We provide solutions to questions that you may be asking yourself to improve your business.
Let’s take a look at each department:
Understanding Quote-to-Cash
In today’s business environment, companies are continuously implementing new strategies and revolutionizing the way they handle business with their clients. The term “Quote-to-Cash” is a process that begins with a quote made out to an interested customer and ends with revenue recognition. Every company carries out the Quote-to-cash process, however many of these processes are outdated and need major improvements if a company wants to flourish against competition and not fall behind. Currently, numerous organizations are still using disorganized legacy systems that include excel sheets and other non-integrated files. Even though business processes are being conducted, the customers lack the insight into what great benefits could occur from an intelligent Quote-to-Cash implementation with the right partner. A Customer relationship management (CRM) system like Salesforce will help integrate connect different platforms with all the departments so that you get a clear visibility of the entire business operations and processes that are occurring. The focal point of any company is revenue generation. The Apttus platform will help your company achieve maximum profitability and give you visibility you need to run your company smoothly. The increase in performance of every department will be substantial and extremely evident. Not only will a transformation make processes more polished and effortless, but you will be creating lasting relationships with your customers, who should always be the number one priority.
1 Product Selection and Configuration
Quote-to-Cash begins when an ideal combination of products and services is assembled or configured to satisfy customer requirements. Successfully navigating product configuration can be challenging depending on the complexity and the multitude of options that a company offers for their products and services. Skilled reps who have great experience at the company or industry may be able to navigate and bundle together the right overall product, but it can be really difficult for newer employees to do so as well without making errors.
The goal with a transformation is to empower all reps to be configuration experts. Organizations need an automatic and accurate way to guide reps to the right product without manager approval or help. If a customer is buying through an indirect channel, he or she should be able to easily find and select a product that can be configured to their desire as well.
2 Pricing
At this stage, salesperson generates a price. The price is vital and needs to be determined strategically because the entire revenue of the company is being determined. Reps need to have the ability to provide competitive, yet flexible prices that do not impact deal profitability.
3 Quoting
After pricing, the quote is generated and sent to customer. When too many people need to weigh in on a quote and a company lacks a proper review process, quotes can be delayed and be filled with errors. This can leave a bad impression on the customer. Quoting needs to be processed with speed and accuracy in order for it proceed smoothly through the sales cycle towards closing.
4 Contract creation
5 Contract Negotiation
6 Contract Execution
7 Order fulfillment
8 Billing
Then the invoice with the calculated final charges are sent to the customer. Billing is imperative for forecasting and revenue recognition. It is important to set up a proper billing schedule that is punctually billing customers with the correct amounts. Billing needs to be done smoothly in order develop a great customer relationship and not create a bad image for your company
9 Revenue recognition
After the money has been received the main question is how to recognize revenue. Recognizing revenue is a key responsibility for the finance team because it determines the valuation of the company. Having a polished contract with information including net payment terms will help company in this process.
10 Renew
It is vital to manage customer retention and drive recurring revenue. For a lot of companies, large percent of revenue comes from repeat or subscription customers
