Missed opportunities, one-time customers, weak business process & loss of revenue, are these common problems hindering your business? The choice to leave this quicksand is at your disposal. Configurable pricing, optimization of contract compliance & maximizing revenue flow are few things that can be accomplished by having a CPQ software- “Apttus” is your answer. Here at Standav, we tailor the software to the needs of business and deliver on outcomes that matter. We recently did a middle office implementation for a MedTech giant and observed transformations that came with it. Here we share insights that inspired a robust & agile system that reformed their day to day functions.
Challenges– Can’t wait, Change now!!!
MedTech companies face similar challenges, but undoubtedly draw distinctions when it comes to individual process. Different sales team have unique approaches to their processes, be it pricing, fees, rebates, contract compliances, sales compensation, bundles services etc. which are typically complex & time exhausting processes. For reference lets examine the pain points our client faced:
Quote Preparation involved manual processes that resulted in errors; any modifications/additions to pricing or products involved time-consuming error-prone processes
Complexities involved in Product Structure – unstructured product bundles, different product dependencies, auto-inclusion of products etc, that reduced the efficiency of sales teams
Absence of a streamlined approval process – comprising of a sequential & parallel level of approval hierarchy; earlier solution involved manual queuing-up of quotes
Manual processes & lack of visibility – profitability loss due to manual processes for order management, lack of visibility into asset data & Absence of Multi-currency and Country Support.
The overall efficiency of the sales team was injured & ease to close deals were lost. We suggested Apttus to resolve these issues and outfit the solution according to the industry need.
Apttus a middle office platform resolves such complications. Solutions are implemented with the help of Apttus, leveraging it’s out of the box functionalities and incorporating customizations when required. Necessary integrations, to ensure seamless flow of data between Salesforce, Apttus and Netsuite were enabled. Our personnel at Standav identified, and recommended the following:
- Implemented work-flows associated with the dual existing deal types – New & Upgrade.
- Streamlined and automated the processes part of proposal generation, quote collaboration, approval, pricing, etc
- Set-up the product cart after having understood – product dependencies, data structure via workshops and steering meetings. Incorporated recommendation functionalities based on information provided at opportunity level.
- Streamlining processes are part of proposal generation. Implemented workflows part of approval processes – sequential & parallel. Functionalities, to create modifications or additions seamlessly, was incorporated.
out of the box functionalities leveraged- Proposal generation, Constrain & Attribute rules, Approval process & Deal guidance
Results – How much did you score?
An agile customer relationship management was conceived, that fulfills the enterprise’s challenges. A powerful sales department that modifies sales campaign seamlessly to assist executive managers and representatives to better serve their customers. Here are some of the key takeaways.
- Automation of critical processes is part of proposal generation skipping time-consuming process to better address resources. Enabling shopping cart view and quote collaboration will fetch enhanced visibility.
- Ability to perform all the necessary tasks from a single screen-omnichannel.
- Streamlined product structure and enhanced product cart capabilities – seamless modification of product bundles, auto-calculation of pricing, deal guidance, etc
- Implemented a structured approval hierarchy. Incorporated sequential as well as parallel levels of authorities for contract approval.
WHAT DID WE LEARN?
Apttus as a middle office platform can help MedTech enterprises focus on dealing with the customer satisfaction and will grab consumers attention for repeat calls to orders. This opportunity provided us an understanding of how a MedTech company achieved its objective, and improved efficiency is a magic potion that similar MedTech enterprise can hop on.
Jump on Apttus, Standav will take to your desired destination.