Explore Revenue Cloud
Learning Objectives
After completing this unit, you’ll be able to:
- List the components of Revenue Cloud and their functionalities.
- Describe how the components work together in the revenue lifecycle.
Components of Revenue Cloud
In the previous unit, you learned about the functionality that Chief Revenue Officer Jose is looking for in a revenue management solution. Here’s a look at the components of Revenue Cloud and how their functionalities align with Jose’s requirements.
Revenue Cloud components provide functionalities in five broad categories: Product Catalog and Pricing, Transaction Management, Contract Lifecycle Management, Order-to-cash, and Billing.
The table lists the components of Revenue Cloud and the functionalities they provide.
Components |
Functionality |
|---|---|
|
Product Catalog and Pricing: Manage a centralized product model with headless composable APIs. |
|
Transaction Management and Order-to-cash: Capturing quotes and orders, asset lifecycle management, and order management. |
Salesforce Contracts |
Contract Lifecycle Management: Generate and manage contract documents. |
Billing |
Invoice Management: Invoice calculation, bill and payment processing |
Next, you learn more about the capabilities of each of the components.
Product Catalog Management
Product Catalog Management provides a centralized product model that’s the single source of truth for product data. With the intuitive user interface, catalog admins and product designers can define reusable product metadata, easily add products, and manage product data with accuracy. This helps the organization to create and launch new products for better selling, provisioning, and billing.
The solution shows products in a hierarchical catalog along with list and product detail views. Sales reps use it to select appropriate products and add them to a quote or order. Partners can use their internal app to deliver a true B2B or B2C experience.
Salesforce Pricing
Salesforce Pricing provides a unified pricing platform that the pricing designers can use to define pricing policies for accurately and consistently priced deals. Using the platform, pricing designers and admins can define and maintain up-to-date pricing that includes additions, such as taxes, and discounts across all channels.
Salesforce Pricing also provides pricing support for any digital process, including quotes, orders, and sales agreements.
Rate Management
Rate Management enables you to set up rates based on consumption quantity of a usage resource. You can define rates based on tier and volume. For example, consider a tier-based usage of an Internet plan. You can define a specific percentage of discount based on the usage: a 10% discount for usage between 100GB and 200GB, a 20% discount for usage above 200GB, and so on. Rate Management gives you rating procedures to create formulae for calculating the final rate and a rating waterfall view to understand the rate breakup for different scenarios.
Product Configurator
Product Configurator provides an optimized and intuitive interface making it simple and easy to select the most suitable combination of features for a complex product. The component facilitates the configuration of product bundles and the customization of individual product attributes.
Transaction Management
Use Transaction Management to automate quote creation and order capture across channels. Transaction Management also provides valuable insights into customer asset usage, enabling businesses to identify upselling and cross-selling opportunities and increase customer lifetime value. It consists of two subcomponents.
-
Configure, Price & Quote (CPQ): This subcomponent provides a spreadsheet-like user experience that you can use to group products. You can also use it to filter and sort information for easier navigation in larger and more complex deals. It also supports order status tracking and visibility into the fulfillment journey.
-
Asset Lifecycle Management: This subcomponent provides a complete view of the customer install base and recurring revenue. You can manage asset lifecycles by using amendments, renewals, or cancellations to satisfy the customer’s business needs.
Salesforce Contracts
With Salesforce Contracts you can create contracts, track and manage obligations, and digitize legacy contracts and external documents at the click of a button. You can create contracts from both quotes and orders and share them with external parties for redlining. Further, using AI-based capabilities, contract admins can extract key entities and clauses from contract documents, and create contract records using the correct metadata.
Dynamic Revenue Orchestrator
Drive the entire product-fulfillment journey with Dynamic Revenue Orchestrator. Use this integrated platform to design the end-to-end order fulfillment process for customer journeys, right from placing an order to receiving it. Decompose orders captured in Transaction Management into fulfillment orders and fulfillment lines, and orchestrate dynamically generated workflows with manual and automated processes. With Dynamic Revenue Orchestrator, you ensure that requested products and services make it into the hands of customers.
Invoice Management
After an order is placed and fulfilled, use Invoice Management to monetize your sales by automating invoice generation for the products and services delivered to your customers. An order placed triggers a billing schedule thus starting the process of invoice generation.
With Invoice Management, you can set up criteria for invoicing products, perform tax calculations for multiple legal and tax entities, negotiate and track payment terms, generate credit memos, and set up accounting periods and billing schedules. This facilitates accurate business record-keeping and enhanced financial reporting.
Revenue Cloud uses the power of Einstein AI for intelligent data analysis. Revenue Cloud also uses embedded analytics and AI to create dashboards that provide insights based on the available data. Use the Generative AI for Salesforce Contracts module to learn how admins can use AI-based capabilities to generate clauses from contract documents.
How It All Works Together
So far, you’ve learned about the requirements for a successful revenue management solution. Now, here’s how all the Revenue Cloud components work together to fulfill those requirements and provide an enhanced selling experience.
You use Product Catalog Management to define what to sell and organize the product catalog. Next, you use Salesforce Pricing and Rate Management to define the pricing strategy and applicable discounts and promotions for your products. Then, you use Product Configurator to define templates for customizing product selection. And with that, the product catalog is ready with all the information about your products.
You can now create quotes by selecting the required products from the catalog and applying promotions and discounts. Next, convert your quotes to orders and then digitally generate, validate, and sign contracts using Salesforce Contracts. The final step is order fulfillment and invoice generation.
Further, using composable APIs, you can extend Revenue Cloud functionalities to other cloud services. For example, Manufacturing Cloud can use the product and pricing information from the product catalog to carry out the sales operation providing a true omni-channel experience.
Now that you are familiar with the components of Revenue Cloud, learn about the various roles and personas that interact with Revenue Cloud in the next unit.