Opportunity Management release notes

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Opportunity Management release notes

    The ServiceNow® Opportunity Management application empowers sales agents and account executives to create, manage, and track potential sales opportunities effectively. The Xanadu release brings significant enhancements to collaboration, quoting, location-based transactions, synchronization, and revenue tracking capabilities, improving sales processes and visibility.

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    Key Features

    • Sidebar integration with Microsoft Teams: Enables collaboration with internal and external stakeholders directly within an opportunity, supporting messaging, emojis, and attachments to facilitate deal closures. This feature requires upgrading to the ServiceNow AI Platform Xanadu release.
    • Create quotes from opportunity line items: Allows sales agents to generate quotes for selected products within an opportunity record using a new user interface action.
    • Location-based transactions: Agents can specify customer locations in the product catalog to view and select only eligible products for that location. They can also copy products across different customer locations within the same opportunity.
    • Quote and opportunity synchronization: Ensures consistent data between opportunities and quotes, including line items, by automatically syncing changes. This improves revenue tracking accuracy.
    • Subscription revenue metrics: Provides calculated recurring and one-time revenue figures for products and services in an opportunity, giving better visibility into recurring revenue dynamics for sales agents and managers.

    Deprecations

    • Several pricing and revenue-related fields in the Opportunity and Opportunity Line Items records have been deprecated to streamline data management.

    Activation and Related Applications

    Opportunity Management is available via the ServiceNow Store and requires explicit installation.

    The application integrates with related ServiceNow modules for comprehensive sales management:

    • Customer Service Management: Shares account, consumer, and product inventory data, allowing agents to view opportunities created.
    • Quote Management: Facilitates generation and management of sales quotes and smooth conversion from opportunities.
    • Product Catalog Management: Enables catalog administrators to build product catalogs with categories for easier product/service selection.
    • Pricing Management: Allows pricing administrators to set pricing for products and services used across sales applications.

    The ServiceNow® Opportunity Management application enables your sales agents and account executives to create and manage opportunities that identify and track the potential sales for your customers. Opportunity Management was enhanced and updated in the Xanadu release.

    Opportunity Management highlights for the Xanadu release

    • Collaborate with your internal and external stakeholders by using the sidebar and Microsoft Teams integration on an opportunity.
    • Create quotes for the selected line items in an opportunity record by using the new UI action.

    See Opportunity Management for more information.

    Important:
    Opportunity Management is available in the ServiceNow Store. For details, see the "Activation information" section of these release notes.

    New in the Xanadu release

    Use the Sidebar integration with Microsoft Teams
    Collaborate on an opportunity with your sales managers and solution consultants, or product and legal teams by using the sidebar integrated with Microsoft Teams to close the deal or opportunity. Additionally, you can communicate with the stakeholders through messages, emojis, and attachments.
    Note:
    To use this feature, you must upgrade your ServiceNow AI Platform to Xanadu. To learn more, see Upgrade to the Xanadu release.
    Create quotes from opportunity line items
    Create quotes by selecting individual line items within an opportunity record.
    Location-based transactions for Opportunity Management
    • Enable agents to specify a customer location in the product catalog and display only the eligible products for that location when they're adding products to opportunities.
    • Copy products (line items) to other customer locations within the same opportunity.
    Sync quote and opportunity
    • Establish a synhronisation between quote and opportunity to ensure that values across Opportunity-Quote, and Opportunity Line items-Quote Line items are consistent. This synchronisation allows changes to automatically copy into the opportunity record.
    • Track revenue from an opportunity accurately by keeping opportunities and quotes in synchronisation.
    Subscription revenue metrics
    Provide system-calculated recurring and one-time revenue amounts for product and service subscriptions for opportunities. These amounts help sales agents and managers to gain visibility into revenue metrics and recurring revenue dynamics.

    Deprecations

    The following fields are deprecated in the Details tab on Opportunity record.
    • Total Monthly Recurring Price
    • Total Annual Recurring Price
    • ARR
    • Budget Type
      The following fields are depracated in the Details tab on Opportunity Line Items record.
      • Estimated Unit Price
      • Estimated Total Price
      • Total Recurring Price

    Activation information

    Install Opportunity Management by requesting it from ServiceNow Store.

    Related ServiceNow applications and features

    Customer Service Management
    The Opportunity Management application uses the ServiceNow® Customer Service Management account, consumer, and product inventory data model. Customer service agents have full visibility into opportunities that have been created using Opportunity Management.
    Quote Management
    The ServiceNow® Quote Management application enables your sales agents to generate and manage sales quotes for your customers. You can seamlessly convert sales opportunities to quotes when the customer is ready.
    Product Catalog Management
    The Product Catalog Management feature in Sales Customer Relationship Management enables your catalog administrators to create products catalogs with categories that enable agents to navigate and find products and services to add to opportunities.
    Pricing Management
    The Pricing Management feature in Sales Customer Relationship Management enables your pricing administrators to set the pricing for products and services that are used in the various Sales Customer Relationship Management applications.