Customer buying behavior is rapidly changing. As per a study, 57% of the buying cycle happens before a potential customer talks to a sales rep. Modern customers are asking for more personalization! Streamlining the Quote-to-Cash or QTC process is the baby step towards enhancing the customer experience. Research reveals that businesses with a holistic QTC approach increase the sales revenue by 7%.
But there are some QTC implementation challenges among organizations.
Common QTC implementation challenges
Most businesses face problems in implementing and streamlining the QTC process. Companies spend $300M to fix the issues with no satisfactory results. We are summarizing some QTC implementation challenges based on 100+ conversations with system integrators and customers over 3 months:
#1 Data Duplication: Many organizations face data duplication because of incompatible and outdated product catalog across billing/CRM/CPQ/ERP. It makes integration complicated.
#2 Broken APIs: Because of incompatible changes, APIs break in the QTC. Sandbox to production deployment is also difficult in the absence of the right technical intervention.
#3 Complex approval workflows: When companies deal with both customers and monetary transactions. As QTC touches every part of the organization, the approval workflows are complex.
#4 Unfriendly UX: Because of poor UX across customers, channels, or employees are facing low mobile-centric experience.
#5 Lack of scalability: Both CPQ and billing solutions lack scalability for Inflexible and inextensible systems. It leads to longer implementation time.
#6 Non Actionable analytics: The reporting and analytics are non-actionable because of the low adoption of new technologies.
#7 Transaction data: No one is facilitating intelligence around the transaction data (the data goes through the whole Q2C process) to support the future sales.
#8 Absence of multilingual support: Lack of multiple language support is a serious issue with the current QTC processes. For example, Salesforce needs APEX and Oracle CPQ has BML. The resources required for the same are quite expensive too.
Apart from these, there are multiple implementations issues:
- There is no usage-based billing
- Hardware + subscription on the single quote doesn’t work
- Subscription amendments and renewals are difficult
- Multi-year contracts are not smooth
- Dynamic bundling and pricing are not supported
Ashish Arya, who an Enterprise Quote-to-Cash Transformation Lead, believes that there are 8 key reasons enterprise CPQ implementations fail:
- Complex Sales Process
- Complex Data Structure
- Diverse Decision Makers
- Legacy System Comparison
- Non Forward-Compatible Solutions
- Poor Project Planning
- 100% Smart Solution over-complicate the implementation
- Asynchronous & Parallel Processes
Uncleaned data creates a threat to the monetization and data is a paramount source of friction in a QTC process. According to a study, QTC spending is increasing rapidly among organizations. Over 60% of all QTC modernizations will miss the intended business objectives.
As per a conversation with the market leaders, various industry verticals face the following challenges:
Make QTC implementation smooth with us
We at CommerceCX, are specialized in implementing complex QTC solutions for some of the big enterprises in the US and Europe region. Our experts provide multi-channel QTC solutions ensuring that every run right in your business including technologies and processes. As a part of our QTC implementation, we provide solutions on:
- Configure, price, quote (CPQ)
- Contract Lifecycle Management (CLM)
- Billing Management
Talk to our experts today to enhance your QTC process.