Communication Service Providers
Maximising ROI by streamlining the lead-to-cash process in communication services
Every business relies on cash flow and quality sales to survive. But how can you turn up the sales in communication services and drive customer attention? This brings lead-to-cash into play. By leveraging lead-to-cash in communication services, companies can boost ROI and create a seamless customer experience that encourages new customers to buy.
According to reports, around 65% of businesses feel lead generation is their biggest challenge. With the best lead-to-cash strategies, you can address these challenges on the go and raise your sales game in the telecommunications service industry.
When you utilise a well-thought telecommunications lead-to-cash process, you can contribute effectively to business growth and profitability. Here is everything you need to know about lead-to-cash to improve your business performance and increase sales.
What is lead-to-cash?
Lead-to-cash (L2C) is integrating all lead-generation practices to convert prospects into customers. It includes every element of improving the customer relationship, such as lead generation, branding, sales, customer service, and billing.
Optimising L2C requires understanding how the customer wants to be treated during purchase. By automating certain steps in the workflow, businesses can streamline the lead-to-cash process, making sales transactions more accurate and timely and decreasing human error. By integrating lead-to-cash, you will increase revenue and productivity while increasing customer retention.
Challenges in the lead-to-cash process
Communication service businesses face many challenges within the L2C process that can negatively impact their success. Customers’ needs and preferences are understood thoroughly, revenue streams are accurately forecasted, data is accurate across all systems and processes, and customer support is provided timely.
Companies must have strategies to address these key challenges before maximising efficiency and minimising costs in the lead-to-cash process. Here are the top challenges that businesses need to address on the go to drive the most revenue:
- Data quality concerns
- Complicated pricing
- Ineffective data capture
- Uncertain customer journeys
- An unclear target audience
Lead-to-cash boosts performance
Lead-to-cash optimisation can benefit your telecommunications services in many industries by eliminating challenges and enhancing customer journeys, starting with initial contact and progressing to contract drafting, invoicing, and closing. Lead to cash processes add value to your business in the following aspects:
Customer experience
The lead-to-cash process improves customer experience by improving team communication and response times.
Additionally, it ensures that sales operations are aligned with customer needs. Artificial Intelligence (AI) solutions can be integrated into the L2C process to automate things like searching for customer information and email follow-ups.
Bottom line
With an optimised lead-to-cash process, organisations can operate more efficiently and accurately. Automated processes such as order management, invoice processing, and payment processing can reduce businesses' manual workload to a great extent. In addition to increasing profitability, employees can focus on more valuable tasks.
Data accuracy
Optimised L2C processes usually result in more accurate data since they reduce the possibilities of human error or inaccurate data entry. Furthermore, automating data processes ensures adherence to internal policies, legal requirements, and other external guidelines.
Lead-to-cash strategies can also help organisations track their customers' orders better. Having this information is helpful to them in gauging their products' performance in various markets and forecasting future trends.
End-to-end lead-to-cash process
Lead-to-cash strategies require the best process in place to deliver the best results within communication services and other industries. Here are some lead-to-cash processes that will take your business to great leads and thrive in a competitive market:
Generating leads
The lead generation process initiates the lead-to-cash process. This is the process of building interest in your product or service in potential customers. Generating quality leads is essential to the success of a sales funnel, as it attracts potential customers.
Managing leads
Upon generating leads, they enter the lead management phase. During this phase, leads need to be qualified and prepared for sales.
Quote to order
It is now time to turn potential leads into sales prospects. Your sales team’s effectiveness is put to the test here. The quotations are precisely prepared with detailed information about prices, discounts, and proposals.
Managing orders
Managing orders involves processing and fulfilling them. An essential step in meeting customer needs and increasing efficiency in operations.
Invoicing and billing
Invoicing and billing are the steps that result in revenue for a business. A business’s cash flow depends on it.
Payment management
To maintain a healthy cash flow, it is essential that customer payments are received and processed correctly.
Recognising revenue
The final step is revenue recognition, in which revenue is accurately reported in the financial statements. This is essential to comply with financial reporting regulations. A properly managed lead-to-cash process can enhance efficiency, customer service, and business revenue growth.
How can Infosys BPM lead-to-cash solution help you?
Infosys BPM next gen services allow communication service businesses to boost their sales game. With our next-gen communication solutions, you can streamline the customer journey and bring the perfect sales plan to life.
