Not all the customer are same, nor their needs. sometimes organizations are faced with the challenge of providing custom quotes which are tailor-made for a specific customer requirement. Quote to Cash tools allows organizations to develop approval processes in such cases. The idea behind this feature is to have multiple people sign in on the quotes before they are processed to the customer. This will ensure everyone is on the same page.
What was manual in the past has improved with the help of the Advance approval feature within Quote-to-Cash(QTC) solution! This was not present initially but, the need for custom approvals called for this feature. Within a single approval process generated, you can obtain multiple independent approvals for the Quote that will be processed to your customer.
There are certain features within the advance approval that you get with modern QTC platforms. Here we have listed them out for you
- Accommodates nonlinear chains: Normally, you have a linear approval chain, which is what QTC platforms demonstrated up until now. With the advance approval feature, the platform recognizes that not all approvals are linear, and accommodates nonlinear chains as well. You can submit the quote to two managers holding different departments simultaneously
- Approvers are assigned dynamically: Not all organizations have a single approval chain, which is pre-defined. You can assign approvers as per the nature of the quote or allow the system to choose the approver dynamically
- Streamlines resubmission of quotes: if your quote has been rejected, you might want to get it back on board once revised according to the standard procedure. For this, you might need to resubmit the quote that has been rejected. This process can reduce the efficiency within the system. With the advance approval feature, you can easily streamline the re-submission of the quotes, and mark the ones that are important
Benefits of Advance Approval
There are several benefits associated with advance approval features that you receive with QTC platforms
- You can opt for parallel approvals or allow the system to choose the approvers, thus saving time
- Your resubmission and approval is taken care of by the system, which means you don’t have to do it manually
- The system allows multiple approvals simultaneously, thus reducing the time lag in the approval process, and making the entire system productive and efficient
- Accelerating your quote to cash process, making sure you are thorough with the quote you will be sending to the customer
- This also makes sure you have a better shot at converting the prospect
Build insights to reduce time lag
Advancements in technology will help ring in innovation in your approval process also.The future QTC solutions with its predictive intelligence can guide you through the sales process. It can tell you what the customer is expecting, how the companies are planning for their next upgrade. You will find them useful as they will help you know what exactly the customer is looking for in the quotes, and allow you to plan accordingly. You can easily offer quotes that are aligned to the interests of the end business.
At Standav, We create and delivers business and technology solutions focused on the CRM and Quote-to-Cash space that fit customer needs to drive the results they want.Our solutions help customers improve sales effectiveness and scale quickly