Given how companies are evolving and technology is advancing, you’ll inevitably need to transform your Q2C.
This requires an understanding of how your business is evolving (product-wise, process-wise, tech-wise, etc.), and then figuring out which compliance issues need to be addressed.
Here’s a closer look at the challenges and keys to transforming your Q2C:
The Top Obstacles for Transforming Q2C
In general, I see three major challenges. One is how businesses are evolving, especially with their org charts and the types of teams they have. The second piece is compliance and local geo government regulations. For example, you need to know what data you can and can’t share, and how to secure your customer data. This requires alignment between finance, leadership and any other required stakeholders.
The third piece of the puzzle is the technology itself. There is not going to be a one-size-fits-all solution for this. There’s likely going to be an out-of-the-box functionality and a need for customization. On top of this, you’ll need to analyze how the technology will impact your SaaS environment overall.
People, process, and technology are the three pillars of any of these initiatives. It’s like a series of checks and balances. The technology limitations need to be addressed by the process, and the process limitations will be addressed by the people.
Automation is Critical for Innovating Your Q2C
Automation is the most important pillar of the Quote-to-Cash process, especially in the SaaS world. In the past decade, there’s been so many SaaS applications that have improved the speed of delivery and maintainability. The next problem is how to move the data from one system to another while maintaining data integrity. This is where automation fits in.
Think of automation as a necessity. It reduces manual work and the chances your team makes errors, which ultimately improve the quality of your data and the systems you use.
Focus on Internal Alignment
Remember that not everyone is going to be on the same page. Business leaders are coming from different functions and backgrounds and the process can be complex to understand.
To help bring alignment, you need to identify the expectations from every business function, and understand cross-functional dependencies. You should also become familiar with the policies and processes associated with each function to better identify opportunities for automation. All the while, you’ll need to identify leaders who will champion your Q2C journey. Q2C initiatives take a considerable amount of time and resources; so they should be funded and supported by a leadership team that sees the initiative as a value add—not a cost.
Finally, remember that this takes a team effort, so establish a steering committee to help you oversee the project’s execution and results.