How Quote to Cash Automation Can Help Grow Revenue
What is Quote to Cash Automation?
QTC, Q2C and Quote to Cash Automation mean the same thing and is an IT terminology that refers to automation and integration of business processes on the sell-side (end-to-end). It includes configuration of products/services, pricing, quotations and negotiations, order management and contract lifecycle, invoicing and payment collection/receipt. In other words, Q2C essentially encompasses everything from information requests to payment collection.
Q2C can further be divided into several categories including:
- Q2O (Quote to Order)
- CPQ (Configure, Price, Quote)
- O2C (Order to Cash)
- CLM (Contract Management)
- Revenue management
- New customer onboarding
- Account provisioning
- Renewals and upgrades
- Payment collection and receipts
Some businesses prefer automating their entire Q2C cycle, while others pick the most important areas such as quote automation or payment collection. The level of automation depends on a variety of factors, including financial constraints and current business setup. Q2C is considered one of the most important processes to automate and for good reasons. Automating Q2C minimizes the chances of some processes becoming disconnected from others, which can result in lost revenues, customers and time.
Benefits of Quote to Cash Automation
Automating the entire Q2C cycle or even specific processes can help businesses of all sizes improve efficiency and drive more revenues. The main objective of automation is to expedite processes and improve efficiency, allowing teams to achieve more in less time. This also minimizes manual work and allows team members to stay focused on things that matter the most. Some major benefits of the quote to cash automation include:
- Faster Q2C Processes
- Consistent pricing
- Accurate and up-to-date information across all systems
- Streamlined billing
- Quicker revenue recognition
- Shorter sales cycles
- Enhanced visibility into business processes
- Minimized manual work
- Improved customer experience
- Automated customer notifications
- A better understanding of bottlenecks
- Upsell opportunity maximization
How Osmos can Help SMBs Automate Q2C?
Osmos Cloud is designed around ease-of-use, simplicity and boosting efficiency. It significantly cuts the time required to create, send and follow up on quotes. Being a cloud-based solution, Osmos Cloud is accessible from anywhere. In addition to up to 10X faster quotes, the solution also allows businesses to manage clients, convert quotes into invoices and collect payments, all using a single platform and without switching between different screens.
On top of these features, the intuitive and easy-to-use interface minimizes complexity and enables users of non-technical background to quickly get started. From generating quotes to payment collection and tracking, Osmos Cloud is a one-stop solution for SMBs that also comes with a simple CRM, real-time sales reports and integration support for other systems such as QuickBooks, MailChimp, Slack, Stripe and Gmail.
Automating the Q2C cycle expedites processes, allows teams to focus more on selling and keeps information consistent across the board. Digitally transforming processes and integrating core business systems allows sales teams to close more deals and improve customer experience.
Choosing the processes to automate and IT solutions are critical in deriving the best value for IT investment. Quote management solutions such as Osmos Cloud provide a great balance between user-friendliness, cost and features and help SMBs close more deals by improving efficiency and minimizing complexity.