blog.crmit.com

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud. Recognized amongst CIOReveiw’s "20 Most Promising Cloud Computing Companies”


Leave a comment

Lead-to-Quote-to-Cash: Inefficiencies and Remedies

quote-to-cash

From the moment a lead lands in the CRM system, till it gets converted to dollars, there is an interesting (and sometimes long) cycle. Different players get involved, with different motivations, which have the potential to make it a very inefficient process.

However, this can be addressed by understanding various inefficiencies that can come up, and by having a clear strategy to overcome them. The best news, a smart CRM system will help you automate this so that everyone who creates a lead or a quote or an order adds value to it, instead of pulling it down.

Here are the eight inefficiencies that are typically found in this business process and how your CRM solution and its add-ons can be used to solve them by a process.

1. Improper Lead Scoring

Not all leads are equal. Each business has a different way of determining which leads are important and which leads are not. This intelligence has to be embedded in the system so that your energy is spent only on the right leads.

All the modern CRMs have very good lead scoring mechanisms that you can use. Understand them, align them to your business, try them on existing leads, confirm that the scores are in line with what you would’ve done manually and start using the model.

What if the model is not perfect yet?

No worries. These lead scoring systems can learn on their own. Just keep providing real-time feedback and the model will mature soon.

2. Incomplete Configuration Information

The days of off-the-shelf products are gone; this is the age of smart customers who want to configure every product they use. With the number of features that are configurable, there are a practically unlimited number of combinations that are orderable. Customers like this flexibility of having a product made exactly as per their interest.

But, this adds additional load on the sales person. Capturing all the specific information about a product and making sure that the quote is in line with those configurations is a huge task. Even a tiny error in this can cause a huge dissatisfaction and hit your margins.

All the modern CRMs come with their own configuration modules to handle this. You can use these modules to accurately capture what your customer wanted. The system will ensure the pricing is right and the customer would get exactly what they wanted.

3. Wrong combinations

Sometimes, you just have too many products in your catalog. However experienced you may be, mistakes do happen and a customer ends up having a wrong combination of products which results in serious dissatisfaction and higher costs in replacing the wrong combination.

Use Product rules in your CRM to efficiently recommend the right product combinations every time. This will also help you handle your upselling and cross-selling efficiently, bringing a positive change in your sales numbers.

4. Inflexible discount models

Flat discounts, tiered discounts, order-wide discount, every sales rep can handle easily. What about account-wide discounts? What about special offers? What about buy-this-get-that-in-a-discount offers?

All these (and more) are doable in your CRM’s pricing manager extension. Today’s systems are smart enough to provide you various ways to control the pricing, which provides flexibility and control. Use these to make sure your products are priced right every time.

price quote

5. Too long (or too little) approvals

Your customer needs a product urgently; you created a quote matching his needs, he is ready to sign it; but, it is sitting in your manager’s inbox who is vacationing in Hawaii.

On the flip side, some of your quotes which should’ve gone for an approval have reached the customers automatically. Think about this happening (randomly) for multiple quotes throughout the day; a real nightmare.

All these issues can be resolved by using the right set of approval rules on your CRM. This should be transparent and clear; most important, the system should know clearly when the approval cycle is completed and the quote can reach the customer. This ensures there is minimal training required and your sales people can start creating quotes with confidence.

6. Missing (or wrong) terms and conditions

Every quote comes with a set of terms and conditions, which are not a matter of simple copy and paste. Depending on the products being quoted, depending on the customer, their location, and various other factors, these terms would change. It is a difficult task for a sales person to decide on this.

But then, why should they make that decision? Isn’t it the legal department’s job? Shouldn’t it be as easy as click and go, for the sales person?

Yes, all these are possible with modern CPQ systems which come with your CRM. They allow you to control (by word) what goes inside your quote to ensure your interest is always protected.

7. Inefficient signing and document management

Sending a quote by email, getting a signature, filing it and keeping it for future reference… these are so old school. These are the days of electronic signatures which provide an easy and secure signing option for your quotes, contracts and other important documents.

Look at your CRM and find out what integrations it provides with industry standard E-signature platforms. Set them up and make sure all your documents follow this process. It will save you lot of time (and it is good for the planet too!)

8. CRM and ERP speaking two different languages

When you create an accurate quote, price it right, get it signed using the sophisticated platform and still end up having a customer dissatisfaction, the problem could be with your integrations: check if your CRM and ERP are speaking the same language. This will ensure your customer gets exactly what he wanted.

Design your integrations in such a way that the data flows in the right direction and there are right conflict resolution rules. Also provide visibility of one system in another, which provides a way to check and fix these manually.

Today’s cloud integration platforms provide you with an easy way to make sure the systems are always in sync. Utilise the right monitoring tool to look at problems and fix them accordingly.

Taking care of these efficiencies will give an immediate boost to your lead to quote to cash mechanism. Keep improving the model and the results will multifold.

 


Leave a comment

Convert Data Into Insight -Oracle BI Cloud Services

Banner_BI_Analytics
Oracle Business Intelligence Cloud Service gives an easy, affordable analytics in the cloud—so you can convert data into insight as fast as you can click.

partner-webcast-agile-business-intelligence-in-the-cloud-for-oracle-partner-solutions-50-638
Start Instantly—Start your analysis instantly—upload your own files, drag and drop to build the report/dashboard. Easy search, dynamic navigation, and contextual analytics will help guide you through your data, so you spend your time applying your expertise, not configuring charts.

Automatic Best Visualizations—Automatic visualizations help reveal new patterns, show what’s in the data. Oracle BI Cloud has a rich gallery of charts that helps to create dynamic, interactive dashboards & reports that are both highly informative and visually appealing, you can drag and drop from a rich charting library to create compelling dashboards and reports.

Dig Deeper—Sometimes you have an idea about what you’ll find in your data—and sometimes you don’t. Through Oracle BI Cloud easily combine data from multiple sources, discover new insights, and take analysis to the next level with advanced and predictive analytics.

whats-next-for-oracle-business-intelligence-applications-a-sneak-peek-at-the-roadmap-11-638

Go Mobile & Share—All the analytics are automatically available anytime, anywhere, on any device, so it’s quick and easy to share insights and drive collaboration.

Ease of Use—Fast, flexible analytics in the cloud empowers to get the greatest benefit from data when it matters most & whenever it is needed. You will be able to dive in and explore, drag & drop to see what combinations of attributes reveal new insights from data for you. It also offers the ability to use advanced analytics and predictive modeling, to understand the past trends & take that insight to the next level to prevent it from happening in the future.

BI

Capture

Inputs
Arpit Kumar Saxena
CRMIT Solutions


1 Comment

Oracle Service Cloud and Oracle Field Service for Customer Experience Excellence

Field Service ManagementLeveraging Oracle Service Cloud and Oracle Field Service to provide world class Customer Experience

You are an Organization that sells and services A/C units to various Consumers, what are the typical Complaints you face

  • I’ve purchased the A/C and waiting for over two days for it to be installed
  • Don’t buy this product, the service is pathetic, I would give a thumb down for this product (Social Media Post)
  • My warranty requires you to come and service me regularly, why is it not yet done?
  • Your engineer came to my home and told me that he would need to replace this part for which stock is not available and would need to wait for another 2 days, what the hell? It’s freaking hot here….

And More….More…..

Customers can raise an installation request/ complaint from multiple channels and there is a need for your back office staff to either respond to the request or assign it to a field service engineer to go to the Customer’s premises and cater to the installation request/ complaint

There are many products in the market that do this in silos, a Contact center solution to take complaints and a field service system to take care of the fulfillment process. While you can build connectors to these two systems, there is a need for a real-time data without any interruption to daily work.

There is a question that comes in mind, is there a single framework that can perform all these operations?

Well, the answer is Service Cloud portfolio of Oracle which has Oracle Service Cloud and Oracle Field Service tightly integrated within a single unified framework to provide the right Customer Experience.

How does it works? Let me explain with an example

Tim (The Customer) goes to a retail store and picks up your companies A/C unit, the Order information and would then be notified as an installation request in Oracle Service Cloud along with Tim’s contact details, Amy (Back office agent) would then go and look at the installation request, contact Tim and check his availability for sending an engineer to install the A/C unit, Tim would provide the timing, based on which Amy would input the information in Oracle Service Cloud. Oracle Field Service would take this information and consider certain parameters such as nature of service, area, the location of the Customer and availability of the resources, display a schedule to Amy. Amy would check the availability based on the timing suggested by Tim and see that Mark (Service Engineer) is the person available and confirm to Tim that a Service Engineer named Mark would come and install the A/C unit. Once the call is disconnected, an email and SMS notification would go to Tim with the confirmation request and details of Mark. The installation request is then assigned to Mark.

Mark is on the field and would use the Oracle Field Service mobile application to view the details and checks the location details that come on map, Field Service tracker would also display him the shortest route to the location, he goes and installs the A/C unit for Tim and updates the installation request. Tim then gets a confirmation message based on which the request is closed and a feedback survey is sent to Tim from Oracle Service cloud, Tim provides the feedback and based on the feedback Oracle Service Cloud has got in-built intelligence to identify as to whether the Customer is happy or not.

Is it all, no, A/C is more about continuous servicing, Tim has a warranty with your Company and creating and maintaining the preventive maintenance schedule in your system is very critical. Oracle Field Service allows you to maintain the preventive maintenance for the products; the schedules would automatically create work orders in Oracle Service Cloud. This would help the back office agent to view the details and arrange a service visit for the field engineers using Oracle field Service.

If there are any spare parts to be replaced at any given time frame, those details also can be recorded using Oracle Field Service and tagged along with your preventive maintenance schedule.

In a nutshell, Oracle Service Cloud provides cross-channel customer experience where the communication can happen from multiple channels and Oracle field service would help in the field service engineers coming and fulfilling your Customer’s needs based on a defined set of SLAs. Together, a world class Customer Experience is delivered.

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

Specialized Partner for Oracle Service CloudCRMIT Solutions has achieved Oracle PartnerNetwork Specialization for Oracle Service Cloud – Oracle Recognizes CRMIT for Expertise in Implementing Innovative and Value-Added Solutions to Oracle Service Cloud for a unified cross-channel (web, social and contact center) service solution that matter most in the customer’s journey.

CRMIT Solutions is committed to provide customers with the best service in the industry. Everything we do – every order, every delivery, every service, every offering – centers on the satisfaction of our customers, and making them more efficient at what they do.

Testimony to Customer Excellence

Inputs from
Pramod Mahadevan
CRMIT Solutions

 

 


Leave a comment

Customer Service using Customer Journey Mapping

customer_journey
Customer Service and Beyond

Customer Service goes well beyond just after sales.  It’s about directly, as well as indirectly, servicing the customer as they progress through the various stages.

One of the frameworks available for us to map these various direct and indirect touch points and then plan for delivering an effective Customer Service is Customer Journey Maps. A Customer Journey Map (CJM) looks at mapping out the total customer experience across all touchpoints between the customer and your organization, right from initial contact, through purchasing, after sales support, and hopefully onto renewal / repurchase.

Unlike traditional marketing funnels which are linear in nature, CJM’s are not. A customer can jump from one phase to another, based on a number of factors. They will interact with some touch-points and miss others entirely.  It is important to understand the different moments of impact a customer could have when engaging with your brand and products, and then set those customers up to succeed through education, communication, and discovery

Benefits  using Customer Journey Map 

CJM
Steer your product roadmaps through the insights you receive when you understand how your customers explore your products and where they get hung up

Prioritize your business goals to align with what where your Customers are facing maximum friction. Decide whether its Marketing or Customer Service you need to focus on.

Once you know the main points of Customer friction have prioritized the projects that will have the greatest impact, you can hire and expand teams accordingly

Help bring different teams together for a common goal: the customer experience. Everyone team should be well-versed on what your customer is asking, what they need, how they feel at different points of the journey

 


Step by Step Approach: Customer Journey Mapping

CJM 2

For further details on Customer Journey Mapping feel free to reach out to us at sales@crmit.com

Inputs
Saurabh N Gupta
CRMIT Solutions


Leave a comment

Sales Performance Management & FieldSalesPro: Maximizing Sales Team Performance

sales_performance
Companies around the world are focused on maximizing sales team performance and execution, yet most struggle to achieve the outcomes necessary to face today’s business challenges.

Oracle Sales Performance Management (SPM) helps to create more performant sales organizations with balanced territory planning, informed quota allocations and better incentive management.

With SPM, Sales organizations also need right tools and strategies that help optimize the selling process and allow sales reps spend more time selling.

According to CSO Insights, most of the times sales reps miss their targets because they spend less time selling (only 41%) and more time on customer research, creating collateral and entering data into their CRMs manually.

FieldSalesPro is a sales productivity tool which allows sales reps spend more time doing what they really want to do: close deals.
FieldSalesPro

Role Play: Account Manager

Kevin is an Account Manager at Interface which is the world’s largest designer and maker of carpet tile.

He is on a planned sales visit to meet ‘Jeff’ who is a purchasing consultant (better role?) at Starwood Group of hotels.

Before the meeting, Kevin uses FieldSalesPro to plan customer journey.

Product Portfolio:

Kevin initiates FieldSalesPro and navigates to products section to review the products portfolio built by marketing for hospitality sector. He reviews featured products for this sector, their design, sizes, colours and Gallery with installation photos and hospitality customer references.

Kevin favourites few products for his meeting.

Customer Intelligence:

Kevin navigates to Customers section on FieldSalesPro and verifies if Starwood Group is already available. Finding that the Account is not yet added to FieldSalesPro, he searches and synchronizes Account and contacts information from CRM.

Kevin uses the “CRM Intelligence” and “Social Hub” features on FieldSalesPro to understand

CRM Intelligence – Latest Customer and Contact profile updates (fed by DaaS into CRM), Previous Opportunities, Current Opportunities, Active Contacts, Last Interaction, Planned Activities etc.

Social Hub – latest social media activity of customer organization and contacts.

Documents:

Kevin navigates to “Documents” section on FieldSalesPro for a sample sales script for the hospitality sector and reviews other collateral useful for his meeting.

Meetings:

Kevin navigates to Meetings section on FieldSalesPro and starts putting together meeting details like the subject, date, time, Customer, Attendees, products to promote, script to use and other useful collateral for the meeting.

<<Ahmed: does this sound too manual?>>

Role Play: Sales Manager & Account Manager

Jay is a sales manager at Interface and Kevin reports to him.

Kevin and Jay are having a Sales performance review meeting for their region. They use Oracle Sales Cloud SPM to review their Territory, Sales Quota, Closed revenue, Current Forecast and Pipeline.

Kevin and Jay believe winning a deal with Starwood Group of hotels is critical for achieving their remaining Quota.

On Oracle Sales Cloud, Jay reviews the featured hospitality products and their lead time to sell.

Jay reviews the meeting details with Starwood Group of hotels and proposes couple of changes to the list of products to promote and changes to the sales script. Jay adds himself to the list of attendees for this meeting.

Role Play: Account Manager

Kevin makes the changes proposed by Jay and uses FieldSalesPro to send the meeting invite to meeting attendees.

On the day of the meeting, before seeing Jeff, both Kevin and Jay review the planned customer journey. They are confident that they have all ingredients to close this deal.

Kevin & Jay meet Jeff, Jeff requests one of his team members ‘Catie’ to join the meeting.

Kevin adds Catie to the meeting, quickly reviews her social hub activity.

Kevin starts the meeting on FieldSalesPro.

Kevin shows the featured products for this sector, their design, sizes, colors and Gallery with installation photos and hospitality customer references.

Jeff and Catie favorite few styles for each installation and ask for a quick price.

Kevin uses the Quick price lookup feature on FieldSalesPro and shares the price points for selected styles.

Jeff and Catie request for samples and a Quote.

Kevin initiates following CRM processes from FieldSalesPro

  1. He creates an opportunity towards this deal
  2. He initiates sample requests for selected styles
  3. He initiates a quote request

Kevin and Jay thank Jeff and Catie for the opportunity and conclude the meeting.

FSP generates a meeting summary with key meeting information, attendees, products reviewed, products selected and actions taken and sends an email to all attendees with meeting summary attached. FSP creates an activity in CRM and store the meeting summary.

Confident about winning this deal, Kevin adds Starwood Group of Hotels opportunity to his forecast.

FieldSalesPro

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

oracle_specialized_sales_cloudCRMIT Solutions has achieved OPN Specialized status for Oracle Sales Cloud –Oracle Recognizes CRMIT Solutions for Expertise in Implementing Oracle Sales Cloud. CRMIT Solutions Offers A Host of Solutions on Oracle Sales Cloud, Including Consulting, Sales Planning, Social Sales, Customer Data Enrichment, Field Sales Automation, User Adoption, Training, Health Checks and Testing.

CRMIT Solutions deliver a Fixed Scope Implementation offering for Oracle Sales Cloud to fast track sales productivity. Fixed Scope Offering leverages Oracle best practices and agile approach for fast track implementation of Oracle Sales Cloud – Go Live in less than 4 weeks. It drives sales productivity through higher win rates, forecast accuracy, and lead conversion.

Inputs
C.A.Mohammed
Consulting – CX/CRM Industry Solutions
CRMIT Solutions


4 Comments

Incentive Compensation in Retail Industry

incentive_compensationThe retail landscape is increasingly dominated by stores. But the headlong rise of e-commerce has put extreme pressure on retailers to become more efficient, and to justify their bricks and mortar existence to customers. Retailers are recognizing that traditional retail needs to be retooled and their key differentiator could be that employee standing in the store.

Employee motivation is probably the most important single manageable factor for success and profitability of all the facets of store retailing. There are almost as many effective ways of motivating employees as there are ways of enticing customers into a store but money is generally the greatest motivator of all.

Retailers offer incentive compensation plans to promote employee motivation. These plans are tailored to the unique situation of each store.

Some of the factors used by retailers while building a compensation plan for a store are

  • Y-O-Y growth ($$$)
  • Y-O-Y growth percentage (%)
  • Achievement against target ($$$ – A grid of growth $ against various bonus %)
  • Achievement against target (% – A grid of growth % against various bonus %)
  • Inflation
  • Seasonality
  • Store factors (Age of the Store, Store Hierarchy, Geography)
  • Non comparability against last year performance (New Store, Store Expansion, Store Relocation, Cannibalization against new store)
  • Employee role, grade/band, salary etc.

While measuring achievement, Targets are usually the store turnover or the profitability or a combination of both. It is better if the plans are simple. However, simplicity itself cannot be given excessive consideration since it is necessary to cover every major measurable factor.

The master data required to build and roll up compensation plans is either defined at the Incentive compensation platform or flows to the platform from upstream systems along with achievement (turnover, profitability) details.

Master data is typically validated by financial controllers and relevant entities before getting fed for compensation consideration.

Incentive compensation platforms help in performing calculations using set of complex rules and the final rates and amounts are dispatched to payroll department for validation before they are broadcasted to the stores.

Store employees access these details through employee portals or other methods setup for them.

Compensation platform facilitates regular reviews of performance against compensation plans to stimulate store level efforts. Data is archived to facilitate audit.

The installation of an effective incentive plan is the foundation of a successful motivational compensation program. To optimize results retailers should regularly nourish and promote the program and a regular review would make sure it is still working to expectations.

About CRMIT Solutions:

CRMIT Solutions is a leader in transforming businesses with cloud based Customer Experience (CX) solutions on sales, service, marketing & social cloud.

oracle_specialized_sales_cloudCRMIT Solutions has achieved OPN Specialized status for Oracle Sales Cloud –Oracle Recognizes CRMIT Solutions for Expertise in Implementing Oracle Sales Cloud. CRMIT Solutions Offers A Host of Solutions on Oracle Sales Cloud, Including Consulting, Sales Planning, Social Sales, Customer Data Enrichment, Field Sales Automation, User Adoption, Training, Health Checks and Testing.

CRMIT Solutions deliver a Fixed Scope Implementation offering for Oracle Sales Cloud to fast track sales productivity. Fixed Scope Offering leverages Oracle best practices and agile approach for fast track implementation of Oracle Sales Cloud – Go Live in less than 4 weeks. It drives sales productivity through higher win rates, forecast accuracy, and lead conversion.

Inputs
C.A.Mohammed
Consulting – CX/CRM Industry Solutions
CRMIT Solutions