At we are committed to helping businesses leverage the latest technology to streamline operations and drive growth. In line with this, we’re excited to discuss a significant new feature from Salesforce's Summer '24 release: the Digital Wallet.
What is Salesforce's Digital Wallet?
Salesforce’s Digital Wallet, a part of the Data Cloud, is a tool designed to provide businesses with detailed insights and control over their consumption-based products. It enables organizations to track their usage in real-time, optimize their spending, and make informed decisions based on comprehensive data.
How Does the Digital Wallet Work?
The Digital Wallet is integrated into the Salesforce platform to offer a seamless experience. Here’s a more detailed breakdown:
- Data Collection:
- The Digital Wallet continuously gathers data from various Salesforce services, such as Marketing Cloud, Sales Cloud, and Service Cloud. It tracks metrics like the number of emails sent, storage used, API calls made, and other consumption-based activities.
- Real-Time Analytics:
- This data is processed in real-time, providing up-to-the-minute insights. The real-time nature ensures that you can react promptly to any changes in usage patterns, avoiding overages and optimizing underutilized resources.
- Visualization Tools:
- The Digital Wallet includes powerful visualization tools that help you understand your usage data through graphs, charts, and dashboards. These tools are designed to be user-friendly, allowing even those without a technical background to grasp complex data insights.
- Alerts and Notifications:
- The system can be configured to send alerts and notifications if certain thresholds are met or if there are significant changes in usage patterns. This proactive feature helps in maintaining control over resource utilization.
Key Features of the Digital Wallet
- Real-Time Tracking:
- The Digital Wallet provides real-time data on how your company is using Salesforce services. This means you can see exactly how much of a service you’re consuming at any given moment.
- Detailed Usage Insights:
- It offers detailed reports and analytics on your consumption patterns. These insights help you understand which services are being used the most and which ones might be underutilized.
- Cost Optimization:
- By analyzing usage patterns, the Digital Wallet helps identify areas where you can reduce costs. This ensures you’re not overpaying for services you don’t fully utilize.
- Integration with Salesforce Ecosystem:
- The Digital Wallet seamlessly integrates with other Salesforce tools, making it easy to access and manage your data from a single platform.
Case Study
Imagine your company uses Salesforce's Marketing Cloud to run email campaigns. Here's how the Digital Wallet enhances your experience:
- Email Sending:
- It tracks the number of emails sent each day, week, and month. If you have a limit on the number of emails you can send per month, the Digital Wallet will alert you when you are approaching this limit.
- Storage Usage:
- It monitors the storage used for email assets such as images, videos, and templates. You can see which campaigns are consuming the most storage and manage your assets more effectively.
- API Calls:
- If your marketing campaigns use API calls to integrate with other services, the Digital Wallet tracks these calls and helps ensure you stay within your quota. It provides insights on peak usage times and suggests optimizations.
- Campaign Performance:
- Beyond just consumption, the Digital Wallet can link usage data with campaign performance metrics, showing you how your investment in Marketing Cloud translates into actual business results.
By providing this level of detail and control, the Digital Wallet ensures that you are not only aware of your consumption but also understand the impact on your business operations.
Benefits for Your Business
- Enhanced Financial Planning:
- Gain better control over your budgeting with precise data on your Salesforce service consumption.
- Improved Decision-Making:
- Make informed decisions about resource allocation based on real-time and detailed usage insights.
- Increased Transparency:
- Enjoy full visibility into how your company is using Salesforce products, promoting accountability and efficiency.
- Optimized Resource Management:
- Ensure that your resources are being used effectively, maximizing the value of your Salesforce investments.
Key Takeaways
Salesforce's Digital Wallet, part of the Summer '24 release, is a powerful tool that offers real-time tracking, detailed insights, and cost optimization for consumption-based products. This feature empowers businesses to make smarter decisions, optimize spending, and manage resources more effectively.
For more detailed information on the Summer '24 release, visit the Salesforce Summer '24 Product Release page.
If you’d like to discuss how Salesforce’s new features can benefit your business, schedule a 30-minute virtual coffee with Hitteps.
