While there are many layers and processes required to operate a successful B2B venture, the process that actually indicates the successful completion of a business deal is when the quote-to-cash step is completed. It guarantees that a sale has been made and your company has received the earned revenue.
Source: salesforce commerce
Therefore, it is but natural that any misstep in the quote-to-cash process map will result in a slowing down or even stagnancy in the entire sales process.
The only way to keep the sales funnel flowing to increase revenue growth is the automation and streamlining of the quote-to-cash process to ensure accuracy, speed, and connectivity to all necessary data sources and teams.
Source: salesforce b2b
To run its sales machinery and automate quote-to-cash, Salesforce uses a software called Salesforce CPQ and Billing.
This quote-to-cash software makes it easier and faster to complete every step of the sales funnel so as to increase customer retention and grow revenue.
It is important to remember that a streamlined Salesforce quote-to-cash process will not only make the job easier for the sales team in delivering business outcomes but also satisfy their clients and save their time and effort.
Source: ecommerce solutions company
It is interesting to note that the sales process for an account does not get completed when they place an order or when the money is received.
Its true culmination occurs when the product or service adds value to the business of the client on one side, and, on the other, the cash received is used to achieve operational outcomes in the business of the vendor.
Source: online business platforms
The desired business outcomes should be such that they directly help in improving the working of the sales department to allow them to make their quote-to-cash workflow even more efficient and productive.
Steps of QTC Implementation
There are a number of steps involved in the quote-to-cash or QTC process, each of which must be implemented sequentially and individually to ensure the sale’s seamless completion. These are as follows:
Source: b2b commerce salesforce
1. Product Configuration
When a client asks for a solution from the B2B business, the sales team goes through products and services provided by their company to configure and present a solution tailored to the needs of the client.
Source: salesforce subscription
2. Pricing Determination
Once the customer is satisfied with the solution, they will ask for a quote. Before the sales team does so, they must calculate the cumulative price of all the products in the bundle.
They need to take into account quantity-based pricing, add-ons, discounts, offers, and any other benefits or adjustments when they draw up a quote.
Source: salesforce einstein
3. Formal Quoting
After approval, a quote is created and formally presented to the client. The quote must be accurate and detailed, yet simple enough for the client to understand exactly what they will get and what they will have to pay in return.
There should be no hidden costs or overhead charges that can be applied beyond what is mentioned in the quote.
Source: salesforce analytics
4. Contract Agreement
After the client gives their thumbs-up, a contract is drawn up. The contract must include all terms and conditions for doing business with each other.
It should also include clauses for the protection and insurance of the provider and any guarantees assured to the client. In most cases, a contract needs to be revised multiple times before it is finally signed.
Source: salesforce analytics cloud
5. Order Delivery
The finalization of the contract is followed by the commencement of the processing of the order. Production starts and steps are taken to ensure that the right products reach the right client at the right time.
All the steps are tracked to ensure the smooth fulfillment of the order. The client should also be kept in the loop for transparency.
Source: salesforce einstein certification
6. Invoice Presentation
With the order delivered to the satisfaction of the client, the B2B business now needs to create the invoice. The bill must be accurate and include all customizations made for the client.
It is important to ensure there are no mistakes, or you will lose the faith your customers put in you.
To Conclude
The Salesforce quote-to-cash trailhead can guide you further on how to manage your QTC process while the AppExchange can provide you with the necessary tools to further enrich your billing and configure, price, quote system.
Docmation also provides quote-to-cash consulting to help you navigate your way through all the features and facilities and use them to Drive Superior Business Outcomes.
For More : Sales Process With Quote-to-Cash
While there are many layers and processes required to operate a successful B2B venture, the process that actually indicates the successful completion of a business deal is when the quote-to-cash step is completed.
It guarantees that a sale has been made and your company has received the earned revenue.Therefore, it is but natural that any misstep in the quote-to-cash process map will result in a slowing down or even stagnancy in the entire sales process.The only way to keep the sales funnel flowing to increase revenue growth is the automation and streamlining of the quote-to-cash process to ensure accuracy, speed, and connectivity to all necessary data sources and teams.To run its sales machinery and automate quote-to-cash, Salesforce uses a software called Salesforce CPQ and Billing.This quote-to-cash software makes it easier and faster to complete every step of the sales funnel so as to increase customer retention and grow revenue.It is important to remember that a streamlined Salesforce quote-to-cash process will not only make the job easier for the sales team in delivering business outcomes but also satisfy their clients and save their time and effort.It is interesting to note that the sales process for an account does not get completed when they place an order or when the money is received.Its true culmination occurs when the product or service adds value to the business of the client on one side, and, on the other, the cash received is used to achieve operational outcomes in the business of the vendor.The desired business outcomes should be such that they directly help in improving the working of the sales department to allow them to make their quote-to-cash workflow even more efficient and productive.Steps of QTC ImplementationThere are a number of steps involved in the quote-to-cash or QTC process, each of which must be implemented sequentially and individually to ensure the sale’s seamless completion.
Before the sales team does so, they must calculate the cumulative price of all the products in the bundle.They need to take into account quantity-based pricing, add-ons, discounts, offers, and any other benefits or adjustments when they draw up a quote.3.
The contract must include all terms and conditions for doing business with each other.It should also include clauses for the protection and insurance of the provider and any guarantees assured to the client.
In most cases, a contract needs to be revised multiple times before it is finally signed.5.
In the case of recurring business, like subscriptions or regular supply, the contract can be renewed exactly as before.In the case of distinct purchases, terms and clauses might need amendment and adjustment before the contract is signed again.How To Optimize The Quote-to-Cash ProcessThe quote-to-cash chain is a critical step in the marketing and sales funnel that ensures whether you actually won over the client for business and whether you have the promise and sustainability to retain them.How advanced your quote-to-cash technology is will determine key business outcomes and reflect clearly in business outcome metrics.
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