TECHNOLOGY
START BY CONFIGURING THE SALES OFFER
The earliest stage of the QTC process is broken down as Configure, Price, Quote (CPQ). It kicks off with configu- ration, when a salesperson takes the first action toward building a quote for a client. Any inconsistencies in the quote at this early stage can be costly down the line.
In outdated, manual configuration
processes, sales reps have to comb through spreadsheets and product databases one by one to find the information they need. And, since re- cords are often input manually, there can be multiple conflicting entries for single products. This forces sales- people to rely on their best judgment to deliver customer quotes in a timely manner – and often results in inconsis- tencies and errors.
Request for Proposal – Updated
DANNY WONG
It’s called the quote-to-cash process (QTC) for a reason – because it covers everything in the sales process: from the quote a rep gives to getting the cash in for the sale. QTC can be viewed as one pro- cess – albeit a long and winding one, in most cases.
Being in sales is not for the faint of heart, and QTC is one of the reasons. Anything that can make this process less cumbersome, more timely, and more successful – well, that’s a good step to take. While there are certainly steps be-
fore this hopefully final process be- gins, the first measurable, concrete QTC function is usually a request for a quote. It’s important to distinguish this endpoint from the moment when many reps assume the sales process is over: the moment the customer agrees to place an order. In reality,
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the sales process is not complete until cash is in and the sales cycle has been reported and analyzed. So here’s a new wrinkle: By em- ploying an integrated QTC solu- tion, you can easily manage all the independent actions that make up the QTC cycle. This enables your salespeople to deliver accurate information to clients quickly, mini- mize errors in ordering and invoic- ing, and improve your data analysis and forecasting efforts – all while improving your chances of success- ful sales and collections.
Automated QTC software, however, takes the guesswork out of configura- tion for salespeople. It accelerates the front end of the process for the organization and the customers and imposes a series of controls to ensure consistency and quality.
THEN DEVELOP THE OFFER PRICE AND PROJECT QUOTE While research indicates that 66 percent of all sales quotes end without a pur- chase, thorough, accurate, and timely sales quotes could have a positive impact on improving those numbers. Complicated pricing structures, however, can cause salespeople to deliver error-laden quotes. When lay- ered with discounts, grouped items, bundles, add-ons, and other price fluctuations, quote development can become difficult to handle manually. When clients request adjustments to order quantities, the process may become even more cumbersome. Even if your pricing structure is
relatively simple, a misquote is still possible. Since studies also show that sales generally go to the vendor that responds first, fast and accurate quoting makes sense. With a QTC solution, salespeople can quote confi- dently and instantly.
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