Through the COVID crisis, growth in the SaaS sector continued to . Indeed, the pandemic shines a spotlight on the need for digital transformation in sales, revenue operations, and finance. Spend on SaaS solutions continues to grow to meet the increasing demand for technology to enable remote sales and finance teams.
As Satya Nadella in April 2020, “We’ve seen two years’ worth of digital transformation in two months. From remote teamwork and learning, to sales and customer service, to critical cloud infrastructure and security—we are working alongside customers every day to help them adapt and stay open for business in a world of remote everything.”
Whereas other industries have been hard-hit by problems related to the pandemic, the enablement of remote sales teams and the lack of supply chain issues has allowed many companies in the software industry to continue selling and serving their customers.
At DealHub, we were curious about the impact of sales technology use on our customers’ ability to be productive and generate revenue during this difficult time. As experts in the area of , we wanted to understand the performance patterns of all the closed-won deals during COVID-19. We measured the sales cycle duration and time-to-revenue from quote to close from March to May 2020. We compared traditional CPQ, delivered by either a PDF or Word document, against our innovative DealRoom sales proposal software.
Time-to-Revenue: CPQ vs. PDF/Word
Analyzing our software industry customers’ performance from March to May 2020, we measured sales cycle duration from quote to close. We compared the use of Configure Price Quote (CPQ) inside our vs. the use of Word/PDF to generate price quotes. We determined that CPQ software is outperforming PDF/Word formats for quote generation in two key areas:
- sales cycle duration (time-to-revenue)
- time spent in creation (operational efficiency)
Average Sales Cycle Duration Results (March-May 2020)
DealRoom reduces the sales cycle duration by an average of 3.5X in days compared to PDF/Word documents.
Average time spent creating a quote (March-May 2020)
We also determined that it takes significantly less time per person to create, manage, and execute a price quote inside DealRoom compared to quoting with a PDF/Word document.
Accelerate Your Time-to-Revenue
DealHub consolidates the entire sales cycle from opportunity to close which accounts for the increased efficiency and acceleration of the sales cycle. Instead of logging into several disconnected software solutions, DealHub delivers complete horizontal connectivity - all the solutions you need are in one platform. With everything in one location - from sales collateral, configure price quote, and contract negotiation, to SoW, forms, and eSignature - sales teams reduce admin time, generate proposals in minutes, and close deals faster.
The Impact on Revenue Operations
Reducing the sales cycle allows Revenue Operations to access the new revenue within the same fiscal quarter, rather than the next quarter. Maintaining this positive cash flow is essential to the financial health of companies dealing with economic disruption.
During the current and next phases of COVID-19, sales teams must be empowered to carry out their daily work on the front line of business while collaborating with their team, serving their buyers, and driving revenue.
At DealHub, we built DealRoom to help our customers who use withstand market turbulence and enable them to respond to their buyers quickly from any location and to leverage a reduced sales cycle for higher revenue growth.
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Article by: Gideon Thomas - VP Marketing & Growth, DealHub.io |
