ValueCore is the right partner to support OpenText 's growth ambitions
OpenText’s focus is on the provision of software that enables their customers to deliver experiences for their customers. Experiences refer to anything across multiple touchpoints—whether it’s going on to a portal, a website, or receiving communication through historically printed material. Today, any kind of electronic or digital format, on virtually any device and in fact extended to an endpoint with IoT. And a broader range of endpoints for communications. OpenText delivers those experienced software products and related services, installations, support, getting those items up and running for their customers through cloud provision on a turnkey basis of personalized and highly valuable experiences.
Since 2016, our customers demanded to see some sort of business case, says Michael Monette, Directory of Value Management. The classic request was ROI; we offered a TCO too. Our challenge, however, was to enable our sales professionals to engage with customers and rapidly generate an ROI. We wanted to gather key information and create an ROI quickly. In the past, we had our share of Excel templates and worksheets to accomplish these tasks.
“We wanted to have more engagements and a repeatable basis. It was important to have regular rational consistency and a common look and feel.” Michael explains.
We want to explore with ValueCore the usage of the tool to put in primary business benefits and value drivers and then generate ROI and TCO. We’re interested in looking at something that provides the next levels of functionality – formalizing how data is presented back to the customer – (currently, OpenText uses PowerPoint only outputs) something like a word document. “An output that allows us to put in some prose and more descriptions.”
Monette explains that they would “also like to export the questions a sales professional can use to interrogate the customer. Output with dynamic information.” (Note: A key feature of our Discovery Wizard product.)
Finally, OpenText is not currently integrated with Salesforce – “future use – we want to see all the platform’s capability.”
OpenText currently has customized specific product templates pre-populated with typical business drivers and a set of questions built into the templates that are related to the product. The Visualizers are designed for speed with standard questions and output into 4-5 PowerPoint slides.
“We use a centralized approach through our VMO. Sales reps’ response has been very positive to having a Value Management Office. They welcomed the ability to have business case parameters into their proposals.” Happy enough with the output. Speed was the main thing. It doesn’t slow down their sales cycle. It helps them engage with their customer to collect data and then come back with an ROI. Speed is the key.
Monette says, “Yes, the Business Case has helped close more opportunities.” We use the ROI models to motivate customers to action. The ability to put in the cost of delay is a significant feature. The cost of a 3-month delay has motivated customers to move sooner too.
In the future, We want to work on using the tool to influence pricing behavior. Value drivers are helpful phrases. The initiative I’ve got is to look at the VMO and change the behavior to express early in the sales cycle the value before the pricing discussion. At that point, it would reduce the need for discounting and improve the value of our product.
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