The Emergence of Sales Automation with Renewal Cloud and Channel Ecosystem Platform: Transforming the Landscape of Channel Sales
The global channel sales market is expanding at an unprecedented rate, with more than 75% of worldwide trade passing through channel sales (Forrester). This extensive network of partners, resellers, and distributors offers businesses opportunities to extend their reach, access new markets, and strengthen customer relationships. However, effective management of channel sales processes poses significant challenges, with one of the most prominent being the automation of quote generation, precise pricing, and sales pipeline visibility through a multi-tier sales channel.
This is where sales automation, built on top of a Channel Optimized Configure, Price, Quote (CPQ) system, comes into play. Picture a streamlined sales process where channel partners effortlessly create accurate quotes, close deals faster, and navigate complex sales processes with precision. Yagna Renewal Cloud with automated Cross-Sell and Upsell automation transforms challenges into opportunities by offering multi-tiered support, real-time quotes, and advanced features like multi-region pricing and currency conversions, discounts, and sales analytics.
These systems, which are forecasted to increase by over USD$3 B between 2022 and 2027 (Technavio), excel in supporting direct sales but face unique challenges in the realm of channel sales. As both CPQ and channel sales markets grow, it becomes crucial to tailor Sales Automation solutions to meet the distinct needs of channel sales. Let’s explore the current landscape of channel sales automation, its challenges, and the transformative capabilities that Channel Automation brings in addressing these issues.
Traditional CPQ Systems
The “1000 Portals” Predicament: Channel partners frequently engage with multiple vendors, each with their own portals which are used for many items such as pricing, renewal notifications for recurring revenue and performance metrics. This fragmented approach creates the cumbersome problem of ‘1000 portals,’ where each vendor has its portal for data access, resulting in inefficiencies for channel partners.
Trust Between Vendors, Partners, and Distributors: Trust is a vital component in traditional channel sales ecosystems, as it hinges on concerns regarding data privacy, the sharing of sensitive information, and fears of compromising competitive advantages when using the same system for managing sales processes. This trust is essential for promoting effective collaboration and ensuring a streamlined sales cycle. Dependency on CRM Systems: Vendors typically build their systems on top of CRM systems, which work well within single organizations. but struggle to scale across multiple (channel) organizations due to data privacy, architectural and cost limitations.
Addressing the Need for Multi-Vendor Channel Automation: Traditional systems often falter when it comes to adequately supporting multiple vendors, resulting in difficulties in managing multi-vendor quotes. This limitation hinders channel partners’ ability to efficiently handle relationships with multiple vendors.
Multi-Party Payment in the Channel: Channel sales frequently involve complex multi-party payment structures, where payments flow through vendors, distributors, resellers, and end customers. This layered payment system creates challenges related to processing, tracking, and reconciliation.
Yagna iQ Renewal Cloud and Channel Ecosystem Platform
Yagna iQ Channel Ecosystem Platform is a game-changing solution that aggregates pricing and recurring revenue programs from different vendors, presenting them to channel partners as one unified Platform in a Proactive Sales motion. It seamlessly adapts to all quotes within a multi-tiered channel ecosystem, connecting to existing CPQs and APIs, Punch-out configurators, or ingesting quoted data feeds via CSV or email – even ingesting multiple PDF files supplied by some vendors.
Key Features of Yagna’s Channel Ecosystem Platform:
Unified, Proactive, Multi-Vendor Channel Automation: The Channel Ecosystem Platform and Renewal Cloud effortlessly manages multi-vendor pricing and renewal processes for channel partners. It simplifies the management of multiple vendors within a single platform, offering a unified interface and proactive sales motion for channel partners to efficiently handle their sales processes across various distributors and vendors.
Investment Protection: The Channel Ecosystem Platform not only preserves and extends your current investments in CPQ, CRM, ERP, PRMs, etc., but also offers a resilient and adaptable solution for channel partners, ensuring seamless integration and future scalability.
Channel Data Security and Discretion: The Channel Ecosystem Platform builds and maintains trust by offering a secure and discrete environment for all stakeholders involved in the channel sales process. It ensures the privacy of channel partners’ data, refraining from sharing it with vendors or unauthorized parties unless expressly permitted by the owner of the data . This approach not only addresses data privacy concerns but also fosters trust among vendors, partners, and distributors.
Payment: The Channel Ecosystem Platform tackles the challenge of multi-party payments by delivering a comprehensive solution that streamlines and simplifies the payment process for all parties involved in channel sales. The Channel Ecosystem Platform supports various payment methods and eCommerce gateways, allowing channel partners to collect payments seamlessly from end customers, submitting payments or Purchase Orders to distributors and vendors, while ensuring that payments are accurately allocated to the appropriate parties, such as distributors and vendors.
As channel sales markets continue to experience significant growth, the need for robust solutions that cater to the specific requirements of channel sales becomes increasingly critical. Yagna’s Renewal Cloud and Channel Ecosystem Platform offers a comprehensive solution that addresses the challenges faced by channel partners and empowers them to streamline their sales processes. By embracing innovative solutions like Renewal Cloud, organizations can capitalize on the Recurring Revenue, Subscriptions, Upsell/Cross and Tech Refresh opportunities the multi-tier sales channel and ensure that channel partners are well-equipped to drive sales and revenue in today’s fast-paced and competitive business environment. Yagna iQ is a Gartner and Forrester-recognized Channel CPQ solution serving 10000+ vendors, distributors and resellers.
Contact us at email@example.com