The power of Revenue Lifecycle Management webinar

In today’s business landscape we are overwhelmed with jargon and acronyms: B2B, WFH, RFP…but there is one where you really need to have a CTA… and that is RLM. In a recent webinar with Modern Sales Pros, sponsored by Accenture, Conga's CEO and Culture Leader Noel Goggin delved into the intricacies of Revenue Lifecycle Management (RLM) and how it can transform your business by optimizing revenue processes. Here’s a comprehensive look at the key takeaways from that enlightening session (or to paraphrase for those acronym lovers, the TL;DR (watch!) version).  

Optimizing the revenue machine 

Does your organization prioritize revenue? Of course it does, and this is where Conga and Accenture can help your organization achieve true revenue reinvention. 

Conga serves more than 10,000 customers, from large enterprises to growth-oriented companies. Central to Conga’s mission is Revenue Lifecycle Management, a holistic approach to managing the entire revenue process, from initial sales activities to final revenue realization. 

Accenture and Conga have formed a strategic partnership to transform clients' revenue lifecycle management processes—from price quotes and contracts to fulfillment and renewal services. Together, they streamline and automate revenue processes to drive efficiency and support business growth. The collaboration combines Accenture’s delivery, advisory, and industry experience with Conga’s RLM solutions, helping global companies drive more predictable revenue.  

What is Revenue Lifecycle Management (RLM)? 

Revenue Lifecycle Management is about creating seamless, cross-functional processes that turn sales activities into profitable revenue. It's an end-to-end approach that spans the front office and back office, addressing the fragmentation that often plagues revenue operations. By optimizing this lifecycle, businesses can ensure they are not just generating revenue, but generating the right kind of revenue that sustains long-term growth. 

The complexity and simplicity balance 

Revenue operations can quickly become complex, especially as companies grow. This complexity is often amplified by the need for cross-functional collaboration, which can be fraught with friction. RLM aims to streamline these processes, providing guardrails and swim lanes that allow teams to work efficiently without stifling their productivity.  

Creating a new category: Revenue Lifecycle Management 

RLM is more than just a collection of tools and processes; it’s about creating a new category in revenue management. This involves a thoughtful structure that considers the entire customer journey, from landing a customer to maximizing their lifetime value. It's about knowing where to focus your efforts and ensuring that every action taken is worth the effort. In other words, is the juice worth the squeeze? In the case of predictable profitable growth… the answer is yes!   

Key components of RLM 

1. Product Catalog and Pricing Rationalization: Ensuring that your products are competitively priced and that your value proposition is clear. 

2. Sales and Partner-Led Services: Delivering on customer promises and ensuring accurate billing. 

3. Customer Renewal and Expansion: Driving adoption and expansion early in the customer lifecycle. 

4. Revenue Intelligence: Leveraging data to optimize pricing strategies, minimize discounting, and prevent revenue leakage. 

Overcoming friction in revenue processes and impact 

No revenue process is entirely frictionless, but identifying key data points around revenue—such as quotes, contracts, pricing, renewals, and asset utilization—can help. This intelligence allows businesses to drive price increases effectively, optimize product packages, and ensure that what’s contracted matches what’s billed. 

Imagine if your sales team could focus 10% more on selling rather than mundane tasks. This could potentially translate to a 2% increase in revenue. For a company with 1,000 sellers, that’s a significant boost to the bottom line. RLM can help achieve this by automating processes and reducing administrative burdens on your sellers, so they are focused on doing what you hired them to do… growing and building relationships and generating revenue.  

The six dimensions of Revenue Advantage 

When it comes to what is important to the board, your investors and your c-suite, you need to think like the top line. Therefore, Conga’s approach to RLM is multifaceted, focusing on six key dimensions: 

1. Revenue Predictability: Gaining foresight into future revenue.  

2. Revenue Velocity: Accelerating the cash flow. 

3. Revenue Quality: Ensuring that all deals are beneficial. 

4. Revenue Lifetime Value: Maximizing the value of each customer over their lifecycle. 

5. Revenue Efficiency: Making the most of every dollar. 

6. Revenue Innovation: Leveraging thought leadership and new services to stay ahead. 

Transforming with Accenture 

Accenture, a key partner of Conga, plays a crucial role in helping businesses get started with RLM. They bring domain expertise and can harmonize front office and back-office transformations. With their help, companies can navigate the complexities of RLM, ensuring compliance and optimizing their revenue models. 

Real-world applications and next steps 

Revenue Lifecycle Management is not just theoretical; it has practical applications that drive real results. By proactively managing adoption, understanding contract terms, and ensuring accurate billing, businesses can improve their revenue processes significantly. All executives, from the CFO to the CRO, are focused on revenue, and RLM provides the framework for collaboration across these roles. 

RLM is a powerful approach that can transform how businesses manage their revenue processes. By partnering with experts like Conga and Accenture, companies can streamline their operations, reduce friction, and drive sustainable growth. If you're looking to optimize your revenue machine, consider adopting RLM to unlock its full potential. 

Read Conga's The power of Revenue Lifecycle Management whitepaper to dive deeper into RLM and the unique power of the Conga Platform. Or, request a demo today to learn more about how Conga and Accenture are reinventing revenue for businesses globally.