ServiceSource has debuted a new suite of cloud-based apps that are designed solely for the purpose of maximizing recurring revenue.
The San Francisco-based company, which develops cloud-based service revenue management solutions, is introducing Renew OnDemand as the "only cloud-powered solution" that specifically focuses on this task.
Essentially, the goal of using these apps is to figure out the best strategy for maximizing revenue generated from subscriptions, maintenance, support, training and other services.
Furthermore, like many other data management and analytics platforms these days, an additional goal is to identify how to best attract and retain new customers.
Directed towards sales teams and channel partners, Renew OnDemand is delivered as a service for integration with CRM and other existing business-critical applications.
Touting it as "the next big thing" in cloud services, ServiceSource asserts that this new suite of apps will empower its customer base to capture the more than $30 billion in renewals left on the table each year, which would represent a total market opportunity of more than $250 billion.
ServiceSource already manages more than $7 billion in recurring service revenue with a customer list that includes Adobe, Microsoft, VMware, Polycom and GE Healthcare.