What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
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- This is it.
What is a Lead-to-Cash Transformation?
Lead-to-cash is the process by which companies generate leads, convert them into customers, and receive payment for the product or service rendered. An efficient and effective lead-to-cash transformation is important for several reasons. Effective lead-to-cash processes help to maintain customer satisfaction, which helps to generate more revenue. An efficient lead-to-cash transformation not only increases speed, but it can also allow for reallocation of resources (such as FTEs) to other parts of the business.
Standardisation of the lead-to-cash process can also help with data collection and retention along the process. This has knock-on effects on future sales strategies and ensures a smooth process for customers, who get consistent pricing information throughout the journey.
What are the Lead-to-Cash Sub Processes, and how do they Impact Business KPIs?
A lead-to-cash journey comprises several sub processes that require close integration and alignment. These include:
- Converting leads to opportunities as part of the sales funnel
- The sharing of quotes with customers and making iterations based on negotiations
- Assessing the feasibility of providing a product or service to customer requirements
- Order acknowledgement, review, and cleaning
- Delivering the order and troubleshooting any issues for the customer
- The collection of revenue from the customer via invoice generation
Your lead-to-cash process should be as quick as possible. For example, a lengthy delay between a customer inquiring and receiving a quote for a product or service can lead to lost opportunities - customers may get frustrated or wooed by competitors in the interim. Similarly, customers may cancel their order or delay delivery if it is not promptly processed.
What are the Benefits of a Lead-to-Cash Transformation on Business KPIs?
Improving your lead-to-cash process can:
- Improve customer satisfaction: Delivering orders quicker and more reliably improves customer satisfaction, which additionally drives retention and additional purchases.
- Increase revenue: Delivering orders quicker moves revenue forwards and generates additional revenue through higher customer retention and repeat business.
- Decrease cost: Identify opportunities to cut costs by identifying automation and digitalisation potential and avoiding rework.
- Free up capacity: Reduce processing time to free up resources to achieve your strategic growth objectives.
How to Track a Lead-to-Cash Transformation and the Effect on Business KPIs?
A lead-to-cash transformation can be highly complex in large enterprises. Therefore, it’s not surprising that transformation consultants and internal teams have focused a lot on improving this process in recent years! However, it has proven difficult to quantify, justify, and demonstrate the impact of transformations on business KPIs, such as revenue and lead time. That’s where Silico comes in. Transformation teams can use Silico’s Business Process Simulation methodology to create a Digital Twin of the lead-to-cash process. This allows them to:
- Determine or demonstrate the need for transforming the lead-to-cash process:
A Digital Twin of an existing process allows you to test your as-is processes under various scenarios, such as increased marketing budgets and lead generation. This helps identify transformation requirements, communicate them to stakeholders, and foster buy-in.
- Model exactly how different lead-to-cash transformations will impact KPIs, to find the optimal type of transformation and demonstrate ROI:
Silico is flexible enough to model any imagined to-be process. Silico can help you discover if you should implement a new CRM system to manage the lead-to-cash transformation. Or you could outsource some of the work to external companies. Process simulation allows you to see which lead-to-cash transformation will deliver the highest ROI, according to the business’s chosen KPIs. Process Twins of different to-be lead-to-cash processes allow you to test out their impact on KPIs in a virtual space so that you find the optimal lead-to-cash process structure before you start their costly implementation.
- Monitor implementation and course correction:
Once you’ve decided how to transform your lead-to-cash process, you can use your lead-to-cash Digital Twin to monitor transformation progress, identify root causes of divergence from the plan, and course correct.
Your company can gain significant value by optimising or transforming an organisation’s lead-to-cash process. Silico’s platform allows you to create a Digital Twin to demonstrate the need for this transformation, find the optimal way to organise the process, and monitor its implementation.
If you’re curious to learn more about how Silico can help you model the transformation of your lead-to-cash process, or perhaps you need your order-to-cash process optimising, reach out at email@example.com, or book a product demo via the button below.