There are a lot of platforms, Software solutions and tools available in the market to optimize, integrate and streamline your business processes, and gain higher output. These platforms are interactive, easy to use and are cost effective. Configure price quote software, commonly known as CPQ is one such system. Let’s have a look at some of the aspects of CPQ systems.

CPQ Software

CPQ definition in simple terms is a sales tool used by companies to provide their customers with a highly complex product price quote. It enables in revenue expansion by facilitating quick and accurate quote responses. Moreover, being a cloud-based system, it will allow sales representatives to sell anywhere and at any time.

Benefits of CPQ software and its impact on Business

• Shorten your Sales Cycle

Reduced sales cycle time is the biggest impact that Cpq Software solution offers to its customers. It essentially reduces the time taken to configure the quote for highly complex products. In the absence of a CPQ Software, sales representatives would have to configure the quote manually, thus resulting in huge time investment on their part. This leads to sales representatives losing the momentum as well as the urgency that is required for deal closure.
Thus, with the usage of CPQ software, the probability of deal closure increases as quotes can be provided in no time. These quotes are created according to business rules, regulations and logic of the individual company and hence can be completely relied upon.

• Reduce your Operational Cost

Profits are directly proportional to the overall operational costs and hence to boost profitability, one needs to bring down the operational costs. CPQ system aids in these efforts of reducing the operational costs. Integration of the platform with the enterprise-wide ERP systems can boost efficiency while bringing cost savings at the same time. The integration facilitates operation from a single database, thus resulting in the enhancement of communication and leaving no margin for miscommunication or errors. This improves the effectiveness and efficiency of the sales team and also of the other verticals of a company.

• Ensure Transparency

The Quoting software for small businesses provides the necessary transparency in sales processes. It provides insights on what’s working for the sales team, which strategies are giving results and which are not. It infuses business intelligence into every quote provided by analysing past transactions and customer history. Thus, the whole process becomes more transparent, and the sales representative can have better control over the entire process.

• Quote Anytime Anywhere

CPQ software available today is cloud-based and comes with its own mobile app. This will allow sales reps to access and operate the software from any mobile device, thus making it possible to carry out transactions on the go, anytime, anywhere. It provides the same visibility, same features and same backend support irrespective of any device. Customers too can view and accept the quote from any device. This flexibility and convenience can help sales reps to achieve their sales target easily. The convenience is a major influencing parameter on the overall consumer buying behaviour, and hence accessibility from any device can have a positive impact on the customer experience.

• Spend More Time Selling

With the use of CPQ software, sales representatives spend more time selling and less time on other complementary activities such as data entry, quote generation among others. It facilitates the generation of accurate reports which can be relied on hence the overall time spent by the sales team in back checking the quality of reports is avoided. In addition, for custom implementation of certain features of the software, backend support is also provided by developers. This reduces the overall time spent by the sales team in understanding an add-on or a feature of the platform.

• Maximize Deal Size

As we all know, upselling and cross-selling are popular sales strategies that are used to increase deal size. CPQ software automatically highlights cross-selling and upselling opportunities while configuring a quote, thereby helping to maximize deal size.

Why CPQ software is essential for lead generation

CPQ software reduces the time spent by a sales representative for researching a particular lead. This enables the sales representative to concentrate more on the lead and its closure. This can be facilitated as CPQ solutions, provide the up to date, thorough and accurate data at one place. This also eliminates the exercise of shuffling through storage spaces to acquire the required data.

In addition, the CPQ software enables to identify new leads. They provide intuitive prospective lead tracking, which is backed by strong analytical conclusions, and even help to segregate leads based on their prospects for deal closure. This reduces the time spent on false leads and hence essentially contributes to a higher ROI.

A company has to carry out advertisement as well as marketing campaigns to attract new customers. Not all of them are effective, and there has to be a certain mechanism in place to measure the output of these campaigns. CPQ software provides such a mechanism. They help to evaluate the success of a lead generation campaign point by point so that one does not miss even a minuscule detail. This is particularly important as not all leads that are generated are there to buy a product but have to be nurtured in order to promote future sales.

It can thus be safely concluded that CPQ systems aid business to be more predictive about their customers and empowers them in the right way. It allows a business to be smarter by providing it with all necessary distinguishing factors. Thus, it is always advisable to get a CPQ platform that best serves a company’s need.

Learn more about CPQ Software

• CPQ (Configure, Price, Quote) Software
• What is CPQ Software? Why Use Configure Price Quote (CPQ) Software?
• How to use CPQ Software to make the Quoting Process Faster