Enterprise -> Technology
Released: 7th May 2013
Publisher: Martin Moran, SVP and Managing Director - International, ServiceSource
ServiceSource®, the global leader in recurring revenue management, today announced the introduction of the Recurring Revenue Alliance, designed to help businesses generate revenue and increase customer retention by creating best practice-based end-to-end recurring revenue solutions.
The Recurring Revenue Alliance helps companies maintain and grow their share of the $310B annual recurring revenue market for maintenance, support and subscriptions across hardware, software, industrials, healthcare and XaaS1. By helping companies easily connect systems and data across existing CRM, quoting and ERP systems, the Alliance helps them implement and automate a highly effective renewal process. The Alliance brings together best-in-class companies including BigMachines, MuleSoft, Okta, Pactera, Salesforce.com and Xactly, in addition to ServiceSource.
“We know, from working with technology leaders around the world to increase recurring revenue, that the data required to effectively drive these revenue streams is scattered across five to seven different systems, all of which are deeply embedded in the organization,” said Christine Heckart, ServiceSource Chief Marketing Officer. “In order for cloud applications and services to work for customers, they must be designed from the ground up to seamlessly interoperate in the enterprise IT environment. We are pleased to be working with leading innovators in the industry.”
"Revenue based on recurring sales from installed customers is nearly 50 per cent of the profit earned by the global IT market", said Robert Mahowald, Research Vice President at IDC. “The Recurring Revenue Alliance brings together leading SaaS and services companies to help customers optimise their bottom-line business results."
The Recurring Revenue Alliance is formed on a vision to rapidly expand highly profitable renewal, cross-sell and upsell revenue by:
Initial members of the Recurring Revenue Alliance deliver benefits for recurring revenue management including:
“Recurring revenues are the fastest-growing revenue streams, averaging 8 per cent per year growth while new product revenues are growing at an average rate of 6 per cent per year,” said Julia Stegman, Research Vice President at the Technology Services Industry Association. “The Recurring Revenue Alliance brings capabilities to the market that specifically address gaps in today's solution architecture to enable optimal recurring revenue growth.”
For more information on the Recurring Revenue Alliance, please visit www.servicesource.com/recurring-revenue-alliance
About ServiceSource, Inc.
ServiceSource is the global leader in recurring revenue management. The world's most successful companies rely on us to maximise subscription, maintenance and support revenue, improve customer retention and increase business predictability and insight. ServiceSource delivers results with Renew OnDemand, the worlds only cloud application built specifically to manage and grow recurring revenue, which can be combined with our industry-leading services.
With over a decade of experience focused exclusively in growing recurring revenue, our services and applications are based on proven best practices and global benchmarks. The company is headquartered in San Francisco, and has over $8 billion under management for customers in more than 150 countries and 40 languages.
ServiceSource and any ServiceSource product or service names or logos above are trademarks and/or registered trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners.
1 For HW/SW: Gartner Market Databook 2Q12. For HCLS: Sourced from Hoovers / D&B. Number represents management assumption that service revenue is 15% of total revenue. For IS: Sourced from Hoovers / D&B. Number represents management assumption that service revenue is 20% of total revenue for Industrial systems & manufacturing companies. XaaS come from Gartner Public Cloud Services End-User Spending by Segment for Region, 2010-2016 source: Gartner (December 2012)
Published by: electronicdawn Ltd.