Get Started with Transaction Management
Learning Objectives
After completing this unit, you’ll be able to:
- List the pillars of Revenue Cloud.
- Describe Transaction Management and its two core features.
- Explain how Transaction Management can benefit your business.
- Identify common Configure, Price, Quote (CPQ) challenges in the sales cycle.
Before You Start
Before you start this module, make sure you complete the following content. The work you do here builds on the concepts and work you do in that content.
A Quick Recap
In the current fast-paced, ever-changing business landscape, organizations must adopt a unified approach to the product-to-cash lifecycle. The pressure to reinforce revenue growth, improve efficiency, and enhance customer satisfaction demands a streamlined, interconnected process.
Unfortunately, many businesses still view the product-to-cash lifecycle as a series of isolated steps. This fragmented approach can hinder growth and limit adaptability. To succeed in today’s dynamic environment, businesses must take a holistic view of the product-to-cash journey. Success means adapting to new buying behaviors, changing customer expectations, and innovative revenue models.
In the Revenue Cloud Foundations module, you learned about the latest Salesforce solution–Revenue Cloud, an all-in-one platform built on Salesforce. Revenue Cloud helps you meet your product-to-cash needs. It has the tools to manage revenue in a modern business environment.
The diagram shows the key pillars of Revenue Cloud, which form the ultimate revenue lifecycle management solution.
Built on a foundation of powerful APIs, user interfaces (UIs), and capabilities, these pillars entrust businesses to deliver tailored solutions:
- Product Catalog Management
- Salesforce Pricing
- Transaction Management (CPQ + Assets)
- Salesforce Contracts
- Dynamic Revenue Orchestrator
- Billing
Revenue Cloud’s comprehensive suite of features provides a complete solution for everything from designing and launching new products to fulfilling orders and collecting payments.
In this module, you deep-dive into one of the key pillars of Revenue Cloud: Transaction Management.
Transaction Management Overview
Transaction Management helps businesses automate and improve their quote-creation and order-capture processes. Whether it’s an initial sale, amendment, or renewal, sales teams can ensure accurate quotes and efficient order processing, enhancing revenue growth and customer satisfaction. Transaction Management also provides valuable insights into customer asset usage, so businesses can identify and take advantage of upselling and cross-selling opportunities, plus increase customer lifetime value.
And that’s not all. In this module, discover how Transaction Management can benefit your business.
Time to meet the two parts of Transaction Management that make it all possible.
The two critical components are Configure, Price, Quote and Asset Lifecycle Management.
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Configure, Price, Quote (CPQ) is like a magic wand for sales teams. It lets you whip up accurate quotes and orders in a flash, configure complex products with ease, and make sure your customers get the right products at the right price.
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Asset Lifecycle Management makes it easy to keep tabs on your customers’ assets. From initial purchases to renewals or amendments, Asset Lifecycle Management has you covered. This tool helps you deliver top-notch customer support, spot opportunities to upsell or cross-sell, and ultimately, supercharge your business.
In this module, you focus on the CPQ capabilities of Transaction Management and learn how to automate and create the ideal quote-creation and order-capture experience.
A Business Scenario
Chris Thomas is a sales rep at SmartBytes, a leading provider of electronic products and solutions.
Like many businesses, SmartBytes struggles to keep up with competitors during a time of rapid change in the market. Chris and his team use an outdated, error-prone CPQ system to create customer quotes and orders. This presents several challenges.
Challenges |
Description |
|
|---|---|---|
Slow and Tedious Quoting |
Quoting information is held in different systems, so it takes a long time to collect and consolidate quote details. |
|
Error-Prone Quotes and Orders |
Complex product portfolios and pricing challenges often lead to inaccurate and incomplete orders. |
|
Long Review Processes |
Current business processes are riddled with inefficiencies, particularly in the areas of quote and order approvals. Delayed approvals lead to lost sales opportunities and reduced productivity. |
|
Complex Order Modification Process |
Updating orders is time-consuming. The current process is cumbersome because the sales team has to handle most requests manually. This causes delays and frustrates customers. It also prevents the team from focusing on other important tasks. |
|
Customer Dissatisfaction |
Customers want personalized service and consistent experiences across all channels. However, current systems can’t meet these expectations, leading to order fallout and lost customers. |
|
All these hurdles take a toll. Margins shrink, customers grow unhappy, and employees become frustrated. That’s bad news for any business.
Chris is frustrated because the current CPQ system is making his job harder. Fortunately, a ray of sunlight shines across his office floor. SmartBytes has recently adopted Revenue Cloud, and Chris can’t wait to test its CPQ capability. He plans to use this new, improved CPQ feature to simplify quote-creation and order-capture for SmartBytes. With Revenue Cloud, Chris is confident in overcoming the limitations of the outdated system and driving business growth.
Coming Up
In this unit, you explored Transaction Management, a key pillar of Revenue Cloud. You also learned about its two core features and how they can benefit your business. In the next unit, join Chris as he delves into the CPQ capabilities of Transaction Management.