A Sales and Marketing team gives an increasingly competitive edge to an organization, with its effectiveness correlated to optimizations for customer management and sales. The Quote-To-Cash (Q2C) process – which includes generating quotes, finalizing contracts, maintaining orders, collecting and managing revenue, and managing customer churn – is today’s most important business process. Optimizing these highly collaborative aspects brings synchronization throughout the organization, can speed up sales cycles, and enable sales teams to close a higher percentage of deals. In fact, a streamlined Q2C process makes closing deals and generating revenue highly effective and integrated. And it can be managed in the cloud and across geographies.
Quote-to-Cash Connects the Entire Customer Management Process
Quote-to-Cash is the process ultimately responsible for driving revenue and customer satisfaction. Regardless of organization or industry, a Q2C process connects the entire customer-management process and various other client-management functions.
In traditional sales and customer-management systems, the front office manages the customer’s intent to buy (using a CRM). These processes include managing proposals, contracts, and orders. The middle office then processes sales and handles the finance, legal, and procurement activities. A company’s realization of revenue (in the ERP system) encompasses the entire sales, contract, and customer-relationship lifecycles. Historically, these processes have been disconnected and siloed, leading to manual and tremendously inefficient sales cycles – ultimately creating risk, reducing contract closures, and impacting revenues.
The steps in a Q2C workflow typically rely on manual and time-consuming technologies like email and spreadsheets. The vision is to streamline Q2C through automation in one efficient system that provides control and complete visibility of opportunity information, budgets, and margins – providing a 360-degree view of the customer.
To accomplish this goal, optimize the entire process through three pillars: people, process, and technology. These are three essential components for any successful business transformation. When building an all-digital Q2C process, it is imperative to include the all relevant stakeholders involved in the current customer-management process. This will guarantee well-defined processes that achieve the automation required to address a company’s entire workflow. And, as systems are built on documented workflows, the end product will streamline the entire Q2C process.
With automation in place, teams will have visibility into all customer information, allowing them to create the right quote the first time. Creating the right quote means no errors in product and service configurations – essential for better deal closures. When quotes and configurations match client requests, prospects know they have been heard and understood.
For best results, design a process that delivers personalized dynamic pricing and historic pricing suggestions, along with margin visibility for sales reps, so all information is available in the contracting
tool for compliance. E-signature support can further simplify contract negotiation and sign-off. Having all of these features in one platform, integrated with CRM, optimizes the Q2C process, improves deal closure performance, and leads to higher revenues.
Finding Success with Conga and Wipro
The Conga framework can help businesses simplify and automate their Q2C approach. Working with Wipro and Conga Alliance, companies can navigate their middle-office transformation journeys from process assessment to gap analysis to solution implementation.
In one example, a US-based healthcare and drug testing company implemented Conga to optimize cost-per-click, contract lifecycle management, X Author for Contract, and Intelligent Workflow Approval. With centralized templates and increased user adoption, better collaboration, and data sharing, the company achieved higher deal closures, faster Q2C cycle time, and improved margin visibility.
Wipro is a Global Strategic Partner and the first Managed Services Partner for Conga. With more than four years of experience implementing Conga products and more than 145 Conga-certified consultants, Wipro offers a risk- and issue-management approach to ensures risks are identified early and measures are taken to avoid impacts. Beyond Conga connect and support, Wipro’s services include CLM for healthcare and life sciences, vertical-centric quick quote, a LIBOR solution offering, managed services, and a Conga QTC flex model.
Click here to learn more about our partnership: https://vimeo.com/511449915/b8a6c7ce63