Quote-to-revenue is an essential process for companies that are constantly changing. It is, after all, the engine that makes sales grow! It can show many chances to build on past successes if done correctly. This is why knowing about agile CPQ (Configure, Price, Quote) and billing systems is essential. Join us as we look at how they make going from quote to income easier and help businesses grow. But let’s begin with the beginning.
The process from quote to revenue
It would be wrong of us not to explain the Quote-to-Revenue (QTR) process. This method includes all the steps needed to make a sale, from getting a price to collecting payment. As far as I can tell, QTR includes setting up goods, setting prices, making proposals, getting approvals, Billing, and collecting payments. This process is at the heart of any business that makes money and is a critical factor in how well a company does financially. Understanding and using a suitable QTR method is vital to a business’s bottom line.
Problems with the process of going from quote to revenue
As great as the QTR process is, it comes with its own problems. Here are some real problems:
- Inefficient workflow
- By hand mistakes
- Approvals taking too long
- Not being able to see the sales process
Sales teams that deal with these problems early and often can ensure that the company makes the most of its revenue potential and doesn’t miss out on any sales chances.
For instance, billing software can streamline and automate the QTR process, eliminating any waste and chance of human mistakes. Since pricing configurations for quotes have already been accepted, it can also help with faster turnaround times that eliminate delays.
Adopting a solutions-based QTR process makes it easier for the sales and finance teams to see what’s happening. Real-time access across the QTR process can help you find insights through dashboards and flexible reporting. This improves the whole process and can help people from different teams work together.
Once more, having the skills to use technology is suitable for everyone. Billing software can get around the problems that come up with a more manual method of CPQ. The result is better efficiency, speed, accuracy, and openness throughout the quote-to-revenue process, which ensures the highest possible revenue and increases customer happiness.
Why bringing together Sales and Finance is important
The sales and finance teams need to be on the same page to get the most out of the Quote-to-Revenue process. A business can expect more accurate work and deals to close faster when these teams work together smoothly. Agile billing software generally acts as a bridge, making it easier for people to work together and giving teams the tools they need to reach their revenue goals.
How CPQ and Billing sped up QTR
Compared to using old on-premises systems, incorporating agile CPQ and Billing solutions into business processes has a lot of tangible benefits. For example, here are some key perks that show you how to make more money and speed up future sales:
It makes sales and Billing more efficient
The sales and billing processes will be sped up by automating difficult jobs like making quotes, doing complex price calculations, and managing contracts. With automation powered by the cloud, sales teams can make accurate quotes in minutes instead of days, and finance teams can quickly send out bills and collect payments.
More freedom to change
With CPQ and Billing, businesses are more adaptable and can easily change to meet new business needs. The options make changing discounts, prices, and product configurations quickly and easily. Businesses can stay flexible and ahead of the competition by quickly responding to what the market wants.
Very scalable
Remember when businesses had to deal with limits in their physical tools? Scalability can keep up with the speed of business thanks to the cloud. For that reason, teams working in the cloud can quickly add more products, boost sales, or add new users to fit the company’s growth path.
Lowers the cost of doing business
On-premises systems, on the other hand, need space for big pieces of hardware, often cost a lot to maintain, and are hard to upgrade. By switching to cloud-based solutions, you can avoid many of the costs of standard solutions, making them much cheaper. Businesses don’t have to spend money on capital investments and ongoing infrastructure upkeep. Instead, they can free up resources and put them into more profitable projects that bring in more money.
Make sure that info is correct, precise, reliable, and safe.
These days, everyone cares about data security. Cloud-based options put transparency first by providing solid systems for managing data. By managing contracts well, these systems ensure that prices are correct and that decisions are quick and easy. And even the most private data is safe thanks to improved security measures and data encryption protocols.
Better Service for Customers
Cloud-based billing software makes the customer experience better to wow clients by making quotes more accurate and sending them faster. There are more changes in business trends than ever before. At the same time, buyers expect white-glove service that meets their needs. Teams get ahead of the competition and make customers happy when they can move faster than them without lowering quality or service.
Captures chances to make money
CPQ solutions can help you make more money by catching more sales chances that might get missed. How? By getting rid of mistakes and delays caused by human work. With lightning-fast approvals, simple Billing, and clear, accurate pricing, you don’t miss out on any possible income.
Gives business information
When a business knows what’s working and what’s not, it can quickly find new ways to make money or focus on what’s already working. To do that, they need solid tools for analytics and reports. Billing software can give you unique information about everything, from trends to how well your sales are doing to how well your prices are working. When teams have data, they can make intelligent choices and improve their sales methods to keep growing.
How to choose a CPQ and billing system that works together
Here are some best practices for a great CPQ and billing system for your business:
Know your company’s needs. Determine your needs and goals before exploring choices. The team will then know what they need from a product and if it has the required characteristics.
Examine the functions’ operation. Allow time for POC. In a proof of concept (POC), verify that the solution’s features work with business procedures. Try several options to get the best fit. Test driving the answer shows how it works and how valuable it will be.
Consider dependability, safety, and compliance. Data theft may cost companies money and reputation. Global cybercrime will rise by 15% over the next five years. Security and compliance history are important when choosing solutions.
Check the vendor’s support and maintenance reputation. Look for a provider with reliable assistance and a focus on maintenance. This ensures that teams always have help, even after onboarding.
Compare billing and payment methods. Your pricing should be flexible like your billing tools. Check out bill-paying options. Does the pricing match the company’s budget and operations? Get everything we need for the right price?
See how scalable and versatile the platform is. Scalability is crucial before choosing since businesses change. Can the CPQ system adjust as the firm grows? Think about your business’s future demands, not only now or in six to twelve months.
Check its system and app integration. Businesses satisfy customer needs regularly using numerous approaches and resources. Understanding how a new solution will integrate with ERP and CRM is crucial.
Assess UX design quality. Overall, multiple people must use the system. Remember that an easy-to-use CPQ and billing system is crucial while considering its capabilities. It will significantly impact team morale and adoption!
Check out the customization possibilities for your needs. Each company is unique. Make sure your solution can be customized for your company’s needs.
Request training materials and paperwork. A corporation will realize faster results if teams can use the answer quickly. Without costly hiring or training, teams can save time and money. A system that provides sales teams with training, onboarding, and ongoing education will help them succeed.
CPQ + Billing: a single system for quote to revenue
CPQ and billing solutions are changing the quote-to-revenue process, which gives companies unmatched efficiency, scalability, and cost savings. When businesses combine their sales and finance departments, make their processes more efficient, and look for new or missed revenue possibilities, these solutions help them grow.
More oversight and compliance
Better agility Offer creation and time-to-value are sped up with a company. It combines the depth and reliability of a custom-coded CPQ solution with the flexibility of a business-oriented, low-code, customizable environment. This makes it easy to set up and keep up to date. By keeping prices, goods, and subscriptions up to date all the time without having to rely on third-party implementation or IT partners, its flexible pricing models are meant to boost sales.
Being flexible and working well, a credible company constantly adds new features to its flexible ones, which gives sales teams the power to make their quote process future-proof. It cuts down on lost income and boosts sales productivity by offering flexible pricing structures that work in a constantly changing sales environment.
The CX is Unique
If you follow best practices when looking for a combined cloud-based solution, you’ll be able to find one that fits the needs of your sales team. And if you work with any CPQ+Billing platform, you’ll have access to a complete choice that helps sales teams worldwide make more money.
