May 17 by Zack Alspaugh
The Apttus Accelerate keynote hall featured mammoth screens, jam packed audiences and a star studded roster of speakers and announcements. On the the opening day, CEO Kirk Krappe announced Apttus Omni the new Middle Office Platform. Nick McCoy demonstrated the power of Max Proactive from an E-Z-Go golf cart, IBM discussed Artificial Intelligence and their new partnership with Apttus, and finally Simon Heap of Bain & Co discussed how to optimize revenue yield for profitable growth. Day 2 was even more exciting, featuring the much anticipated conversation with the venerable, and legendary entrepreneur Sir Richard Branson. Sir Richard, was joined by Apttus Chief Revenue Officer Raj Verma, and CEO and founder Kirk Krappe to discuss a variety of topics including innovation, disruption, passion, and success.
But that was the keynote stage, and that was the morning. Afternoons were dedicated to breakout sessions, customer success stories, thought leadership and insightful best practices. Here is a quick rundown of Day 2’s top sessions.
1. Achieving Competitive Advantage with a Subscription-based Revenue Model
Effectively managing a renewal business is critical to driving growth or predictable, recurring revenue streams. However, as Stefanie Causey, of Aspect Software explained, many considerations must be carefully addressed to manage the customer journey more effectively. First was data. “if there’s anything that’s going to kill, it’s bad data. Causey also emphasized simplifying processes, automating workflows, and committing to user adoption.
Key Takeaway: Aspects like pricing, packaging, types of renewals, assets, and even partners must all be considered when cultivating a healthy renewal business.
2. Measuring the Impact of Your Quote-to-Cash Business Transformation
Automating the middle office with Quote-to-Cash technologies yields dramatic gains in sales effectiveness, sales productivity, customer satisfaction and compliance. A panel featuring Apttus’, Steve Kretchman, Superion’s Rita Hartman, Covance’s Doug Denson, and Adobe’s Brandy Ichishita shared quantitative data from their enterprises. For instance, Superion was able to drive 100% user adoption, and saw a 75% reduction in their contract cycle time. The panel also offered methods for the audience to drive similar evaluation and success within their business.
Key Takeaway: Companies that undertook the Quote-to-Cash business transformation saw an array of benefits including increased revenue, greater deal visibility, improved win rates, and faster deal cycles.
3. Transforming Your Buy-Side Supplier Contracts
Linda Chuan, Vice President and Head of Global Technology Sourcing at Thompson Reuters, described a new way of approaching buy-side contracts that enables greater visibility and reduces your risk within your supplier agreements. She recommended centralizing all of your agreements, digitizing, capturing critical fields, leveraging best of breed software solutions, and implementing standard verbiage.
Key Takeaway: By 2020, over half of the workforce will be millennials. You can’t expect to get the edge with traditional supplier contract management.
4. Creating a Framework for Effective Build vs Buy Decisions
Every IT project begins with a question: Should we acquire the technology we need or build it ourselves. Kevin McBride, Director of Worldwide Sales Data Management at HP Inc. walked the audience of how his team evaluated the build vs buy decision and ultimately why they chose Apttus.
Key Takeaway: Billing systems built for the recurring revenue model really enhance or augment the capability of the rest of your systems and processes, especially the CRM & ERP.
5. Effective Techniques for Setting Up Legal Plabooks
Creating a digital legal playbook is a key benefit of Contract Lifecycle Management technology, but setting it up can be a challenge. Erin Long of, ECM Business Consulting Manager at Nike gave practical advice for documenting and implementing aspects of contract automation including templates, clauses, conditions, formatting and more. Long recommended focusing on what matters most, standardizing clause libraries and ensuring the attorney’s and business units are collaborating. By doing so at Nike, they were able to better protect the company’s interests, increase scalability, and improve negotiation positions.
Key Takeaway: Digital legal playbooks are a critical step in documenting requirements and standardizing your contract lifecycle processes. Setting one up can be challenging, but long term will improve your compliance, preserve business interests, and allow for further growth and scalability as your legal department evolves.