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in this video we will be discussing the lead cache process and how it's used in the business to business world we will also look at the various tools that businesses use to streamline their end-to-end process such as CRM which stands for customer relationship management cpq for configuration pricing quotation CLM contract lifecycle management and finally billing so what is the lead to cash process simply put it is the process of taking a potential customer called lead and converting them into a paying customer this process involves many steps including lead generation lead qualification sales engagement proposal and negotiation closing of the sale fulfilling the order and delivering the order to the customer sending invoices receiving payments from them and finally recognizing the revenue the lead to cash process could be automated to various degrees with customers finding and purchasing products or Services entirely on their own now this might involve a self-service portal where a customer can browse the products configure it to their needs and then make payments without any human interaction however it's important to note that many customers still value the human interaction and guidance when making big purchase decisions in the Enterprise World additionally some products or Services could be too complex or expensive to sell without the help of a sales team businesses in the B2B world use this process to ensure that they are effectively identifying potential customers engaging with them in a meaningful way and ultimately closing the deal by following a defined process businesses can ensure that they are delivering a consistent experience to their customers and maximizing their chance of converting a lead into a paying customer so to help streamline this process businesses often use various tools such as CRM customer relationship management application cpq for product configuration pricing and quotation CLM for contract lifecycle management and billing CRM or customer relationship management is a tool that allows businesses to manage their interactions with customers and potential customers it helps companies to track their potential customers manage customer data analyze the customer Behavior to better understand the need and preferences by the way if the term B2B b2c CRM are all new to you I recommend you check out my other video where I have covered these terminologies in Greater detail and if you are liking the contents in this video be sure to hit the subscription button plus sign up for my Weekly Newsletter that comes out every Friday jam-packed with Salesforce tips career advisors inspiring stories and so much more I have left the link for the same in the description and comment sections below all right let's get back to the topic cpq or configure price code is a tool that helps businesses generate accurate and timely codes for their products or services this tool ensures that the pricing and configurations are accurate reducing the likelihood of errors or discrepancies that could negatively impact the customer experience this is extremely helpful especially when you have complex product configurations complex pricing requirements now while speaking of cpq I like to take Apple products as an example maybe try doing this fun exercise as I speak just go to apple.com and try to initiate a purchase for a MacBook Pro now immediately you will see that from a size perspective there are three different options to choose from a 13 inch 14 inch or 16 inch once you get past the size you have to choose the colors as well do you need a space gray or a silver color next you are prompted to choose the processor do you want an M2 Pro or an M2 Max what kind of memory do you want do you want an 8 GB 32GB 64 GB or a 96 GB and when it comes to size then there are plenty of options for 12 GB one terabyte 2 terabyte 4 terabyte eight terabyte finally do you want those pre-installed softwares as well the Final Cut Pro and the logic pro melts but in these there are also more rules that are baked into the system for example if you select a 13 inch MacBook Pro you do not have an option of a 64GB or a 96gb memory you can only select up to 32GB but you do have an option of 8GB within a Macbook Pro 13 Edge however when you select a 16 inch you'll also get that 64GB and 96 DB but you do not get that 8GB memory option at all because these rules now have been baked into the system every time you make any changes in the website in terms of the size of the storage the system also accurately determines the price if the CPU system did not exist and the sales rep had to remember all of these complex combinations then soon it would become super complex for the sales team to remember all of these and present the right code to the customer of course not to mention the chances of making mistakes would be all the more higher which means that the sales team would put a code together with an incorrect combination and only during the Fulfillment team for example we might get to know that what has been sold to the customer cannot be configured CLM or contract lifecycle management is a tool that helps businesses to manage the entire contract life cycle from contract creation contract negotiation and redlining processes and contract execution all the way through to renewals CLM helps companies streamline the contract process ensuring that they comply with legal and regulatory requirements billing is a critical step in the lead to cash process and involves generating invoices collecting payments and recognizing Revenue by using a billing tool businesses can automate the billing process reduce errors and ensure that the invoices are delivered in a timely and accurate manner to the right account payable team of the customer and they get paid on time so in conclusion the lead to cash process is a critical process for any business in the B2B World by following a defined process and utilizing tools such as CRM cpq CLM and billing businesses can streamline this entire process and improve the customer experience and ultimately increase Revenue now if you are someone looking to expand your skill set and open up new job opportunities it's worth considering and learning about these tools these software platforms are used by businesses of all sizes to manage the customer relationship streamlining the sales process and automating the billing and invoicing needs and the good news is there are plenty of options out there to explore for instance Salesforce and its ecosystem offers all of these functionalities and more making it an excellent platform to sharpen your skills on all right if you are excited to learn more about these awesome tools we have been talking about stay tuned because I'll be diving deeper into all of these in the upcoming videos but don't forget to hit that subscribe button and smash that like button if you are enjoying the content so far plus check out the link below to subscribe to My Weekly Newsletter which is going to be filled with tons of valuable insights Salesforce tips and much more trust me you don't want to miss that one out I'll be sending them out every Friday take care bye foreign