Could your length quote-to-cash cycle be costing you money?
The quote-to-cash cycle: Companies often have a very long waiting period between meeting a potential customer and closing out the deal – which results in a loss of the customer, and money.
Imagine the impact on the bottom line if you could book revenue even just 30 days earlier on every transaction? What if you could remove the bottlenecks for approval and contract drafting? Sales efficiency will be improved dramatically.
In industry terms this is known as shortening the “Quote to Cash” cycle, and contract management can play a large part in achieving this.
Traditionally the sales cycle involves traditional silos of operations, with the sales team out on the road giving the pitch and providing quotes. The legal team then draft contracts and vet the purchasers. The administration and finance team then captures the transaction details and finally invoice the customer.
This cycle can take a long time, frustrating the sales team as commissions take longer, and frustrating customers as their orders take longer to fulfil, and lastly management suffers with potential income that is not coming through due to simple administration management issues.
How Can We Help?
Automating these processes can have a significant revenue impact – a contract management system can easily automate the contract creation process and manage the policies and regulations regarding the Quote-to-Cash cycle.
Contact us today to see how we can help you improve your contract management and quote-to-cash cycle so you can focus on tasks that will bring your company success, while knowing you are saving your company money and your clients time.