This chapter contains the following:
After you set up the required functionality described prior to this chapter, the opportunity application is ready for use with default behavior. However, you might want to configure some functionality, including:
Configuring sales methods and sales stages: Sales methods and sales stages mark the progress of an opportunity from start to close. A few sales methods, with supplied sales stages, are provided for use in opportunities. The supplied Standard Sales Process works without any additional setups required. However, you can customize sales methods. For example, you might want to add stages to a supplied sales method or even create new sales methods. For more information, see the section in this chapter, Configuring Sales Methods.
Configuring how opportunities are closed: The ability to close an opportunity using a dedicated close page and required fields is enabled by default. However, you can turn off the close page and control which fields are required. For more information, see the section in this chapter, Configuring Opportunity Close Behavior.
A company's sales methodology is its formalized approach toward achieving a sale. In opportunities, you can employ your company's sales methodology using a sales method that is automatically associated with the opportunity when it is created. The sales method contains several sales stages that progress as the opportunity matures.
Several sales methods and stages are supplied with the application. You can use the supplied sales methods and stages as shipped, modify them to suit your business needs, or create new ones.
You can specify the default sales method using the profile option, Sales Method Default. Setting the profile option is discussed in the topic, Setting Default Sales Method Profile Option.
While editing an opportunity, salespeople can change the sales method and sales stage, if needed.
For information on creating new sales methods or editing existing ones, see the topic, Configuring Sales Methods.
You can create and edit sales methods and their stages by following the procedures in this topic.
Note: This topic does not cover setting up the elements of the Sales Coach. For information on setting up sales coach, see the videos, Setting Up Sales Coach, parts 1 and 2, available in the online help.
You can find more information on sales methods and Sales Coach in the online help and in the guide, Oracle Sales Cloud - Using Sales.
Use the following procedure to create new or modify existing sales methods.
As a user with access to the sales methods pages, such as the sales administrator or a setup user, navigate to Setup and Maintenance.
Search for the task, Manage Sales Methods and Sales Stages, and click the Go to Task icon on the task to retrieve the Manage Sales Methods page.
If you want to create a sales method: In the Manage Sales Methods page, click the Create icon.
If you want to edit a sales method: In the Manage Sales Methods page, drill down on the sales method, or select the row showing the sales method and click the Edit icon.
In the Create Sales Method or Edit Sales Method page, fill in the required information. The following are the more complex attributes of sales methods:
Set: A set represents a group of business units. The Set field allows the sales method to be shared across multiple business units. Select the Common Set, unless you are aware that a different set should be selected.
Close Window: Set in days, the Close Window value is added to the current date to set the initial opportunity close date. If not set, the application retrieves the default close window from the Opportunity Close Date Default profile option.
Disable: The Disable check box lets you disable the sales method. Only disable sales methods during implementation and not after the methods are in use in current opportunities.
Add new or modify existing sales stages as described in the following section, Creating or Editing Sales Stages.
Save your changes.
Use the following procedure to create new or modify existing sales stages.
As a user with access to the sales methods pages, such as the sales administrator or as a setup user, navigate to Setup and Maintenance.
Search for the task, Manage Sales Methods and Sales Stages, and click the Go to Task icon on the task to retrieve the Manage Sales Methods page.
Drill into the sales method whose sales stages you want to customize. The Edit Sales Method page appears.
To add another sales stage to the sales method: In the Edit Sales Method page, click the Create icon and fill out the required information in the Create Sales Stage page.
To edit a sales stage: In the Edit Sales Method page, drill down on the sales stage, or select the row and click the Edit icon. Fill out the required information in the Edit Sales Stage page.
Following are the more complex attributes of sales stages:
Quota Factor: This field feeds the data in the sales Pipeline report. Quota factor is the number that a salesperson's quota must be multiplied by to meet his revenue targets at this sales stage. Enter a 3, for example, to indicate that a salesperson needs three times the amount of deals to meet his revenue targets at this sales stage.
Disable: This check box lets you disable the sales stage. Only disable sales stages during implementation and not after the stages are in use in current opportunities.
Win Probability: This field represents the likelihood (in percent form) of winning the opportunity. This Win Probability field sets the default win probability at opportunity level for the sales stage. If you don't want your sales stages to control opportunity win probability, make sure they are null by blanking out any value in this field.
Duration: This field signifies the average number of days that you expect this sales stage to last. For example, you would enter 30 if you think this sales stage will last about 30 days.
Stalled Deal Limit: This field signifies the number of days after which an opportunity in this sales stage would be considered stalled. This field drives metrics for the Stalled Opportunities report.
Save your changes.
You can specify the sales method set on an opportunity when it is initially created by setting the profile option, Sales Method Default. Use the following procedure to set the default sales method profile option.
As a user with access to the profile option screens, such as the sales administrator or a setup user, navigate to Setup and Maintenance.
Search for the task, Manage Opportunity Profile Options, and click the Go to Task icon for the task. The Manage Opportunity Profile Options page appears.
In the search region, select Opportunity Management as the application,
or just enter the profile option Sales Method
Default directly in the Profile
Display Name field.
In the list that is returned, click on the profile option to retrieve the details about the profile option.
Set the profile option to the sales method that will be the default for newly created opportunities.
Note
Opportunity and revenue reports and analytics, such as the Pipeline report, are designed to work with the supplied sales method Standard Sales Process. If you use a sales method other than this one as the default sales method, you 'll need to customize reports to uptake the other sales method.
Salespeople close an opportunity when the deal is either won, lost, or abandoned for some reason. The ability to close an opportunity is always available. You have the following configuration options:
Enable or disable the Close Opportunity action in the Edit Opportunity page and the subsequent Close Opportunity page that appears after a user selects the Close Opportunity action in the Edit Opportunity page.
Make it required or optional to enter a win/loss reason in the Close Opportunity page or in the Edit Opportunity page.
Make it required or optional to enter a competitor in the Close Opportunity page or in the Edit Opportunity page.
Set the default number of days to the opportunity close date.
Each of these options is controlled by profile options described in the topic Setting Close Opportunity Profile Options.
Note
Even if you have not enabled the Close Opportunity action or Close Opportunity page, users can still close an opportunity by selecting a closed status and saving the opportunity. If you have set the profile options to require a win/loss reason or a competitor, users will still be required to enter them, regardless whether you have enabled the Close Opportunity page.
Using profile options discussed in this topic, you can configure close opportunity behavior. For more information on the configuration options, see the topic, About Closing Opportunities.
The following table shows the profile options that control opportunity close behavior.
| Profile Option Display Name | Default Value | Effect |
|---|---|---|
|
Close Opportunity Flow Enabled |
Yes |
Determines whether the close opportunity flow is enabled. A Yes value enables the Close Opportunity action in the edit opportunity UI, as well as the subsequent close opportunity summary screen. A No value still allows the user to close an opportunity by setting the status to a closed status category. |
|
Close Opportunity Win/Loss Reason Requirement |
Yes |
Determines whether, when closing an opportunity, the user is required to enter a win/loss reason. Applies both at the opportunity and revenue item levels. Effective regardless of the setting of the Close Opportunity Flow Enabled profile option. |
|
Close Opportunity Competitor Requirement |
Yes |
Determines whether, when closing an opportunity, the user is required to enter a competitor. Applies both at the opportunity and revenue item levels. Effective regardless of the setting of the Close Opportunity Flow Enabled profile option. |
|
Opportunity Close Date Default |
20 |
Determines the number of days after an opportunity is created for the initial close date. |
Use the procedure below to find and set the close opportunity profile options.
As a user with access to the profile option screens, such as the sales administrator or the setup user you created earlier in this guide, navigate to Setup and Maintenance.
Search for the task, Manage Opportunity Profile Options, and click the Go to Task icon. The Manage Opportunity Profile Options page appears.
In the search region, select Opportunity Management as the application, or just enter the profile option name directly in the Profile Display Name field.
In the list that is returned, click on the profile option to retrieve the details about the profile option.
Set the profile option value as needed.