The ‘Quote to Cash’ Key Performance Indicator (KPI) is one of the critical metrics measured within any sales organization. Measuring the performance of this process and working toward improving this metric is a primary goal for all sales organizations as it has a direct effect on an organization’s bottom line.
In a recent survey, Aberdeen Group suggests that around 18% of a typical sales cycle is spent in contract; or Sales Quote creation, internal approval processes and external negotiation.
The Aberdeen study shows that on average, respondent’s to the survey estimate that 9% of sales revenue is lost due to regulatory penalties, missed deadlines and obligations, lost sales orders, ‘maverick’ pricing and transactional errors.
According to the research, a one day reduction in the sales cycle of company is worth $80,000 on average (this increases to $215,000 for larger organizations). Best-in-class organizations have sales cycle times that are 10-15 days shorter than other companies. So you can begin to see how an investment in streamlining the Quote to Cash business process can have a major impact on the bottom line.
Let us show you how we can help…!
iQuote 2.0 is a solution that digitizes the Quote-to-Cash process. Data collected by Aberdeen indicates’ that Best in Class businesses are digitizing their business processes for the following reasons:
- 46% to promote collaboration between business processes and business units
- 29% to manage cases based on goals rather than rigid processes
- 29% to create more intelligent workflows
- 21% to remap and re-engineer business processes to be more efficient
- 21% to decrease response times to internal and external events
- 17% to digitize processes
For further detail on this, or any one of ISS Group™ solutions, please email us at firstname.lastname@example.org, and we can schedule a private, no obligation demonstration to see how we may be of assistance to you.