In today's competitive B2B Software as a Service market, higher-growth businesses with systematic quote-to-cash processes are able to retain more customers with automated renewal deals, consistency in pricing, and flexibility in selling add-ons faster.
Businesses who implemented CRM and Quote-to-Cash solutions can achieve an avg. 1% to 3% increase in sales revenue due to dynamic pricing, and boosted capacity of sales reps and 15% to 30% savings owing to automated order creation and admin effort reduction. (Source: BCG)
What is Quote-to-Cash?
In simple terms, Quote-to-Cash is a set of activities from preparing the quote to receiving a payment and recognizing revenues from it. This allows the companies to increase renewals, upsells and minimize churn while keeping the pricing flexibility to meet individual customers needs.
High-level Quote-to-Cash solution designed by our Namiru consultants
Benefits of implementing end-to-end Quote to Cash process
Increased sales by providing quick but accurate quotes that
Slashing the sales cycle with automated renewals and add-ons operations
Increased customer stickiness with custom pricing solutions at scale
Easier forecasting, MRR growth and churn reporting
Digital sales with e-documents and e-signatures
How to Implement Quote-to-Cash Solution?
When planning and designing your quote to cash process, one of the hardest things is to achieve a balance between the standardization of the process across the entire department or company vs leaving enough flexibility for the reps to offer truly customized solutions and pricing for your demanding customers. As one our clients puts it “We need standards with flexibility, not standardization with force if we are to get the best from our sales team.”
Standardize to make selling simpler
Fast-growing SaaS companies implement standard features and requirements, such as pricing or partner program policies as they understand that the quoting process might be dependent on multiple functions and automation minimizes friction and simplifies in the order processing
Customize to give enough flexibility
The simpler process however can still offer a good degree of flexibility when it comes to, for example, discretionary discounting. Progressive companies understand that flexibility can really mean a difference to the customer and enhance their stickiness.
All in all, make everything standard and your sales reps will be coming back to your revenue operations manager or admin with special requests all the time. On the other hand, have no system and processes in place, and you will never be able to achieve and measure growth at scale.
If you want to learn more about our CPQ and Billing Solutions, you can read more here.