Opportunity Management

  • Release version: Washingtondc
  • Updated April 29, 2024
  • 2 minutes to read
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    Summary of Opportunity Management

    The ServiceNow® Opportunity Management application allows sales agents and account executives to effectively analyze customer needs and generate tailored product recommendations for potential clients. This process begins with a qualified lead, which provides essential information to advance discussions and create opportunities.

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    Key Features

    • Integrated Interface: The application integrates with the Product Catalog and product configurator, simplifying access to product offerings.
    • Opportunity Management Tabs:
      • Details Tab: Input basic opportunity information.
      • Catalog Tab: Search and add product line items.
      • Needs Tab: Review need templates for product recommendations.
      • Line Items Tab: Add various line items to the opportunity.
      • Competitors Tab: Document competitor information.
      • Tasks Tab: Create tasks related to the opportunity.
      • Emails Tab: Send emails to relevant stakeholders.
      • Quotes Tab: Generate quotes directly from opportunities.
    • Pricing Integration: The pricing engine integrates to provide total and unit pricing, enabling automatic calculations based on selected product offerings.

    Key Outcomes

    • Revenue Forecasting: Helps agents evaluate the total value of opportunities for better resource and budget allocation.
    • Deal Prioritization: Enables sales teams to focus on high-revenue opportunities, enhancing strategic decision-making.
    • Negotiation Enhancement: Provides real-time pricing insights, allowing tailored offers that satisfy customer needs while ensuring profitability.

    Next Steps

    To get started with Opportunity Management, refer to the installation and configuration guide for setup instructions.

    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 and Order 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.

    Figure 1. Opportunity workflow in Sales and Order Management
    Sales and Order Management workflow that shows the opportunity, quote, and order creation steps.

    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:

    Table 1. Opportunity Management tabs
    Tab Description
    Details tab Add basic information for the opportunity.
    Catalog tab Search for and add product line items to your opportunity.
    Needs tab Lists the need templates that provide product recommendations for the opportunity.
    Line Items tab Add different line items to an opportunity.
    Competitors tab Record competitors information.
    Tasks tab Create opportunity tasks.
    Emails tab Create emails to send to the required stakeholders.
    Quotes tab Create quotes directly from opportunities.

    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 Viewing the details of an opportunity and Add line items to an opportunity.

    Pricing in Opportunity Management provides the following benefits:
    • 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 in strategizing 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.