This is the second post in a four-part series on campaign-to-cash.
|Benefits of optimizing pieces
of the campaign-to-cash puzzle
Very few processes or systems truly impact your entire organization, and even less impact tactical and strategic employees from finance to sales. However campaign-to-cash is an overarching process that actually does impact an entire organization. The reason campaign-to-cash has such a broad reach is because it’s all about building and fulfilling demand.
In the first post in this blog series, I spoke about the high-level processes that make up campaign-to-cash. This second post will focus on the value of optimizing your campaign-to-cash process cycles. Campaign-to-cash is comprised of a number of sub-processes that affect a company-wide process framework, like I alluded to above. While no vendor can impact your entire campaign-to-cash process (and if they claim they can, slowly back away), organizations can achieve significant benefits from optimizing each portion of the process.
But why is optimizing portions of the process so important? A small change can make a huge impact. For example, most organizations experience the last minute rush to hit their monthly, quarterly, and yearly sales numbers, making these some of the busiest times your organization can experience. However, sometimes the influx of activity is simply too large to handle, especially for contract, legal, and administrative teams. These teams simply aren't big enough (or efficient enough) to handle the ebbs and flows of sales. Since these rushes only happen for short, intense periods of time, adding headcount isn't feasible.
But what happens to all of the potential revenue that slips from one month, quarter, or year to the next? Revenues are delayed. Sales numbers might be missed. Investors might be upset. All because your organization can’t handle the influx of activity. However, by simply optimizing this aspect of your campaign-to-cash process -- specifically your contracting process -- you can mediate this huge issue. With streamlined contracting processes, organizations can author, negotiate, review, approve, execute, and proactively manage all of their contracts in a significantly shorter amount of time. Optimizing this seemingly small portion of campaign-to-cash enables organizations to accelerate deal cycles and ultimately shrink the amount of time required to execute contracting activities.
Sales teams will hit more quotas. Finance teams can report higher revenues. Investors gain more profit. It’s smiles all around the organization. By optimizing a single sub-process in campaign-to-cash, your organization can be significantly impacted. Now imagine optimizing each of the pieces of your campaign-to-cash process and you’ll really get the full picture -- more exposure, more demand, more opportunities, more quotes, more contracts, and more revenue. There isn’t an organization on the planet that wouldn’t benefit from any or all of these outcomes.
While there are numerous pieces of the campaign-to-cash process, they are separated into two major categories -- building demand and fulfilling demand. Planning markets, managing prices, creating incentives, creating opportunities or quotes, developing valid configurations and prices, submitting contracts, negotiating terms, making payments, validating transactions, and performing analysis all fit under those two umbrellas of the process. Making minor changes to any (or all of these) processes will have a major impact on your organization.
While building and fulfilling demand might seem like huge undertakings, if you segment them into their piece of the campaign-to-cash puzzle and work on optimizing them, organizations will see that making an impact can often happen with the smallest effort.