|By Business Wire||
|May 27, 2014 08:31 AM EDT||
ServiceSource® (NASDAQ: SREV), the global leader in recurring revenue management, and Zuora, the subscription billing, commerce and finance leader, today announced a deeper partnership with technology integration that expands end-user capabilities for maximizing customer lifetime value in the subscription economy. Powered by Scout® by ServiceSource, the industry-leading customer lifecycle management solution, Scout® Link for Zuora integrates detailed subscription and billing data that is fundamental to managing dynamic customer relationships and driving overall customer success.
In the subscription economy, access to accurate and changing subscription details, commonly known as rate-plan data, is critical. Once a customer is acquired, the specifics about what was purchased, the terms, and quantities are stored in the billing system – rather than CRM solution. And because customers frequently upgrade, downgrade, and add-on to their original subscription, the billing system is the most reliable source of rate-plan data for dynamically changing customer relationships. With accurate, up-to-date rate-plan data, customer success teams can detect changes that trigger engagement with the customer. Unfortunately, most customer success solutions today lack the advanced data integration capabilities, requiring internal IT resources to create a custom code and manual procedures to transfer data.
An off-the-shelf solution, Scout Link for Zuora collects and seamlessly integrates rate-plan data from a company’s billing system – providing automatic updates on changing subscriptions that fuels the customer success process. With these capabilities customer success teams can focus on proactively engaging customers to ensure timely onboarding and user adoption.
“For subscription and SaaS businesses, effective customer engagement requires a deep contextual understanding of the ever-changing dynamics underpinning the relationship,” said R "Ray" Wang, principal analyst and CEO at Constellation Research. “Businesses need precise, accurate and timely data to provide insight on where the customer stands in the overall lifecycle for customer success to engage at the right time.”
“The subscription economy is inherently focused on the ongoing and dynamic relationship with customers. Customers must be able to add new products, options and quantities on demand as their needs change,” said Brian Bell, CMO at Zuora. “Scout Link for Zuora ensures the changes in subscriptions are known to the customer success, account management and marketing teams that need to engage.”
Scout Link for Zuora features include:
- Usage Data Mediation: automates the transformation of raw usage data into billing-ready data, eliminating the need to develop and maintain custom and complicated data collection pipelines.
- Subscription Data Synchronization: automatically collects subscription data from Zuora into the Scout Hub, including product, rate plan, term and all charge information to trigger customer success, account management and marketing processes.
- Usage Charge Automation: fully automates the computation, linking, and subtotaling of all usage charge data to accelerate development and deployment of usage charge definitions and enable dynamic routing and billing subtotal practices.
- Rate Plan Analysis: pricing and packaging analytics to optimize rate plans based on customer usage to improve revenue performance and specific rate plans.
“The foundation of customer success and customer lifecycle management is automated data integration across CRM, billing and usage,” said Matthew Shanahan, vice president of product strategy for Scout by ServiceSource. “In particular, rate-plan data informs a customer success team on what product, which capabilities, when and how many users to onboard and ensure adoption – for both new and existing customers.”
Scout will be showcasing the new Scout Link for Zuora solution at the upcoming Zuora Subscribed conference, offering live product demonstrations on the expo floor. Scout is also a featured speaker at the event. On Wednesday, June 4 at 1:30 PM PT Matt Shanahan will participate in a panel conversation on customer success. On Wednesday, June 4 at 3:30 PM PT, Matt will also lead a breakout session on how SaaS businesses are leveraging analytics to predictably sell the right subscription to the right customer at the right time for the right price.
Scout is a customer lifecycle management solution designed to maximize customer value and accelerate sustainable revenue growth and profits. Scout is the first solution that transforms usage data with predictive analytics, and automates the process of personalizing customer interactions at scale. By providing ongoing insight into customer usage data, Scout helps companies increase retention rates, grow opportunities, optimize rate plans and maximize trial conversions.
About Zuora, Inc.
Zuora is the global leader in subscription commerce and billing, helping companies in every industry transition to the Subscription Economy. Enterprise leaders and high-growth companies alike use Zuora's multi-tenant cloud platform to launch, scale, and monetize their subscription services. Zuora's applications work where traditional ERP applications fail: Subscription pricing, quoting, orders, billing, payments, and renewals. Built from the ground up by SaaS industry veterans from salesforce.com, PayPal, and Netsuite, Zuora services innovative customers like Informatica, Tata Communications, Box, Xplornet, Ustream and Reed Business Information. To learn more about Zuora, please visit zuora.com.
ServiceSource International, Inc. (NASDAQ: SREV) is the global leader in cloud-based recurring revenue management solutions. The company helps customers drive growth and build long-standing relationships across the customer lifecycle with the industry's most comprehensive data management, analytics, automation and services capabilities. Through Renew OnDemand™, Scout® and proven services, ServiceSource delivers higher subscription, maintenance, and support revenue, improved customer retention, and increased business predictability. Headquartered in the Cloud Corridor of San Francisco, ServiceSource® manages $14.5 billion in recurring revenue for the world's largest and most respected technology and B2B companies. For more information, please go to www.servicesource.com.
This press release contains forward-looking statements, including statements regarding the benefits of ServiceSource offerings, our managed services, our Renew OnDemand cloud platform and application, and/or our Scout application. These forward-looking statements are based on our current assumptions and beliefs, and involve risks and uncertainties that could cause our results to differ materially from those expressed or implied in our forward-looking statements. Those risks and uncertainties include, without limitation, fluctuations in our quarterly results of operations; the risk of material defects or errors in our software offerings or their failure to meet customer expectations; migrating customers to Renew OnDemand; the ability to integrate Renew OnDemand or Scout with other third-party applications used by our customers; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; our ability to grow the market for service revenue management; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; changes in market conditions that impact our ability to sell the Renew OnDemand or Scout solution and/or generate service revenue on our customers' behalf; the possibility that our estimates of service revenue opportunity under management and other metrics may prove inaccurate; demand for our offering that falls short of expectations; our ability to keep customer data and other confidential information secure; our ability to adapt our solution to changes in the market or new competition; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, which can be obtained online at the Commission's website at http://www.sec.gov. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements.
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ServiceSource, Renew OnDemand, Scout and any ServiceSource product or service names or logos above are trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners.