This is the fourth blog in a multi-part series entitled Prioritize Efficiency in Your Digital Transformation Journey.
Picture this: you’re the proud owner of a snazzy supercar that cost you an arm and a leg. But now it’s broken down, and the expense of the repair alone has turned it into a dead-weight decoration for your garage.
This is the pain that many organizations are currently feeling with underperforming or flat-out broken Quote to Cash (QTC) technology and processes—they spent a small fortune on advanced revenue operations technology and customized it to suit current business needs. Now, five, seven, 10 years later, these QTC systems are bogged down by technical debt incurred through over-customization and short-sited alterations. This tech debt is compounded by the manual workarounds and duct-tape fixes that were required to keep the QTC tech stack up and running. The end result? A cash-intensive liability sitting in the proverbial garage.
Why Optimized Quote to Cash Technology is Table-Stakes
In today’s economy, where companies must do more with less, having the right personnel and talent to manage the most sophisticated QTC technology is becoming increasingly challenging. Moreover, high tech software providers need to innovate quickly, but can no longer afford to wait forever for their bills to be paid.
Unfortunately, many companies are stuck with an aging QTC implementation which has been excessively customized and brimming with technical debt. Furthermore, when new products or pricing strategies are introduced, existing QTC technology may not be agile enough to support new use cases due to its over-customization or inability to process high-volume system usage or subscription-billing models.
The good news? Starting from scratch and investing in another brand new QTC supercar isn’t the only option. QTC remediation and optimization possibilities should also be considered before any rip-and-replace is pursued. To learn more about common Quote to Cash inefficiencies and how improving them can lead to substantial growth opportunities and increased revenue streams, read on!
- Common Signs of Quote to Cash Inefficiency
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates
Common signs of a poorly performing QTC system include:
- Too many clicks to quote
- Over-customization
- Arduous catalog navigation
- Price adjustment nightmares
- Inefficient approval processes
- Delayed system response times
- Slow product and pricing roll-outs
- Manual subscription billing processes
- How to Optimize an Underperforming Quote to Cash Implementation
“If you don’t optimize for the consumer on the internet, you’re dead.” – Dara Khosrowshahi
The first step in optimizing QTC tech is understanding exactly what processes need to be improved or streamlined within the given organization. This can range from eliminating manual data entry requests and customer interactions with billing automation, to improving IT integrations with other systems through API optimization. Once these areas have been identified, teams can begin building out a comprehensive plan of action that includes goals for each of these tasks as well as a timeline for when they should be completed.
In some cases, existing QTC software may simply need to be updated to ensure proper functionality with current processes. This is especially important if the software has excessive customization or technical debt. In other situations, additional QTC technology may need to be purchased for processes to run more smoothly or for new use cases (such as recurring billing) to be supported.
Whatever the case may be, it’s critical to work with experienced Quote to Cash consultants who understand the ins-and-outs the technology and have the expertise-based know-how to solve complex QTC challenges. The right consultant will be able to identify potential obstacles and recommend strategies that could help maximize resources while minimizing disruptions to business operations.
- What is a Quote to Cash Health Check?
“The first wealth is health.” – Ralph Waldo Emerson
Most organizations want to ensure their revenue operations are running as efficiently and effectively as possible, but they don’t know where to start. That’s why Argano 4 Salesforce offers a complimentary QTC Health Check – a process designed to identify current issues and provide multiple remediation/optimization pathways.
The process begins with an introduction call to discuss the current business, process, and technology challenges as well as goals for the Health Check. During this call we’ll also provide an overview and set expectations for what to expect during the two-hour health exam, including items such as understanding the current technology footprint, demoing existing configurations and customizations, taking user perspectives into account, and an interactive Q&A.
Once the assessment is complete, we provide a wellness diagnosis deliverable which includes a flow chart of current versus future state processes, an identification of primary business, design, and technical challenges, a heat map of complexity when it comes to remediating issues, and a high level go-forward plan from our QTC experts.
This offering is designed to help organizations pinpoint the root cause of QTC pain fast and understand what remediation/optimization options are viable.
Conclusion
Optimizing your Quote to Cash for your business doesn’t always require laying out millions for a new QTC supercar. Work with Argano 4 Salesforce to understand your options and the associated level of effort before moving forward. Schedule your complimentary QTC Health Check today to get started.
If you found this content valuable, check out the other posts in our Prioritize Efficiency in Your Digital Transformation Journey series:
