Integration is one of the most crucial elements of a QTC project. An erroneous integration put the entire Quote to Cash system at risk. It is a tremendous undertaking but on the flip side, it is an incredible opportunity to leverage data and tools to gain a competitive advantage. Since there is so much riding on getting the integration between an ERP system and a QTC system right, here are some of the ways one can leverage a successful integration.
A successful integration streamlines and automates the processes involved. This means one can even reduce the productive hours of your top consultants spent on doing administrative tasks. This time can be redirected to building relationships and playing a more consultative role while adding to your revenue.
Here are 3 main advantages of getting your integration successful:
Integrating the CRM, ERP and the QTC system gives users access to Predictive market dynamics. Right from forecasting demand to the price of components. The Quote to Cash system can look into data beyond the enterprise to even look at geopolitical events, weather and other aspects to determine the status of the supply chain for the company.
Suggestion of cross-sells and up-sell can also be predicted by looking into various aspects about the customer and their purchase history.
The CRM keeps a record of all contact and interactions a customer has had with the company/brand, whether it be via phone, email, chat, etc. The more customers interact the more data that is collected — providing you with more understanding of what the buyer is looking for and expecting. Successful integration with the CRM provides the sales rep with all the information they need while catering to a customer. The information available in the CRM can be used by them for a more personalized interaction during the buyer’s journey.
Dynamic Pricing is when quotes respond in real-time to changes in competitive prices, product demand, and market conditions—driving improvements in revenue, margin, and customer loyalty. This cloud-based offering automatically recommends an online retailer’s best response. It combines web data, such as page views and cart abandonment—along with sales, inventory, and the latest competitive pricing information—and uses pricing intelligence to recommend the most appropriate pricing action.
A streamlined business system paired with AI and ML technologies can leverage big data that is abundant in the subscription economy, predict needs and outcomes, and produce actionable insights that can make or break your competitive edge in the market. The right integration strategy is the setup for that flow of data.
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