Renewals and Customer Success Management

Your customer renewal rate is a clear sign of your enterprise's health. It can tell you a great deal about how sticky your products and services are. And because renewals are a true indicator of customer experience, analysis of churn and upsold contracts can also reveal a wealth of information about what can improve in your products and services.

Challenge

Find customers at risk of churn and resolve their issues proactively

As-a-service businesses largely measure their success by the percentage of annual recurring revenue (ARR), and this is greatly determined by the effectiveness of their renewal strategies. Achieving that success means understanding the weaknesses causing churn. Leakages occur at multiple stages of the renewals cycle. And the simple fact is this: Unless you address these issues with the right processes, technologies, and analytics, you'll never be confident that you have a sustainable pool of customers. So you won't set the stage for consistent, profitable growth.

With the best tools and procedures in place, however, you can eliminate the following factors that contribute to customer drop-off:

• Lengthy, error-prone quoting processes
• Overlooked quoting opportunities
• Neglected upsell and cross-sell prospects
• Missed chances to apply proven techniques to reduce your churn rate

A bespoke suite of products and services

Enquero, a Genpact company, has an end-to-end offering that comprehensively addresses your renewals strategy and delivers a wide range of benefits. More than just a software solution, our Renewals and Customer Success Management system identifies key moments of truth to ensure you retain every possible customer.

We put the most advanced tactics and techniques to work to holistically transform your renewals operation. Genpact Cora, our artificial intelligence platform, harnesses machine learning and all the latest developments in the field. Robotic process automation relieves your team of rote manual work for low-cost renewals. And we also deploy PowerMe, a tool created by Enquero to systematically improve the underlying data environment. PowerMe, which has a rich repository of pre-built KPIs made clearly visible on dashboards, assembles high-value analytics and business intelligence assets in an easily accessible way.

Here are just some features of our Renewals and Customer Success Management suite:

To help highlight opportunities, it:

• Digitally integrates orders, shipments, and contracts, eliminating errors and logjams
• Self-heals your installed base for customer information, including cleansing your system of duplicate customer records, connects, and contracts, enhancing the information on who the buyers, users, and decision makers are for renewal contracts, and so forth
• Identifies when services and products should be refreshed as opposed to renewed

To assist your agents, it:

• Assigns tasks through an integrated workflow
• Triggers reminders so teams never miss a renewal date
• Issues alerts when there are cross-selling and upselling opportunities
• Reveals quoting opportunities that might otherwise be missed
• Indicates a customer's overall propensity to buy
• Suggests service revenue campaigns

To delight your customers, it:

• Recommends products or services for bundling with automated suggestions on next best actions, co-termination of deals, and upsell/cross-sell opportunities based on analytics on customer disposition
• Uses templates to automatically provide quotes below a set threshold
• Builds engagement with real-time journey analytics
• Provides self-service catalogs, approvals, and inquiries options
• Ensures they are making the best deal

And to further bring your business to the next level, it:

• Upgrades and maintains your installed base and makes it highly visible
• Gathers and disseminates product reviews and analyzes feedback
• Applies the latest tools for sentiment analysis revealing customer attitudes
• Has robust purchase propensity and renewal analytics that calculate retention rates
• Measures key KPIs on customer experience, upsell activity, quotes unsold, conversion rates, and cycle time
• Tracks compliance metrics for making risk assessments, training, and more

Solution

The art of the possible

We estimate that our Renewals and Customer Success Management solution can find between 10–15% more potential bookings because our system thoroughly analyzes when you're at risk of losing your customers – and why. What's more, it proactively deploys precise mechanisms to prevent dropouts and to foster stronger relationships with all customers.

Contact Genpact if you want to learn more about how cutting-edge methodology coupled with best-in-class technology is making churn a thing of the past.