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How Proposal Management Software Is Boosting Business

HOW PROPOSAL MANAGEMENT SOFTWARE IS BOOSTING BUSINESS For most companies, the sales proposal and contracting process is an antiquated process that isn't efficient enough to keep up with today's fast paced and technology driven world. This results in longer sales cycles, dissatisfied customers, and lost revenues. See how automated proposal management solutions make not only the sales cycle more efficient and effective, but the marketing and sales teams as well. Accept this proposal Decline this proposal Ask a Question PROBLEMS ASSOCIATED WITH PROPOSALS while only 40% 10% people face challenges with the current sales contracting process find the current process as an advantage. Sales departments report the top challenges to effective sales contracting are: 75% poor internal collaboration late involvement in sales contracting issues 81% 76% unapplied best practices delayed negotiation due to 68% reviews difficulty in getting timely 72% support Only 6% of organizations have a contract management CHALLENGES 6% process coupled with its sales automation solution1 75% 81 76% 68% 26% Unapplied best practices Late involvement Delayed negotiation due to reviews Lost efficiency recreating proposals or contracts 2 Poor Internal Collaboration in sales contracting issues Lack of collaboration with internal and external stakeholders. In 2012, 2,211 adults report: 57 0% of US employees can be more productive with 6% % of companies offer it. yet only collaborative tools 61 employees say they will be able to provide better customer support.3 Through collaborative tools Collaboration has many areas for improvement: Time spent searching for information leads to longer sales cycles Redundant email communications Incorrect use of methods Delays due to reviews, approvals and bottlenecks and technologies 4 The time it takes to create a proposal 2 and get a response back. Salespeople spend 20 hrs each week searching for info, piecing together sales proposals, fielding inquiries. The cost associated with response time. 2$ Sales contracting automation enables companies to: Improve renewals by 25%* Increase revenues Cut contracting cycle times in half -time by 5%-7% Inefficient process in finding the 4 correct material (& updated material) at a specific point in the sales process. A major problem is in reaching the right audience by generating appropriately targeted content. 90% of sales proposals fail to secure clients because of this.5 A MIGRATION OF PROPOSALS 35% of all CRM implementations today use SaaS, projected to grow to 50% by 2020. 35% 50% 2011 2020 In 2011, over $5 BILLION was invested in sales applications. Cloud adoption varies significantly across CRM software categories: Web analytics 95% ---- --- Sales Force Automation ----> 50% ---- ---- ---- Configure Price Quote > 40% Total Software Revenue Forecast for SaaS Delivery Within the Enterprise Application Software Markets 2010 2015 Content, 18. 1% Communications and Collaboration Enterprise Resource Planning 14.7% 41.7% Digital Content Management 29.3% Project and Portfolio Management According to the Priority Matrix for CRM Sales 2012: MMM MIM M M '12 13 14 '15 16 12 '13 14'15 16 '12 13 14 15 16 '17 18 '19 20 21 '17 18 '19 20 21 17 18 19 20 21 Proposal generation and sales content management will take less than 2 years to achieve mainstream adoption. Configure, price, quote, application suites will take 2-5 years to achieve Sales performance and sales contract management will take 5-10 years for mainstream adoption. COLLABORATION Social collaboration results in: 27% increase in sales revenue. increase in employee engagement 34% increase in sales productivity 32% improvement in finding information and expertise 39% quickly 7 TOP INDUSTRIES THAT FIND PROPOSAL MANAGEMENT VALUABLE 10% increase in accessibility to data results in an increase of FOR A FORTUNE 1000 COMPANY $65.67 BILLION in net income per year 10% increase in usability of data results in an increase of Market firm IDC predicts cloud computing revenue will increase during the next few years, but the way organizations use the technology will change. $2.01 BILLION in net income per year Productivity and revenue has increased in the following industries that use a proposal management solution: AIR TRANSPORATION FOOD RETAIL CONSULTING CONSTRUCTION PRODUCTS 49% 39% 21% 20% 20% $1.2 BILLION $5.0 BILLION $3.4 BILLION $2.0 BILLION $3.4 BILLION INDUSTRIAL STEEL AUTOMOBILE INSTRUMENTS PUBLISHING TELECOM 20% 19% 18% 18% 17% $4.3 BILLION $4.2 BILLION $0.8 BILLION $0.4 BILLION $0.4 BILLION SOLUTION Why go for proposal management software? Produce sales documents faster Increased access to up-to-date and approved marketing content Drive sales rep productivity Accelerated payment and signing of contracts Encrypted and secure electronic documents Be ahead of the curve Monitor client activity and engagement with marketing material Ensure consistent responses by the sales team A central library reduces the number of places your marketing team must maintain and review material Allows data and content to flow easily between marketing and sales teams. Provide a continuous experience for the customer >04 Centralizing and integrating your marketing and sales communications 5 CONCLUSION Brands concerned with sales effectiveness and consistent messages can no longer ignore the allure of automated proposal management solutions. Moving forward, businesses that continue to improve access to approved selling material, focus on developing an automated sales cycle, and work to enhance communication with the prospect will be the ones to gain a competitive advantage. The time to drive your business towards a more productive future is now. What are you waiting for? Infographic by Sponsored by DKNEWMEDIA TinderB8x Measured. Results. SOURCES 1 2 3 4 5 6 hype-cycle-for-crm-sales-2012-sales-turns-to- the-cloud-for-quick-relief/ 7 8

How Proposal Management Software Is Boosting Business

shared by GetTinderBox on Nov 20
Sending a paper, or PDF proposal is quickly becoming a thing of the past. As more and more companies realize the issues associated with effective sales contracting, and calculate the cost benefits of ...



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