While contracts and quotes are essential for the success of any business, all the related processes are manual. Thus, they lower the speed and efficiency. Recently, a lot of companies have adopted Quote to Cash platforms, which has automated several processes related to quoting and invoicing, thus building more effective sales for the company.
Benefits of adopting QTC tool for your business
- Shorter sales cycles
- Increased efficiency
- Less time spent in preparing documents
- Reduced time-to-approval
- Mitigates the risks
- Better conversions, and increased retention
With such amazing benefits, it is only advisable to opt for a QTC tool that can help you improve sales for your business, and streamline the operations.
The sales team, the management team and the actual sales representatives are all aligned to the processes involving sales with the QTC tool. They are all aware of the current stage of a sales cycle, and they offer their inputs accordingly. With the right tool, you have a hint into the real-time activities of the sales, thus providing quick and easy decision making. QTC tool is not only used when you need to quote a price or convert it to an invoice but also for all the sales processes, involving major decisions. Quicker quotes enable you to convert better. 37% of the businesses that have adopted QTC tools have benefited with conversions, which is what you need to improve profitability.
The idea is to align your business to the revenue goals that you have set for your company. It is always a good idea to have the key stakeholders involved in the implementation process for the QTC tool, so that they know how to best use it, and deliver the results accordingly.
The intuitiveness of the tool is very relevant from an organizational perspective, which is why you need to choose the ideal tool. We will take you through the path of maximizing your Quote-to-Cash adoption.
Start with change management
It is always good to appoint change management as your key starting point to drive adoption. You will need to select someone to lead the team. The idea is to engage with the key decision makers and figure out ways in which you can easily manage the transition and improve awareness. You will need to determine an effective communication plan for your team, and get the guidelines ready for them to follow. Along with the scheme for transformation, you will need to prepare the key departments for this transformation. At the very start, make sure the sales, operations, product management and finance as well as the legal teams are engaged with the plan.
Communication with key Stakeholders
Get the Organization ready for the changes. To do this effectively you need to understand the impact of the change, who is affected by a change and how these people are affected by the change.Setup a kick-off meeting to tell all stakeholders, discuss what you are planning to do and how you plan to do it. Also, Ensure you have regular one-on-one meetings with all your key stakeholder. Find out how each stakeholder prefers to communicate and use that information to the prepare the Communication Plan, QTC platforms has so many benefits for your sales team and now is the time to highlight them.
Identify the fragmented processes
The foundation of your business should be rock solid for quick implementation of the QTC platform. Only when the foundation is right can you support the processes with the right tools. Automate the parts of the business that you believe can help improve efficiency within sales. Once you are clear about your needs go ahead with implementation and prepare your team for the transition. With the new platform, you will need to identify the processes that are critical. This will not just help standardize the process but also educate the sales person on the various aspects of your process.
Focus on impact areas
Identify the areas that are going to be hit the maximum if you don’t have an efficient system in place.
Do a Change Impact Analysis – This determines what business processes are impacted by your change.
- what roles are impacted
- how many people are impacted
- If skills need to change
- If a location change may be necessary
- what type of change you have (e.g. people, process, data, policy)
This will help you build the system around these processes, and improve your revenue. Make sure your legacy systems are aligned to the new system as well.
A new QTC tool requires new behavior from its users. Some of this can result in user anxiety, if not handled properly. Effective communication is key to avoid this. Such communication can include training videos, learning sessions, and quizzes. It’s up to you to figure out what works with your company culture. Engage with end-users both pre and post-launch and use their feedback to build a roadmap for enhancements. This is a process of continuous improvement. Also, make a public commitment to continuously improve the software and its features and stick to it.
With a smart system and distinct processes, you will be able to use the QTC tool adoption to increase business revenue and drive your business higher. 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