worked in or alongside sales teams have observed that many sales fundamentals have changed over the years. Yet, in many ways, they have not. One essential that has not changed is sales enablement. How do you onboard salespeople and quickly bring them up to speed? Or, how do you introduce new products and services so the sales team is conversant and knowledgeable about them? In years past, this would have happened at the head office or a regional office, with videos and internally produced documentation and product fact sheets. But thanks to the internet, this has all changed. Digitization has improved – and will continue to enhance – sales enablement.
Topics: Sales Engagement, Office of Revenue
The Business and Technology Trends for 2023 and Beyond
The technology industry has established itself as a pivotal force in its ability to help organizations become more intelligent and automated. But doing so has required a journey of epic proportions for most organizations that have had to endure a transition of competencies and skills that was, in many places, transitioned to consulting firms who were hired appropriately to manage changes. Unfortunately, this step led, in many cases, to an extended focus on digital transformation rather than the necessary modernization of business processes and technology. Through 2024, after concerted investment into digital transformation, one-half of organizations will require a new digital business and technology agenda for organizational resilience.
Topics: Customer Experience, Human Capital Management, Marketing, Office of Finance, Analytics, Data, Digital Technology, Operations & Supply Chain, Digital Business, Office of Revenue
Partner Ecosystem Success Relies on Targeted Technology
The idea of partnerships in business is most definitely not new. Wholesaling through distributors and retailers is centuries old. For some industries, their entire model is selling and servicing through partners. Think auto parts, and the auto part stores visible in most neighborhoods. But what is new is that partnerships are moving beyond this reseller model towards product partnerships, where a seller’s products and services are supplemented by other vendors’ offerings from adjacent and complementary markets.
Topics: Subscription Management, partner management, Office of Revenue
Revenue Operations Guides the Modern Revenue Organization
The topic of revenue operations has been extensively covered recently, not least by vendors extolling the virtues of their particular offering. But as with much of the software industry, vendors often see the market through the lens of their current product capabilities rather than what is necessarily needed. With the rise of the mixed-revenue model that includes subscription and usage pricing as well as one-time sales, combined with the growth in self-service commerce, the result is more teams within an organization being directly involved with supporting revenue generation. In response, many organizations have appointed a Chief Revenue Officer (CRO) who is responsible and accountable for all sources of revenue for an organization. And with the rise of the role of the CRO, combined with an increasing adoption of mixed-revenue models, we see this as an increasingly necessary shift. We believe that leadership will need to drive this change in approach, recognizing that this will require a shift in responsibilities and, as importantly, accountability.
Topics: Revenue Management, Office of Revenue, Revenue Performance Management
Revenue Model Mix Optimization for Every Organization
Much has been written in recent years on the emergence of subscription management as a new revenue model that both vendors and buyers are embracing as the future. The benefits speak to the value of a predictable revenue stream for the vendor, but more importantly, the advantages to the customer who needs a lower initial outlay, predetermined expense over the lifetime of usage and the ability to cancel or suspend on demand.
Topics: Subscription Management, Revenue Management, Office of Revenue
Initiatives using AI Improve Marketing and Sales Effectiveness
I have written about vendor efforts to use artificial intelligence (AI) and advanced analytics in their applications targeted at sales and revenue teams to improve focus and prioritize activities, both for pipeline management as well as individual opportunities. Since then, vendors have continued to innovate, and there have been more releases showcasing efforts to aid sales and revenue. And with this continuing innovation, we believe that by 2026, two-thirds of revenue leaders will begin considering a new generation of revenue analytics and data-driven applications designed to improve performance and productivity.
Topics: AI and Machine Learning, Revenue Management, Sales Engagement, Office of Revenue
You would be forgiven for thinking that no one buys anything in person any more given the pages of digital ink spilled over the rise of digital commerce led by the rise and rise of Amazon. However, one quick errand run on a Saturday morning would easily give lie to this, as parking lots are full, not just at grocery stores but for everyday retail as well as big box stores. Likewise, in business-to-business (B2B) commerce, despite the advertised demise, person-to-person sales are still a major part of B2B purchases.
Topics: Digital Commerce, Subscription Management, Revenue Management, Office of Revenue
Salesforce Commerce Cloud Targets the Segment of One
There are more digital channels in the commerce space than ever before: the web, mobile apps, text, voice-activated “agents,” video and social channels. Conversational computing and hyper-personalization are transforming customer engagement, and organizations may need to undergo a digital platform renovation to optimize customer and product experiences or risk lagging behind competitors. B2B selling and buying are increasingly using methods similar to B2C digital approaches to mirror the digital commerce experience that has grown substantially within the last few years. Salesforce Commerce Cloud is one of the platforms utilizing this approach.
Topics: Digital Commerce, Office of Revenue
Lead to Cash – What does it really mean to you?
“Lead to cash” is an often-used term and is a companion to “quote to cash” and “order to cash”. What they all represent is an approach which recognizes that there is a process designed to convert a lead from a qualified interest to an active sale, through quote and contract negotiation, to order or contract, invoice and payment. “Quote to cash” and “order to cash” are subsets of this process, with different starting places, but ultimately end in the same place: with a payment for a delivered product or service.
Topics: Revenue Management, Office of Revenue
The Member of the Sales Team that Technology Forgot
Many – myself included – have written about the growth in technologies designed to aid in business-to-business sales and sales management by serving sales reps, line managers, executives and operations. But one area that has been ill-served is technical presales, or sales engineering. You may ask why this should matter. Aren’t presales engineers all about demonstrations? How could technology – beyond video conferencing – help?
Topics: Sales Engagement, Office of Revenue
2022 Market Agenda: Digital Business Enables Organizational Resilience
Ventana Research has announced its market agenda for 2022, continuing the tradition of reliability in our efforts to educate and guide the technology market. Our assessments are backed by our expertise and independence, as we do not share our market agenda or our research – including analyst and market perspectives or our Value Index – with any external party until it is published. We review and refine our market agenda throughout the year to ensure we offer the expertise and insights organizations rely on to better assess and navigate the direction of the technology industry.
Topics: Customer Experience, Human Capital Management, Marketing, Office of Finance, Analytics, Data, Digital Technology, Operations & Supply Chain, Digital Business, Office of Revenue, Market Agenda