Over the last 300 years, our world has seen incredible innovation and unprecedented technological change. The current global landscape, coupled with technology, is transforming customer experiences and putting an immense pressure on organizations to reduce cost, embrace accountability, and provide a catered, more personalized experience to their customers.
At the same time, the way your sellers sell is changing. Now that customers are so informed, they have higher expectations. They have a much lower tolerance for salespeople who are slow and unable to operate with speed and accuracy that they have come to expect. And that’s why it’s so crucial to help your sellers accelerate their deal cycle by eliminating manual tasks, starting with your antiquated quote-to-cash process.
Save time and money by automating manual tasks
Plenty of research has shown that 70% of sales rep’s time is spent on administrative tasks and 85% of organizations use manual, paper-based processes for managing contracts. Your quote-to-cash process is likely mired in potholes, draining your sellers’ energy. Here’s a video to show you how Nintex can help improve your quote-to-cash process.
What is the quote-to-cash process?
To put it simply, the quote-to-cash process covers the end-to-end functions related to sales activity for your organization. Typically, configuring offers for a prospect is listed as the first true step of the process.
5 signs it’s time to automate your quote-to-cash process
For those of you who may be wondering – well, why is it so broken? How is it so broken? And what can we do about it? Allow me to demystify with 5 reasons why automating your quote-to-cash process allows sellers to focus on what really matters: selling more.
- Manual configuration of pricing and quoting
In simpler times, when everything was less complicated and companies had fewer SKUs, manually configuring your quotes might work for you. But considering how different and complex today’s world is, it’s important for sales organizations to digitize their price books and leverage automation to do the job. For example, when buying a desk today, there are so many options to choose from: indoor vs outdoor, height, width, dining room vs office, number of seats, colors, texture, so on and so forth. The complexity that comes with more options can slow your sellers down from getting a quote back to your potential customer, if the process isn’t automated.
- Arduous discount approval process
Let’s say a customer successfully identified their product of choice, but has requested a discount. What if the person who normally approves discounts is out of office? What if sellers have to go through multiple rounds of discounts to ensure customer satisfaction? Do you have a quick and easy way to track, submit for approval, and deliver back to clients?
- Slow redlining and contract management
Let’s pretend your sellers have the right product identified and the discount has been approved. What’s next? Well, oftentimes your standard terms and conditions may need to be modified. Perhaps your company expects a 30-day payment policy whereas your customer demands 45-day. Now your sellers will need to edit the T&Cs and submit for legal review. Legal responds with an approval, but now your sellers are met with additional demands from customers that require you to go multiple rounds of redlining. This part is oftentimes most painful and time-consuming.
- Broken systems and siloed departments
Ok! Let’s continue with the hypothetical. Your sales team has the product(s), discount(s), and legal approval in place. Now they take the approval signatures to trigger the product manufacturing process. Do your systems talk to each other? Does your CRM transfer data into your ERP system? Does your finance team know that payment term was changed to 45-days? Oftentimes, your sales department might be siloed and knowledge transfer is not guaranteed.
- Renewals exacerbate quote-to-cash issue
Let’s say everything was sorted manually, whew. Have you considered renewals time? Do you have to go through the entire cycle again? Perhaps the customer wants something added onto their contract and change another term. Time for round two of this manual cycle.
Altogether, if your quote-to-cash process isn’t automated, not only are your sellers wasting precious time but you’re also creating a terrible customer experience. It’s time to stop and think about how you can accelerate your quote-to-cash process by leveraging a Nintex quote-to-cash solution.
With process automation, you can quickly turn these five issues into positives and create a much better customer experience. Best part is – there’s no rip-and-replace required! We can accelerate your quoting process, speed up legal review, archive any signed documents, while providing full visibility for you and your leadership team across every deal.