What’s New in Place: Latest Updates in Version 1.58

What’s New in Place: Latest Updates in Version 1.58

By Alex Siegler November 11, 2022 at 3:05 pm

It’s a new month and a new major release from Place! We’ve officially released Place Version 1.58, and customers are already seeing the benefits of powerful new analytics features and a more accurate way to handle the metrics tied to multiple-year customer contracts.

Click on one of the topics below to jump to it directly, or read on to see what’s new:

  • Introducing 15+ New Metrics, Reports, and Dashboard Components
  • Support for Multiple-Year Deals: Improved Reporting, Billing, and Forecasting 
 
Introducing 15+ New Metrics, Reports, and Dashboard Components

Place has added eight more calculated metrics fields and 10 new reports, including matching dashboard components. 

Now, users of Metrics & Analytics can access over 150 customizable analytics dimensions to inform investors and steer the company using combined data from Place, accounting systems, and Salesforce Sales Cloud.

Newly-added fields include: Actual LTV, Forecasted LTV, Actual Churn Rate, Forecasted Churn Rate, Actual LTV:CAC, Forecasted LTV:CAC, Actual Net Dollar Retention, and Forecasted Net Dollar Retention.

Newly-added reports and dashboard components include Actual NDR Trend, CAC Plan Performance, and more. 

For the full list of reports and dashboards now available in Place, follow this link.

 

Support for Multiple-Year Deals: Improved Reporting, Billing, and Forecasting 

To report revenue metrics for customer contracts spanning multiple years, companies often resort to customizing Sales Cloud to produce the data they need. So we set-out to offer a simpler solution. 

Within Subscription Management, Place now perfectly calculates bookings, billings, and revenue over multiple years from a single Opportunity record. 

Now, information about multi-year contract revenue flows seamlessly into reports, bookings metrics, and billing and revenue schedules based on Opportunity Product start and end dates.

And any Opportunity Products not meant to co-terminate with the contract, like non-recurring charges, are prevented from flowing into the Renewal Opportunity when users click the Create Renewal button.

 

Until the Next Release…

For more information about these or any other updates, be sure to contact your Customer Success Manager!

We also publish monthly product update highlights in the Product Corner section of our newsletter, so sign up for that here to get more updates in the future.