All you need to know about Quote to Cash
Every business goes through a sales cycle that converts a prospect to a customer. This sales cycle is complicated if you don’t streamline your business processes. Starting from quoting to billing, your sales team does a lot of back and forth to provide the right support to the customer throughout the whole cycle. When you have hundreds or thousands of leads to respond in a single day, it’s become overwhelming for the sales team to manage consistently.
In such overwhelming situations, QTC rescues your business from all complicacies!
What is Quote to Cash?
Quote-to-cash (QTC) is a breakthrough in the traditional sales cycle. It is a sales optimization process that integrates and automates various business processes in the sales cycle, including product/service configuration, quote creation, pricing, contracting, ordering, billing, etc.
In a nutshell, QTC:
- Enhances customer experience
- Automatically suggests the best combination of products/services
- Automatically applies discounts
- Ensures accurate billing
- Brings all the information onto one single platform
- Gives 360-degree visibility to all business processes
- Creates fault-free transactions without any hassle
- Streamlines cash flow and predict revenue
Read here to know about 3 Basic Steps to Get Better Configure-Price-Quote Results.
Which business can adapt to QTC?
As a sales optimization process, Quote-to-cash gives multiple benefits to your business. You may belong to the healthcare or publishing industry or manufacturing, QTC integrates sales cycles everywhere:
- Manufacturing: Helps to sell complicated products through channel partners or direct sales.
- High-tech: Support technology companies to sell new products with fully streamlined revenue solutions.
- Financial: Helps to provide customer-centric financial solutions throughout the whole customer lifecycle along with regulatory compliances.
- Retail: Integrates retail companies’ sales cycle by giving horizontal and vertical visibility of the cash flow.
- Restaurant: Supports the restaurants to sell complicated dine-in services to assure satisfactory customer experience.
- Healthcare: Help manage provider network agreements and boost Plan-To-Policy to deliver at market-leading price.
- Nonprofit: Supports to create partnerships with an automated and flawless contract to grow revenue for social growth.
- Publishing: Helps to smoothen complex production and sales by fusing them with customer-focused experience.
How can QTC help your business grow?
QTC helps your business in many ways with intelligent prediction and smart reporting. Let’s discuss the best-benefiting ways of QTC:
Read here to know how to Track and Recognize Revenue with CommerceCX’s QTC Implementation.
Correctly configure your products and service.
Your sales team often takes time to provide the best configuration of products and services to the customers. However, when you implement QTC, it automatically recommends the perfect structure of your products and service by keeping customers in mind. It saves your sales team’s time and inspires them to sell more.
Automatically apply for discounts.
Fixing the right price while applying discounts automatically, QTC helps your sales team to send the quotations on time with the best market leading price. It also allows you to do deal analysis from the past to get the best deals.
Smoothen contact management process
Including all necessary terms and conditions while making contacts is essential, and QTC helps you do that. It makes contract negotiation easy. You can create error-free contract forms with built-in clauses with ease, and QTC eliminates the possibilities of delayed deal cycles. Thus, QTC empowers you to provide security to your customers during the contract lifecycle.
Your sales team needs to go through many hierarchical approval processes in a manual contract management cycle to get signatures on the contract. But with QTC, you can create automatic approval rules to get e-signature, and it drastically decreases the contract finalization time.
360-degree visibility of all orders
Visibility of all orders is essential to run your sales engine like a well-oiled machine. It is difficult to view all the order status in a traditional sales cycle. But QTC gives 360-degree visibility of all order status to your sales team. It also conveys pricing and contracting terms along with agreed-upon quotes to the necessary parties.
Predict revenue with accurate billing
QTC ensures that each bill is accurate in your sales cycle. And accurate billing helps you to see the cash flow and predict revenue with error-free reporting capabilities. Thus, QTC gives a handoff from the sales to the finance dept to view the accurate account receivable.
QTC Implementation with CommerceCX
We are one of the esteemed partners of Salesforce and Apttus to help you with custom QTC implementation. It allows you to integrate your CRMs with the QTC process to integrate your sales cycle. Our implementation process involves:
- Configure, Price, Quote (CPQ): We help you identify and suggest an ideal combination of products and services for the customer with a post-discount price. QTC auto applies for discounts and promotions while pricing to win the customers.
- Contract Lifecycle Management (CLM): We make contract creation, contract negotiation, and contract execution processes easy by architecting and implementing the whole contract lifecycle.
- Order-to-Cash: We help you to deliver the right products to the clients at the right time. Right from receiving the orders till delivery, our custom QTC implementation simplifies all these processes with integration and visibility.
- Billing Management: We help you calculate the final charge and send invoices to the clients by implementing an accurate billing process to determine cash flow and forecast the revenue.
Quote to Cash for Healthcare
Our custom QTC implementation for the MedTech industry enables pharmaceuticals, biotechnology, equipment, distribution, and facilities to optimize their sales cycles. In detail, we help them to integrate incentives, pricing, and contract compliance with the industry’s best practices. Additionally, we offer integrated tools for real-time price management, discount and
incentive strategies, complicated contract commitments, and analytics. The manufacturers can adjust to the changing behavior of the customers with a single pricing source. Along with such integrated pricing sources, sturdy workflows, and analytics, we help the MedTech industry avoid price and revenue leakage.
How can QTC help the healthcare industry?
- Quotes the correct price with the latest hospital and IDN available pricing information, deal margin, and compliance performance.
- Enhances the deal value with intuitive upsells/cross-sells on all transactions.
- Quotes and creates proposals, including capital agreements with relevant products/services, and other value-added offerings.
- Auto approves quotes with the price floor controls and builds Quote-to-Contract automatically after the quote approval.
According to Salesforce, the top areas of revenue leakage in the healthcare industry are:
- Pricing quotes out of guideline
- Offering volume discounts without a volume order
- Delivering contract pricing without a contact
On average, with the right implementation of Salesforce QTC, users see:
- 44% reduction in pricing errors
- 41% faster quote generation
- 25% faster sales cycles
- 29% increase in forecast accuracy
- 29% enhance in quote-to-order conversion
- 32% decrease in quote approval time
Why implement QTC with CommerceCX?
At CommerceCX, we help businesses to implement Quote-to-Cash as per customer requirements. Whether you are from the healthcare or manufacturing industry, we have a certified Salesforce team to create custom solutions to integrate your CRMs or ERPs with Salesforce QTC to streamline and automate your sales cycle. We help you enhance customer experience (CX) in every stage of your sales cycle and synchronize your finance and sales dept for easy handoff. Further, you can avoid revenue leakage and predict revenue with intelligent analytics and accurate cash flow with custom QTC implementation.
Get in touch with us to enhance customer experience with our custom QTC implementation.
About CommerceCX: CommerceCX is a global consulting, design, and development firm. We provide organizations with the solutions and services that support the transformation of a commerce ecosystem. We specialize in CRM, Quote-to-Cash, Lead to Cash, and have strong Salesforce, Apttus, and Microsoft Technologies expertise. Leveraging our solutions, organizations can connect technology, data, and insights to unify and enhance the buying, selling, and service experience that powers the commerce ecosystem.