Quote
Formal document or proposal that outlines the pricing, terms, and conditions for the provision of goods or services by a seller to a potential buyer. The quote plays a vital role in initiating the contractual relationship between a buyer and a seller. It provides the groundwork for negotiations, sets expectations, and serves as a reference point for creating the formal contract within the CLM framework.
Quote-to-Cash Process
An end-to-end workflow that begins with generating a sales quote and concludes with the successful receipt of payment for goods or services delivered. The QTC process encompasses various stages, including quoting, contract creation, order fulfillment, and invoicing, with the ultimate goal of efficiently converting a customer's interest into revenue. Effectively managing the Quote-to-Cash process within the CLM framework helps organizations enhance operational efficiency, improve customer satisfaction, and ensure compliance with contractual obligations throughout the entire customer lifecycle.