Opportunity Management
Summarize
Summary of Opportunity Management
The ServiceNow® Opportunity Management application equips sales agents and account executives to analyze customer needs and generate targeted product recommendations for qualified leads. It transforms minimal lead information into detailed opportunities, providing comprehensive insights about products or services tailored to customer requirements. This process supports advancing sales conversations and maximizing deal potential.
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Key Features
- Integrated Interface: The application integrates seamlessly with the Product Catalog and product configurator, enabling easy access to product offerings for building opportunities.
- Opportunity Management Tabs: The interface provides dedicated tabs to manage various aspects of an opportunity:
- Details: Add basic opportunity information.
- Catalog: Search and add products to opportunities.
- Needs: Use need templates for product recommendations.
- Line Items: Add and manage multiple product line items.
- Competitors: Record competitor information.
- Tasks: Create and track opportunity tasks.
- Team: Manage team members associated with the opportunity.
- Contacts: Add contacts linked to the opportunity.
- Emails: Create and send emails to stakeholders.
- Quotes: Generate quotes directly from opportunities.
- Related Channel Partners: Link authorized or listed partner organizations to opportunities for collaboration or tracking purposes.
- Pricing Integration: Opportunity Management integrates with the pricing engine to automatically calculate total and unit prices of product offerings within an opportunity. This enables real-time pricing visibility and supports revenue forecasting, deal prioritization, and negotiation.
Key Outcomes
- Revenue Forecasting: Accurately assess opportunity value by totaling prices of included product offerings, aiding strategic budget and resource allocation.
- Deal Prioritization: Focus sales efforts on opportunities with higher potential revenue and margins, optimizing sales pipeline efficiency.
- Enhanced Negotiations: Leverage real-time pricing insights to tailor offers that meet customer needs while maintaining profitability.
Next Steps
To begin utilizing Opportunity Management, follow the guidance on installing and configuring the application to tailor it for your sales processes.
The ServiceNow® Opportunity Management application enables your sales agents and account executives to analyze customer needs and generate product recommendations for potential customers.
An opportunity in Sales Customer Relationship Management provides maximum information about a product or service based on the needs of a customer (called a qualified lead). A lead for a product is the minimal information that a sales agent uses to advance the conversation with a potential customer and create an opportunity.
Opportunity Management interface
The Opportunity Management application is integrated with the Product Catalog and product configurator to help sales agents access product offerings to build opportunities easily and conveniently. The Opportunity Management interface contains the following tabs:
| Tab | Description |
|---|---|
| Details | Add basic information for the opportunity. |
| Catalog tab | Search for and add product offerings to your opportunity.
|
| Needs | Lists the need templates that provide product recommendations for the opportunity. |
| Line Items | Add different line items to an opportunity. |
| Competitors | Record competitors information. |
| Tasks | Create opportunity tasks. |
| Team | Create opportunity team members. |
| Contacts | Create opportunity associated contacts. |
| Emails | Create emails to send to the required stakeholders. |
| Quotes | Create quotes directly from opportunities. |
| Related Channel Partners | Add authorized service organizations or partner entities (for example, referral or influencer partners) linked to a customer opportunity. Related channel partners can be:
|
Integrating pricing in Opportunity Management
Opportunity Management integrates with the pricing engine to consume the default price list and displays the total price and unit price of product offerings in your opportunity.
Based on the prices of product offerings (POs) that are added to the opportunity, the total price values are auto-calculated. For more information, see Add and view the details of an opportunity and Add line items to an opportunity.
- Revenue forecasting: The pricing engine helps agents evaluate an opportunity's total worth by computing the combined prices of each offering included, which in turn helps teams to strategize resource or budget allocation for deals.
- Deal prioritization: By analyzing the potential revenue of each opportunity, your sales team can focus on the deals based on their financial impact. For example, teams can focus on deals with higher potential revenue and higher margins.
- Negotiation enhancement: The pricing engine gives your sales team real-time pricing insights, which enhances the negotiation process by enabling your sales team to tailor offers that meet customer needs while maintaining profitability.
To learn more about pricing, see Pricing Management.
What to do next
To learn about setting up Opportunity Management, see Install and configure Opportunity Management.