Five Critical Insights for a Successful CPQ-Billing Transformation
The rise of CPQ tools has left no doubt—the age of recurring revenue is here. But the rise of subscription and usage models is only part of the story. A larger sales revolution has introduced a plethora of new discounting and pricing levers to secure higher win rates and improve your bottom line.
Sellers are all in, leadership is cheering, but is your back office? Is your billing team able to quickly and accurately process new contracts, or do they spend hours unwinding complexities and consolidating data in order to invoice? With today’s ever changing selling models, getting your selling and billing systems in sync isn’t just important. It’s essential.
Those who have implemented CPQ or Billing independently will tell you that it’s challenging; implementing both systems together as a larger transformation is no exception. Revenue management transformations require strategy, precision, and expertise to ensure on-target delivery and adoption. The effort is well worth it, because a proper implementation of CPQ and Billing unlocks unstoppable revenue growth and frictionless back-office operations to propel your business towards its goals.
Although there are many CPQ and Billing systems that can be selected, the larger considerations and pain points of these transformations span all technologies. To this end, we at Ravus have put together a five-part series covering the top considerations as you begin your transformation journey, regardless of your CPQ and Billing software selections. Here are five things you need to know for a successful CPQ – Billing transformation project:
Successful CPQ and Billing alignment starts with a well-structured product catalog that considers both systems’ needs, data flow, and ongoing synchronization to ensure seamless quoting, invoicing, and revenue management.
Ensuring accurate quoting, invoicing, and revenue recognition requires careful consideration of your billing system's needs when designing your pricing and discount structure.
Data cleansing and mapping are vital to a successful CPQ and Billing data migration, along with extensive rounds of testing.
A firm understanding of data models and transformation requirements is critical to ensure a well-designed and scalable CPQ-Billing integration.
CPQ and Billing implementation teams must collaborate closely throughout requirements elicitation, design, and build to ensure a successful, cohesive program.
