July 28 by Doug Louie
The Holy Grail
An accepted customer quote that automatically flows right into the contract phase directly to signature. To get the deal done, today’s sales reps not only have to provide a quote quickly and efficiently, they also have to manage the journey from quote to contract and ultimately acceptance. A long uphill process for many companies. So that’s why Rogers Communications implemented Apttus Configure-Price-Quote (CPQ) and Contract Management (CLM). In her presentation at Apttus Accelerate, Michelle Asselin, Director of Deal & Contract Management at Rogers, walks us through their experience selecting, implementing, and utilizing an integrated CPQ and Contract Management solution.
It Makes Sense to Integrate Quoting and Contracting
It makes sense that the details of a price quote should automatically populate the purchasing contract. But for many companies, this does not happen automatically. Transcribing the quote elements manually is of course slow and prone to errors. That’s why companies are now increasingly seeking to integrate their quoting and contracting processes. Connecting and automating these two crucial elements of the sales process not only speeds the closure of deals thus speeding revenue generation, but also lends itself to increasing customer satisfaction, greater sales forecast accuracy, and greater overall revenue since sales reps gain back sales selling time.
Rogers drove their implementation of CPQ and Contract Management based on the following business case drivers:
- Cycle Time Reduction – Minimizing time from the start of the deal to getting the revenue was a big driver. Every reduction went right to the bottom line.
- Cost Avoidance – It was very costly to maintain old legacy systems.
- Revenue Assurance – Need to minimize the human errors caused by manual handling, something they called “swivel chair” errors. Agents would receive information, then “swivel” to the next desk to enter the info.
- FTE Savings / Re-Allocation – By reducing the number of folks that were formerly needed for the manual process, Rogers could see savings from re-allocation of those resources.
So how did Rogers do? In their first year of utilizing an integrated CPQ and Contract Management solution from Apttus, they saw:
- 64% reduction in quote turnaround times
- 87% reduction in the variability of the quote process
They also saw much improved forecast accuracy as it was now based on actual values as opposed to sales estimates.
Be sure to check out Rogers’ presentation to hear more details about their search for an integrated CPQ and Contract Management solution. Also learn the implementation “gotchas” to avoid. Michelle lists six important tips she learned through the process.