By SAN FRANCISCO, CA -- (MARKET WIRE) -- 01/31/12 -- ServiceSource® (NASDAQ: SREV), the global leader in service revenue management, today announced that its partnership with Pitney Bowes Business Insight, a leader in customer data, analytics and communication software, has resulted in an almost 30 percentage point increase in renewal rates and stronger customer relationships through product feedback and support.
Pitney Bowes Business Insight began its partnership with ServiceSource in 2010, seeking assistance for its service-contract renewals business. The Company chose to implement the ServiceSource solution, including the Analytics Cloud application, giving sales representatives and management real-time insight into all renewals transactions. By identifying transaction issues early in the sales cycle, the integrated ServiceSource and Pitney Bowes Business Insight service-sales teams have made their business more responsive to customer needs while improving sales results.
"ServiceSource has done an excellent job of increasing our renewal rates, improving our customer satisfaction, and providing visibility into a vital business process providing a recurring revenue stream," said Greg Van den Heuvel, president of Americas, Pitney Bowes Business Insight. "The strong results ServiceSource had in raising our renewal rate in short order made the decision to expand our relationship an easy one. We are excited about the future opportunities and mutual growth in partnering with ServiceSource."
Since implementing ServiceSource's Service Revenue Performance Suite, including the Analytics Cloud, Pitney Bowes Business Insight has achieved several important goals:
- Real-time access to a consolidated, accurate global renewals data set;
- A renewal rate improved by 30 percentage points in one year while exceeding quarterly renewal targets;
- Utilized the Service Revenue Intelligence Platform to improve business-critical product and pricing information for managing maintenance revenue streams;
- A proactive and efficient renewal processes that increased the consistency of engaging renewals opportunities up to 90 days in advance.
"Economic volatility continues to impact business, and technology-enabled businesses, like Pitney Bowes, are making the smart decision to look inward at their recurring revenue opportunity and are using ServiceSource to bolster their returns in this area. It is rewarding to see the steady impact service revenue management can bring to Pitney Bowes' ability to succeed during tough times," said Mike Smerklo, chief executive officer, ServiceSource. "Our work with them reflects the value of our decade of best-practice development and unique combination of technology and professional service-sales execution. By providing direct value through increased renewal rates and recurring revenues, with analytics and best practices, we not only help Pitney Bowes' bottom-line, but we also help their customers."
For a more in-depth look at how ServiceSource has helped the Pitney Bowes Business Insight division, visit our blog to view the video case study: Pitney Bowes Boosts Service Contract Renewal Rates and Improves Customer Satisfaction
About ServiceSource
ServiceSource is the global leader in service revenue
management, partnering with technology-based companies to
optimize maintenance, support and subscription revenue
streams, while also improving customer relationships and
loyalty. ServiceSource helps customers increase service
revenue contract renewal rates, on average, by over 15
percentage points and, in some cases, up to
44 percentage points. ServiceSource delivers these
results via a cloud-based solution, combining its Service
Revenue Performance Suite™ of applications with dedicated
service sales teams, leveraging a proprietary Service
Revenue Intelligence Platform™ of transaction data,
benchmarks and best practices. ServiceSource offers its
service revenue management solution on a unique
pay-for-performance business model that enables a
success-driven, shared-risk partnership. The Company is
headquartered in San Francisco, and manages service revenue
performance for customers across the globe in more than 35
languages.
ServiceSource 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.
For more information on ServiceSource, visit http://www.servicesource.com. To connect with ServiceSource, visit us at our Power of Renewal blog or on Twitter, Facebook, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding the size of the
market for service revenue management, our ability to
improve the renewal rates and revenue results of our
customers and their channel partners, our ability to
enhance the customer satisfaction of their end users, and
the overall benefits of our cloud applications such as our
Channel Sales Portal. These forward-looking statements are
based on the Company's 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, errors in the
estimated size of the market for service revenue
management, changes in market conditions that impact our
ability to generate service revenue on our customers'
behalf; errors in estimates as to the renewal rate
improvements and/or service revenue we can generate for our
customers; risks associated with material defects or errors
in the Company's software or the effect of data
security breaches; our ability to adapt our solution to
changes in the market or new competition; our ability to
protect our intellectual property rights; 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 and 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.
Media Contact for ServiceSource: Alex Plant Director of Corporate Communications (415) 901-1164 aplant@servicesource.com
Source: ServiceSource
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