ServiceSource Renew OnDemand has been selected by Workday for its ability to maximize recurring revenue.
ServiceSource has announced that Workday, an enterprise cloud applications for HR and finance, has selected ServiceSource Renew OnDemand to manage its subscription renewals.
The recurring revenue management company will join with Workday to use the first cloud application purpose-built to maximize recurring revenue.
With over $1 billion of recurring revenue opportunity under management, Renew OnDemand arms sales teams, executives, and channel partners with a complete solution to renew contracts and subscriptions.
Together, ServiceSource and Workday will develop best practices for subscription and customer lifecycle management for cloud-based software services.
"Renew OnDemand will provide us new levels of insight into customer retention, renewals, and recurring revenue," said Mike Stankey, president and COO, Workday. "This allows the Workday team to focus on delivering the industry’s highest levels of customer satisfaction as enterprises continue to move HR and finance to the cloud."
Workday will also bring its extensive cloud experience to the ServiceSource Recurring Revenue Alliance. The Recurring Revenue Alliance and its member companies help other subscription-based companies maintain and grow their share of the growing annual recurring revenue market for subscriptions.
"Leveraging big data and the cloud, Renew OnDemand will bring increased business value to the Workday suite to enhance ongoing renewal activities," said Mike Smerklo, chairman and CEO of ServiceSource. "We also welcome Workday to the Recurring Revenue Alliance and believe their extensive cloud experience will help extend ServiceSource’s subscription management capabilities."