This covers hardware and software maintenance and support contracts, and subscriptions offered by software as-a-service providers.
The companies claim that for 20 years renewal processes and related data have become overly complex, disaggregated, and time-consuming to navigate.
As a result, many companies don’t invest the time required to pursue ongoing revenue opportunities with existing customers, and when they have, the results are generally poor.
They say there is a large opportunity for technology companies to drive more recurring revenue and estimate the market is worth $30 billion a year.
Mike Smerklo, chairman and CEO, ServiceSource said: “… these renewals often account for 30-40% of a technology company’s revenues and as much as 50% of its profits.”
The two companies aim to combine technology, services and best practices to drive results around existing and emerging recurring revenue streams.
Accenture will deliver systems integration, consulting, business transformation, and predictive analytics.
ServiceSource will deploy Renew OnDemand, its cloud-based application that provides data management, sales automation and sales analytics capabilities needed to maximize recurring revenue.