July 13 by Patrick Wolf
7% increase in sales revenue. 26% faster Quote-to-Cash cycle. 28% increase in quote quality.
These numbers peak your interest? These are all statistics from a very recent Quote-to-Cash Impact study, specifically identifying how Apttus’ Configure Price Quote (CPQ) solution drives change in a sales organization. When people thing about CPQ, they think about process automation. They think about taking the desperate, manual systems involved, and integrating them into a single platform with end to end automation. However, process automation is not the end game. No, in reality a CPQ tool can be, and should be, much more than a process automation tool. In the recent webinar, CPQ as an Agent for Change, Eliott Yama of Apttus and Kieth Putt of Precor provide a recipe describing how to make Apttus’ Intelligent CPQ solution the agent for change that you are looking for in your sales organization.
Intelligent Configure Price Quote
The Machine revolution is now. 40% of companies use machine learning to improve sales and marketing performance. 76% target higher sales growth with machine learning. To catch this revolution train however, companies have to move beyond legacy analytics. Apttus is using Intelligent CPQ (Integration of machine learning into CPQ), to increase the effectiveness of previous efforts towards process automation. The integrations of predictive, prescriptive, and cognitive analytics into CPQ are driving change and enabling massive performance improvement, allowing companies to move past the focus on process automations towards an emphasis on objectives. Prescriptive data-driven sales insights allow reps to increase deal value, find patterns between product recommendations, and intelligently discount.
Precor’s Recipe for Success
How can companies bring in a Configure Price Quote solution to drive the necessary change? Precor, a company that was looking to move beyond their legacy systems, provides this recipe for success through the use of stakeholders, process, and engagement.
1) Building Requirements
Stakeholders – In every project, there are going to be competing interests. Precor, boiled these interests down to Executives (high level) and Sales operations (details). Balancing these 2 objectives is always very important when building your requirements for a solution.
Process – Precor developed a global, cross-functional team to put together their building requirements, and identify gaps, as well as common ground, between competing interests and departments around the company.
2) Selection Process
Stakeholders – Precor organized meetings to enable executive visibility into the selection process. By developing the status quo of constant communication, Precor ensured that nobody was left out to the process.
Process – Precor invited 4 Vendors to present. Having vendors that understood the context of Precor’s products really kept stakeholders from losing interest throughout presentations and demos. In addition, Precor carried out dry-run demos to help fine tune the presentations and ensure that the presentations would resonate with those in attendance.
Engagement – They handled the demos over the course of 2.5 months, ensuring that the demos reached the necessary influencers. As a way to further engage the rest of the company, Precor recorded all the demos and made them into a 15 minute highlight real. In addition, they recorded all other meetings and made them available to the company.
Stakeholders – Precor made sure that their team understood that they were building a solution that would support all of their global operations.
Process – Initially, they began reviewing the existing solutions throughout Precor, as well as the master data available to help build an understanding of how best to structure the new solution on top of existing realities. In addition, taking into account the natural progression of the new solution allowed Precor to get a sense of how much customization is necessary. At the end, emphasis needs to be placed on review and iteration, and the possibility of necessary business changes down the line.
Engagement – Transparency around the business rules that are to be created inside of the new CPQ is extremely important for buy in and employee engagement. The last step is to review and Iterate until you feel the solutions encompasses all of your business needs.