Selectica Announces Availability of Quote-to-Cash Benchmark Report By Aberdeen Group
Report Outlines Negative Impact of Disjointed Sales Processes and How Contract Management Automation Helps Companies Stop Revenue Leakage, Reduce Sales Cycles
SAN JOSE, Calif., Jan. 10 -- Selectica (NASDAQ:SLTC), a leading provider of enterprise contract lifecycle management solutions, today announced the availability of a new benchmark report by AberdeenGroup titled "Contract Management in the Quote-to-Cash Cycle: More Revenue, Less Leakage." The Selectica-sponsored report demonstrates how Contract Lifecycle Management, once used solely for procurement and supplier contracts, is quickly gaining interest from executives looking to stem the tide of revenue leakage in their sell-side agreements. On average, poor contract management practices cost companies 9 percent of their revenue due to regulatory penalties, missed deadlines, lost sales, long sales cycles, maverick pricing, and transactional errors, according to the report.
To download a free copy of "Contract Management in the Quote-to-Cash Cycle: More Revenue, Less Leakage" visit, selectica.com/report.
"The sales order management process and the entire quote-to-cash cycle have become increasingly complex, due to rise in contract volume, intricate product pricing and configuration, and the wide range of data which must be negotiated, approved and monitored," said Vishal Patel, research analyst with AberdeenGroup and author of the report. "Selectica, with its flexible architecture and strong sell-side domain expertise, is well positioned to meet marketplace needs."
"Contract Management in the Quote-to-Cash Cycle: More Revenue, Less Leakage" provides an in-depth look at sell-side contract management by examining the contract management strategies, procedures, and investment plans of the 189 companies who participated in the Aberdeen survey late last year. The report also recommends best practice next steps for improving contract management procedures and performance, and highlights key performance benchmarks of companies identified as "best in class" by Aberdeen.
Findings of the report include:
oThe percentage of an enterprise's revenue that is dictated by a contract is likely to rise from 56 percent to 68 percent during the next two years.
o83 percent of respondents said contract lifecycle management is "essential" or "important" to the quote-to-cash cycle.
o67 percent report a disconnect among the various sales processes, including pricing, proposal creation, negotiation, contract management, as well as order management and invoicing.
o43 percent face challenges with the lack of standardization of language used in proposals, contracts and service-level agreements (SLA's)
o47 percent plan to invest in contract management software in the next 24 months.
"This latest Aberdeen report provides a prescriptive wake-up call for all sales organizations who continue to be hamstrung by manual, paper-based systems," said Terry Nicholson, Selectica COO of Contract Management Solutions. "Using Contract Lifecycle Management automation software to unify and streamline key revenue cycle processes helps companies to shorten the sales cycle, plug revenue leaks, maximize productivity, and more accurately forecast revenue."
Selectica delivers the industry's most flexible solutions for managing the full range of enterprise contracts, including sales, SLA's, employment, purchasing, operations, leasing and intellectual property agreements. The robust software platform ensures compliance by automating and streamlining the creation, storage, management, and analysis of contracts -- from initial contract request and negotiation to on-going compliance and performance management. By automating many of the manual, disparate processes traditionally associated with contracts, Selectica solutions help companies:
oGain visibility and control of their commitments;
oEliminate poorly structured agreements;
oTrack key milestones, deliverables and renewal events;
oEnsure accurate financial reconciliation and compliance;
oManage collaboration and approvals across entire contract lifecycle; and,
oEnforce use of standard processes and terms.
"Contract Management in the Quote-to-Cash Cycle: More Revenue, Less Leakage" is the fourth contract management report published by Aberdeen during the past nine months. To download previous reports, including the Sales Contract Benchmark Report, Contract Management in the Mid-Market, and Procurement Contracts Benchmark Report, visit Selectica's Contract Management Knowledge Center at www.selectica.com.
About Selectica, Inc.
Selectica, Inc. (NASDAQ:SLTC) provides its customers with software solutions that automate the complexities of enterprise contract management and sales configuration lifecycles. The company's high-performance solutions underlie and unify critical business functions including sourcing, procurement, governance, sales and revenue recognition. Selectica has been providing innovative, enterprise-class solutions for the world's largest companies for over 10 years and has generated more than $500M in savings for its customers. Selectica customers represent leaders in manufacturing, technology, healthcare and telecommunications, including: ABB, Alcoa, Applied Bio Systems, Bell Canada, Cisco, Dell, General Electric, Fireman's Fund Insurance Company, Hitachi, International Paper, Juniper Networks, Rockwell Automation, Seton Hospital, Tellabs, Time Warner, Triad Hospitals and 7-Eleven. Selectica is headquartered in San Jose, CA. For more information, visit the company's Web site at www.selectica.com.
Investor Contact: Tony Rossi, Financial Relations Board for Selectica
310-854-8317, trossi@financialrelationsboard.com
Media Contact: Mary Bart, Selectica Inc.
408-313-4203, mbart@selectica.com
