How Quote-to-Cash Software Helps B2B Manufacturing Businesses Streamline Processes and Increase Sales

1. How Quote-to-Cash Software Helps B2B Manufacturing Businesses Streamline Processes and Increase Sales ============================================================== Quote-to-cash software is a type of cutting-edge technology that can help manufacturing companies streamline their processes, increase their bottom line, and boost customer satisfaction, among other benefits. Quote-to-cash, also known as QTC or Q2C, is the term used to describe the end-to-end business processes involved in selling. These include product configuration, pricing, and quoting to invoicing, revenue management, and more. The savviest companies use a single software platform to manage the entire QTC process, and they’re reaping great rewards for it. Today we go over what’s automated when using quoting software and the benefits a quote-to-cash process provides manufacturing companies around the world. Essential Points •Operations a Quote-to-Cash System Automates •Benefits of an Automated QTC Process •What Will You Choose? Getting to Know Some Automated Quote-to-Cash Operations The following quote-to-cash operations are automated using a configure, price, quote (CPQ) solution, like Epicor CPQ: Product Configuration By using a visual product configurator, sales reps and customers don't need to hash out details to complex products. All the user has to do is drag and drop the features they want into the CPQ interface, and a 3D product rendering is produced. From there, the user can rotate, zoom, and move the product to see it from all angles. They can also change colors, parts, and dimensions as they go along. This means no more wasting time with spreadsheets or picking part numbers out of a thick catalog to configure the perfect end product. And all the guesswork–on your company’s and customer’s behalf–is completely eliminated. For more on this, check out how to use 3D product visualization to sell complex products. Pricing For B2B manufacturing companies that have complicated pricing structures, bundles, add-ons, discounts, or anything else that impacts prices, automated quoting software is the way to go. Again, you’re removing the error-prone human behind the QTC processes to instead leverage preprogrammed rules that automatically calculate prices for extremely complex products.

2. By doing this, customers see correct prices as they interact with the product in the 3D interface in real- time. Quotes We’ve said it before, and we’ll say it again. Everything happens in real-time with an automated QTC process. This includes quotes. What used to take sales reps weeks to create (not to mention the endless email chains) is now almost instantaneous. And not only is quote automation with quoting software quick, but it’s accurate. Plus, if you need technical documents attached to the quote, quoting software for manufacturing does that as well. It automatically creates CNC cut sheets, BOMs, CAD files, and any other documents needed on the shop floor. Processing If you choose the right software, you’ll also be able to integrate your CPQ solution with your CRM, ERP, and other business platforms. So, front- and back-end teams will be able to connect orders to customer data, inventory, and your supply chain even before processing them. Payment Collection and Allocation With quoting software, you can automatically send out late payment reminders, program recurring payments, and more. And once payment is received, a CPQ solution allows you to do revenue reporting and allocation of funds as well according to industry standards, keeping you legal the entire way. Essentially, it has everything you need to get paid faster and compliantly. Data Analysis Analyze the data you’ve collected throughout the entire QTC process to see how your products are being interacted with and configured. Then, take these insights and develop new products, measure sales rep performance, reap greater marketing ROI, etc. The goal here is twofold. First, you should know you’re presenting your customers the right products and features to maximize their experiences. Secondly, it's to increase your bottom line. Benefits of an Automated Quote-to-Cash Process Now that you understand all the different facets quote-to-cash software can systematize, it’s time to talk about the pros: Generate More Revenue Increasing your bottom line is the aftermath of automating QTC operations using a CPQ solution. CPQ solutions have guided selling. With guided selling, sales reps follow dynamic sales scripts that upsell, cross-sell, and recommend further sales opportunities.

3. The QTC technology that’s integrated into CPQ software also generates renewal notices when contracts are about to expire. This removes the need for manual labor. So, your sales reps don’t have to be expertly trained to close the best (and recurring) deals. Nor do they need to spend countless hours flipping through product catalogs. Increase Customer Satisfaction Because the purchasing process is streamlined, the overall customer experience improves. Not only do customers know exactly what they’re going to receive from the get-go, but they receive the end product quicker. They’re more satisfied with it, and they’re less inclined to return it (because they can’t say it wasn’t what they were expecting). Close More, Bigger Deals Automation is king with a streamlined QTC process. So naturally, the sales cycle is dramatically shortened. This means you’ll be able to close more deals in less time. You’ll also be able to close bigger deals. Remember that upselling, add-ons, cross-selling, and anything else that pads your pocket is preprogrammed into the guided selling feature. Higher Collection Percentage Got some elusive, late-paying clients? Don’t waste your sales reps’ time chasing after them. Just program automatic reminders into the quoting software so customers know when to pay and are nudged when they’re late. What Will You Choose? The results a quote-to-cash software can bring for your business are out. Now, it’s up to you to decide if your manufacturing company should automate the QTC process or not. As we barrel into the Fourth Industrial Revolution, adapting cutting-edge technologies will be of the essence. They streamline your processes, reduce human error, and increase your bottom line (above all). So again, we ask: What will you choose?