How to Supercharge Your Sales Cycle with the Oracle NetSuite Lead to Cash Leading Practices
July 18, 2023
As a NetSuite Lead to Cash expert specializing in Lead to Cash processes, I've seen first-hand how businesses can revolutionize their sales cycles with the power of Oracle NetSuite's Cloud Business Management Suite's leading practices. Whilst every business's cash cycle is slightly different, there are a number of common processes that almost all businesses need to manage when it comes to managing leads, quotes, sales, and payment collection. The lead to cash process also impacts a wide range of business functions in your business including, sales reps, accounting team members, contract administrators, customer service reps, supply chain management and order fulfillment teams to name a few.
Following the NetSuite Lead to Cash leading practices can give your sales team and sales process a major boost. It streamlines the entire process from lead generation to order fulfillment, giving you a comprehensive view of client data across the entire cycle. This ensures that your sales reps have the right information at their fingertips, allowing them to close potential customer deals faster and more effectively, leading to increased levels of customer satisfaction, more streamlined cash flow, and a more systemized fulfillment process.
The L2C process touches on functionality across a range of NetSuite modules including Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP), Accounts Receivable and Customer Experience management, giving sales reps quick access to customer details such as contact information, product/service preferences, payment history, and more. This makes it easier for sales reps to craft personalized pitches that will generate more conversions. The software also offers automated lead scoring and prioritization capabilities, helping sales teams focus their efforts on potential high-value customers.
Understanding the L2C Sales Cycle
First things first, let's define what we mean by a "sales cycle." It's the process that your company goes through from the moment you identify a lead, to the point where you close the deal and cash is in the bank. As an executive, accountant, or sales manager, you're intricately involved in this cycle—every step of the way.
Lead Generation and Qualification
The sales cycle begins with customer lead generation and qualification. This involves identifying qualified leads from your customer base as well as new leads from marketing activities such as website visits, product enquiries, or other sources and assessing whether they are a good fit for your products or services. If they are, the lead is then qualified as a potential customer to proactively manage their customer journey and guide them through the customer lifecycle. From here, sales reps can use NetSuite's CRM functionality to manage opportunities and contacts, track client contact interactions, and create reports.
Quote Generation, Negotiation, and Closing the Deal
The next step in the process is quote generation and negotiation. In this stage, sales reps use NetSuite's ERP capabilities to generate quotes, manage pricing, discounts, and other terms. This allows sales reps to negotiate with customers in a more efficient manner. Sales reps can also customize quotes for specific customers using the Quote to Order tool, giving customers more tailored offers.
If successful, your sales reps can close the deal and mark as won, leading to the final stage of the sales cycle—payment collection.
Order Fulfillment and Payment Collection
The final stage is order fulfillment and payment collection. This involves using NetSuite's Accounts Receivable (AR) module to process orders, manage customer payments, track pick, pack and shipping processes, resolve billing issues, and other related tasks. It also allows sales reps to use advanced payment methods such as recurring billing and automated payment processing.
By using the powerful features of the NetSuite Lead to Cash leading practices, you can supercharge your sales systems and ensure that every customer interaction is recorded, tracked, and optimized for maximum efficiency. This will lead to more successful sales reps, more satisfied customers, and a smoother cash flow process.
The Power of NetSuite Lead to Cash
When you bring NetSuite's Lead to Cash into your business process, it's like trading in a patchwork quilt of systems and disparate processes for a single platform that is engineered to drive business growth and minimize manual effort. It integrates and enhances each stage of your sales cycle, ensuring that your team moves as a unified force.
A prime example is from a NetSuite implementation we recently completed for a well-known national wholesale distributor. They had an excellent product range and passionate salespeople. But their sales cycle was haphazard, leads fell through the cracks, follow-ups were inconsistent, and closing deals took months. After implementing NetSuite Lead to Cash leading practices, they saw several KPI (Key Performance Indicator) improvements including, a 15% reduction in days sales outstanding, 20% increase in cash sales by implementing Cash on Delivery discount offers, a 35% reduction in their sales cycle length, and 100% follow up rate on inbound leads, and 40% faster order fulfillment.
"NetSuite's Lead to Cash system aligns sales cycles, enhances KPIs, and improves customer relations through increased visibility into customer data, fostering informed interactions and sales growth." - Zabe Siddique
Also, by implementing NetSuite's Online Customer Center, an online portal designed to improve customer relations by giving the customer access to their relevant account information such as customer order fulfillment status, bank details, contract terms, customer account activity and allowing them to report on their customer satisfaction levels. This client reported that their customer relationships had drastically improved, due to their sales reps having visibility into customer historical data, which led to more informed communications with customers.
Key NetSuite Lead to Cash Features
NetSuite's Lead to Cash features offer comprehensive solutions to streamline your business processes and enhance customer relationships. Here's how:
Sales Force Automation (SFA)
NetSuite's SFA is a powerful tool that automates repetitive tasks and manual effort involved in the entire sales cycle. From capturing potential customer details to facilitating seamless customer interaction, it helps your sales team stay on top of their tasks.
Integrated Quote-to-Cash Process
This feature allows for a faster order fulfillment process, ensuring customer satisfaction levels remain high. With NetSuite, you can easily manage the entire process from creating quotes for a potential customer, converting them into sales orders, through to invoicing and payment collection. This seamless flow removes the risk of accounting errors and provides visibility into customers' account activity.
With the wide range of business functions managed by NetSuite, having real-time analytics is essential for informed decision-making. Whether it's tracking key performance indicators like days sales outstanding, item turnover rates and revenue ratios, or cash flow forecasting and budgeting, NetSuite provides insights at your fingertips. This capability aids in making strategic business decisions that fuel business growth.
Automated Tools for Order and Billing Process
NetSuite allows for the automation of business processes, including the order and billing process. It helps reduce the manual tasks involved in the creation of invoices, ensuring accuracy in invoicing, and timely delivery of invoices to enhance your cash process.
Enterprise Resource Planning (ERP)
NetSuite's ERP capabilities provide a unified cloud-based business management suite. From accounts receivable to supply chain management and inventory management, it enables seamless integration capabilities across all business operations as well as the opportunity to connect to third party systems like shipping companies, 3PLs or contract manufacturers. It is a crucial business operation that assists in better financial activity management and business decision-making.
"NetSuite's Lead to Cash streamlines business via Sales Force Automation, integrated quote-to-cash processes, real-time analytics, and automated billing tools. Coupled with powerful ERP and CRM capabilities, it reduces manual tasks, provides real-time insights, and enhances customer experience, promoting efficient and profitable operations." - Zabe Siddique
Customer Relationship Management (CRM)
NetSuite also helps manage customer relationships effectively. It helps keep track of all client communications, maintain customer records, and understand customer journey and lifecycle, thus enhancing overall customer experience.
In essence, NetSuite's Lead to Cash features provide a robust, unified solution for managing and tracking a wide range of business processes. By reducing manual tasks and providing real-time insights, it facilitates a more streamlined, efficient, and profitable business operation.
Implementing NetSuite Lead to Cash
Implementing NetSuite's Lead to Cash solution can bring a significant shift in your business operations, reduce manual efforts, help sales reps with customer account management and streamline business processes. Here's a step-by-step guide:
At this stage, as a consultant, I partner with your team to comprehend your distinct requirements and challenges. This includes gaining an understanding of your customer relationships, cash processes, and enterprise resource planning needs. With this knowledge, we customize the NetSuite solution to align perfectly with your business operations.
After understanding your unique needs, we configure NetSuite to mirror your business processes. This could include setting up an integrated quote to payment process that aligns with your lead to cash cycle, configuring your customer relationship management systems to maintain customer hierarchy, and integrating your existing CRM customer records if they are managed off-platform. This ensures a seamless transition and continuity in your business functions.
End User Training
Once the system is configured, we engage in comprehensive training sessions with your team. The training covers all facets of the NetSuite Lead to Cash system, from capturing potential customer leads to closing a deal, managing the fulfillment process, and handling customer payments. Our goal is to ensure everyone involved in these processes feels confident using the system, enhancing user adoption rates and ensuring a smooth transition.
Go-Live and Support
After configuration and training, we move to the go-live stage, where the NetSuite Lead to Cash system becomes operational. But our job doesn't end there. We provide ongoing support, addressing any queries, troubleshooting issues, and offering guidance as you navigate the system. It's as if you have a dedicated NetSuite specialist on your team, ready to assist when needed.
Remember, each business is unique, and so, the implementation process can vary. It's all about creating a solution that matches your specific business needs, ensures customer satisfaction, and propels your business growth. With NetSuite's Lead to Cash system, you're taking a step towards a more efficient, streamlined, and profitable future.
Are You Ready to Supercharge Your Lead to Cash Process?
Ready to infuse new vigor into your business operations, increase customer satisfaction, and see a remarkable upswing in your cash flow? If the answer is 'yes', then it's time to consider implementing NetSuite's Lead to Cash solution.
With NetSuite, you'll be investing in a powerful tool designed to simplify your business processes, reduce manual effort, and provide a seamless flow from initial customer interaction to final payment collection. You'll notice increased efficiency in your sales team, enhanced customer service, and improved visibility into your customers' journeys.
But it's not just about efficiency. It's also about making informed decisions that drive business growth. With real-time analytics, you'll gain insights into key performance indicators, allowing you to pinpoint where improvements are needed and quickly act on those insights.
From enhancing the customer experience to optimizing your cash cycle, NetSuite's Lead to Cash solution presents an unparalleled opportunity to streamline your business functions and accelerate growth. So, are you ready to supercharge your Lead to Cash process and witness the transformative power of automation?
It's time to embrace the potential of NetSuite's Lead to Cash solution. Revolutionize your operations, enhance your sales processes, and see firsthand how efficiency and customer satisfaction go hand in hand when fueled by the right tools. Are you ready for the transformation?
Zabe is a hands-on company Founder and President with expertise across multiple verticals to include business development, operations, distribution, finance, logistics, manufacturing, and the eCommerce industry.
With over 20 years of experience in the industry, Zabe works to support growing businesses by helping integrate digital and software solutions to optimize their operations and save them money. Together, we help companies manage core business processes with a single, fully integrated system covering Enterprise Resource Planning (ERP), financials, Client Relationship Management (CRM), procurement, warehousing, eCommerce, inventory, third-party logistics (3PL), and much more.