In this tutorial, we’ll explore the asset creation and amendment process within Salesforce Revenue Lifecycle Management (RLM).
We’ll learn how to create assets from a quote and order, process amendments, and review the updated asset dashboard.
Asset Creation
Creating assets in Salesforce Revenue Lifecycle Management is a straightforward process that begins once you have your quote prepared with all the necessary products. Let’s look into the process.
Initiating the Order from a Quote
With your quote ready, the first step towards asset creation is to generate an order. This is done by clicking the ‘Create order’ button, which then produces an order that inherits all the products listed in your quote, including subscriptions and physical products.
Activating the Order
Once the order is in place, activating it is the next step. This step is where the magic happens. Upon activation, Salesforce’s standard flow kicks in, automating the creation of assets from the products listed in your activated order. This automation can be modified or you can leverage the provided apex action in a custom flow to create your assets at the correct moment in your business process.
Viewing Created Assets
After activation, the newly created assets are associated with the respective account. Navigating to the assets tab under the account reveals a list of all owned assets, including detailed insights into each asset, such as quantity and the monthly recurring revenue it generates.
This visibility is key to managing the lifecycle of each product effectively.
Amendment Creation
Amendments are essential for adjusting the terms of an existing asset, such as when a customer’s needs change.
Let’s explore how to process an amendment within Salesforce Revenue Lifecycle Management.
Initiating an Amendment
When the need arises to modify the terms of an asset, such as increasing a subscription’s quantity, the process begins by selecting the asset intended for amendment.
By clicking on ‘amend’, you can initiate the amendment process, which creates an amendment quote reflecting the desired changes.
Adjusting the Amendment Details
Within the amendment quote, you can adjust quantities or other details to match the new agreement terms.
This step is critical for ensuring that the amendment accurately reflects the updated agreement between you and the customer.
It’s where you specify the additional quantity or changes in services.
Finalizing the Amendment
After adjusting the details in the amendment quote, creating and activating a new order is necessary to apply the changes.
This step mirrors the initial asset creation process, where activating the order triggers the update and creation of amended assets. This ensures that your asset records always reflect the current terms of engagement with your customers.
Review Amended Asset
After processing an amendment in Salesforce Revenue Lifecycle Management, it’s crucial to review the updated asset to ensure accuracy and completeness.
This step is key to maintaining trust and transparency with your customers.
Checking Updated Quantities
Once an amendment is made, such as adding more units to a subscription, the asset’s total quantity reflects this change. For instance, if you started with 10,000 units and added 5,000 more, the updated asset should show a total of 15,000 units.
Reviewing the Asset Dashboard
The asset dashboard is an invaluable tool for monitoring the effects of amendments. It displays the asset’s quantity over time, showcasing any increases or decreases. Additionally, it provides insights into how these changes affect the monthly recurring revenue (MRR), allowing for a deeper analysis of financial impacts.
In conclusion, Salesforce Revenue Lifecycle Management simplifies the process of asset creation and amendment, making it easier to manage customer agreements and adapt to changes in customer needs.
By following these steps, you can ensure a seamless experience both for your team and your customers.