According to TSIA’s 2021 Professional Services Tech Stack Survey, B2B tech companies saw a significant increase in adoption of configure price quote (CPQ) by professional services organizations over the last year: Adoption of CPQ rose from 44% in 2020 to 54% in 2021. Why are professional services teams are increasingly looking for a product to automate their entire Services Quoting processes?
It is all about Customer Experience and Time to Market
In an increasingly competitive SaaS product world, Services businesses have only become more complex trying to make the most of all the point solutions for their customers. This involves Services businesses being agile, consistent, and repeatable. Also, they need to be able to produce a single quote that includes accurate scoping for multiple services. Internal collaboration across various groups and across the region is an essential need for today’s services delivery organizations. So, what is the issue you may ask?
- No consistent and repeatable process. Most organizations rely on excel sheets, word documents, and other manual ways to conduct the discovery process. This allows a lot of tribal knowledge dependency to ensure there is no money left on the table and you have not missed out on an important scoping discovery.
- No easy way to collaborate across the organization. Complex quoting requires real-time collaboration across the organization. This may extend to your partners and customers as well. Ineffective collaboration equals an increase in cycle time for your quotes.
- Eay to lose track of approvals, compliance, and different versions. This is the #1 challenge across leaders of any organization. Most leaders feel they are not sure what they are approving and why. This adds to the lack of sales acceleration. Customer experience gets impacted due to this.
TSIA study also found that the average days for a proposal to go from quote to close rose from 57.8 days in 2020, to 63.3 days in 2021—that’s more than 12 weeks. What can organizations do to accelerate sales and maximize revenue?
This is where Provus Services Quoting (https://www.ProvusInc.com) can be a life-saver for these organizations and here is why –
- Sales Acceleration. Provus Services Quoting is loaded with features that help accelerate sales and reduce cycle time significantly. This includes our unique way to templatize your scoping / discovery needs, intuitive excel-like experience natively built into the product, easy ways to model your scenarios and do real-time collaboration right from within the Quoting experience.
- Revenue Maximization. Provus offers an AI-led recommendation engine that not only provided guided selling but also, ensures that services being sold are not dependent on an individual’s tribal knowledge. The powerful engine can include, exclude or recommend various services based on past history or based on organizational guidelines.
- Margin Optimization. For any services business, Margin optimization is a key lever. Most organizations don’t have a sophisticated way to understand the real-time impact on margins through negotiations. Provus allows one-click scenario modeling which complies with the organizational guidelines.
- Compliance and Customer Experience. Provus’s unique approval process and approver views enable fast, and accurate actions from the leaders. Also, Provus’s one-click document generation functionality allows sales teams to put the right proposal / SOWs in front of the customers in real-time. Our collaboration platform results in a significantly improved customer experience.