Building revenue is key to the success of field service organizations; however, all too often, enterprises focus more on service at the expense of the revenue-building side of things. Research confirms businesses that place an emphasis on revenue building tend to outperform those that focus primarily on post-sale service performance.
By eliminating manual processes, quote automation adapts a fully electronic version of your cusotmer's intention to buy, and is one of the most effective ways to streamline the entire order to cash process. It can help with reducing costs, generating higher revenues and minimizing errors and pitfalls. Is your business taking advantage of all that quote automation has to offer your daily processes?
Quote Automation is Key to Reducing Costs & Generating Higher Sales Revenue
Field service is a process that spans marketing, sales and customer service. Quote automation and improved order to cash workflow can be integral in improving both revenue growth and service performance. A focus on the revenue building (sales) portion of the process can be invaluable in boosting profits, and the quoting phase is central to it.
The most common types of quotes are:
Service Contract Quotes
Service contracts allow companies to get on the same page with customers regarding what will be done, what’s covered, the cost of one-time and recurring services, and how often service will be performed. Automated quoting makes it much easier to manage and track recurring service orders and provide a better customer experience.
Since quote automation is customizable, your business can create the service categories and add-ons that will be most useful to customers over time as well as modify them as needed. Quotes can be easily turned into orders that can then be managed, analyzed, tracked and updated automatically.
Quotes Related to Materials and Time
Time and materials quotes are sometimes required to divide larger jobs into parts or phases. The construction industry would be an example of where this would be helpful. There can still be a master quote, but it can then be divided into more manageable pieces or sub-projects.
This type of quoting is often more convenient for customers who wish to be able to oversee a large project and keep track of all the moving parts. An automated quoting system makes it easy to create, manage, modify and turn these quotes into work orders. Fields and prompts within the quote like required parts, materials, time frame needed, length of job and all relevant costs make it easy to transform the quote into work orders and more cash flow.
The following are some additional ways quote automation can improve the order to cash process, generate higher revenue, minimize pitfalls and reduce costs:
1. Improved Productivity
Manual quoting processes are inefficient, and this fact has become more glaring as technology keeps improving in the marketplace. The lack of efficiency costs you every time one of your sales reps issues a quote. The process of answering customer questions, sending emails and gathering information is tedious without the help of automation. Moving data from the quote to an order to your internal reporting can be extremely time consuming without automation. Quote automation can reduce processing times by 50 percent or more.
2. Better Accuracy
Manual quoting is also much more prone to user errors and internal mistakes. Customer information that is put directly into a pre-made form is far more reliable. More accurate comparison reports can also be generated.
With quote automation, you’ll reduce incidents of:
- Lost or missing quote requests
- Disjointed quote management
- Delays in responses
- User errors
- Lost sales opportunities
3. Increased Transparency
An automated quoting process also allows for better communication both internally and with customers. Key departments and individuals are just a click away from crucial data and information central to the order to cash and fulfillment process for all clients. Providing transparency with manual processes is much more difficult, inefficient and potentially inaccurate.
4. Improvements for Volume Orders
Most businesses conduct a majority of smaller transactions versus larger orders. Managing these orders on paper can be extremely tedious and time consuming. Quote automation makes order taking for all transactions, no matter what size, smooth and seamless.
5. A Higher Level of Control
If the quoting process is too loose and informal, there is often a lack of consistency in terms of how customers are quoted. Quote automation helps with standardizing the process and reducing the chance of miscommunication and oversight. Documentation, historical data, control and oversight becomes much easier and more consistent.
In today’s competitive climate, a professional quoting process is crucial to landing the sale and optimizing the order to cash process. Quote automation can make all the difference in minimizing pitfalls, reducing operating costs, generating higher revenues and streamlining the entire sales process. Contact Amalto today to get started with expediting your quoting process and gaining a competitive edge.