Process Mining- Identify bottlenecks and optimize your processes

Process Mining- Identify bottlenecks and optimize your processes

Identifying bottlenecks that slow down productivity is a real challenge for Businesses. Most times, what is assumed to slow down productivity may not be the real cause. This is because it is hard to find evidence to support these assumptions.

However, ever since Process Mining came into the picture, understanding and measuring the performance of complex processes has become much easier. Process mining technology allows companies to dig deeper to find those bottlenecks and boost process performance. As the processes in an organization get more and more complex, the importance of process mining increases.

But the main question here is, what is the future of QTC implementations and business processes? As businesses in the digital world keep evolving, the processes that enable this also keep getting more complicated. These complex processes are supported by multiple systems in an organization. Even if one system or a business process slows down, the entire system comes to a standstill. 

Process mining helps businesses understand their processes better by leveraging data. This is done by discovering actual processes and their deviations. Their performance levels are monitored and ways to improve these performance levels are suggested.

In the quote-to-cash journey, information systems can log all events of every process such as approvals, pricing, etc., and provide valuable data. Manually analyzing this data to identify how to streamline processes leads to subjectivity. Using process management, the processes within the quote-to-cash journey can be optimised automatically. This gives your sales representatives more time on the field to engage with clients and prospects and play the consultative role that is demanded from them. 

Process mining tools can help with data-driven decision making and take subjectivity out of the game. There is a need to not only get the right results but also understand the determinant factors that lead to those results. This way in case of new challenges or issues we know the variables that have to be adjusted or changed to continue improving and performing effectively. Process Mining can help organizations go beyond streamlined business processes to an insight-driven world. 

To learn more about how one can leverage Process Mining in their Quote to Cash journey, check out my Best-Selling Book Reimagine Enterprise Sales System exclusively on Amazon.

To grab a copy right now, click here: https://www.amazon.com/dp/B08T8GZP9P, and to learn more about my book visit www.protikm.com.

Listen to Industry Leaders talk about their experience with Quote to Cash and Business Systems Monetization on my podcast Reimagine Enterprise Sales System at https://protikm.com/podcast-reimagine-enterprise-sales-system/

Also available on Google Podcast, Apple Podcast, and Spotify.

3 Ps of integration – Prediction, Personalisation, and Pricing

3 Ps of integration – Prediction, Personalisation, and Pricing

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:

1. Prediction:

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.

2. Personalisation

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.

3. Pricing:

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.

To know more about how to de-risk your QTC projects and leverage integrations, read my best-selling book Reimagine Enterprise Sales System on Amazon.

Click here to grab a copy now: https://www.amazon.com/dp/B08T8GZP9P

Dancing Around Dirty Data

Dancing Around Dirty Data

While you might have all your ducks in a row for a flawless QTC implementation, having unclean data in your system is more than enough to put your entire implementation at risk. In fact, the lack of data readiness checks and inadequate testing are two of the major reasons for implementations failing.

Data stored in silos can be of different formats which are not easy to use. While integrating many such systems together, the inconsistencies in data formats can make the reading and flow of data from one system to another very difficult.

This is why it is extremely important to clean data before a QTC implementation. Data cleaning identifies and fixes incorrect, incomplete, inaccurate, and irrelevant data.

This ensures that the data in the system is able to yield faster and accurate information which translates into better and intelligent decision-making.

The outcome of this is fair and simple:

Streamlined Business Processes

With an accurate flow of data, Sales Reps get access to accurate quotes. This means they don’t have to waste time going back and forth re-doing their quotes. Their time is saved, and the sales cycle is reduced.

Increased Productivity

With a reduced sales cycle and more time on their hands, Sales Reps can focus less on administrative tasks and more on value-added tasks, enriching their customer’s buying journey.

Enhanced Customer Experience

With access to accurate data from the ERP and CRM, Sales Reps can look at the customer’s purchase history and suggest suitable add-ons. They’ll also be able to provide discounts instantly without having to go back for approvals.

Hence it is evident. In this digital economy, each touchpoint with a customer generates a lot of data. It is not just important to capture this data but is also equally important to process this data in the right way to get business insights. Data-driven insights help with highly relevant, personalized interactions including pricing, discounting and cross-selling, and upselling, thereby enriching the overall customer experience.

Just like unclean data, there are several other reasons that put a QTC project at risk. You can read all about that in my best-selling book Reimagine Enterprise Sales System on Amazon.

To know more about the book and to grab a copy of it, click here: https://www.protikm.com/book_reimagine-enterprise-sales-system/