CPQ is the acronym for configure, price, and quote. The CPQ feature is typically contained in an application or software. It allows sellers to quote for complex orders with ease. Great CPQ software offerings such as CPQ solutions abound. They are used in collaboration with other business automation software for optimum results.
CPQ software allows for accurate pricing by taking into consideration quantities, discounts, customizations, and multiple revenue types. It runs on preprogrammed rules that govern its output. CPQ software has been steadily upgraded over the years, and it is now mostly operated based on cloud services.
1. Faster Response Times and Quote Generation
Response times are highly important in today’s digital age. Many salespersons’ response times were previously dictated by the amount of time it took to come up with a quote. The time was typically long because it took sales agents sorting through a lot of paperwork before arriving at their pricing decisions—the long chain of processes leading up to the eventual quotes made for a lot of lost time.
CPQ software shortens this time by generating quotes for sales agents in an exponentially shorter time. The quotes are based on the preprogrammed rules imputed into the CPQ software. These rules are configurable according to the scale of the company involved. The results are generated within minutes and forwarded for approval.
2. Cloud-Based Operations
Cloud-based services of CPQ allow for unfettered access to data at anytime and anywhere. This structure allows for the easier management of the systems. All the stakeholders are expected to have access to CPQ data can do so in real-time.
The amount of storage needed in cloud-based CPQ is much compressed since they are all stored in cloud storage spaces. There isn’t any form of duplication and timeless access to work files. This allows sale agents to draw up order information from the cloud at the client’s need even when they are not at their workplace.
3. Less Likelihood of Errors
Software and automation systems like CPQ are famed for their ability to reduce human errors. When fatigued or not in the best frame of mind to do work, humans make mistakes that cost the company in massive amounts. CPQ takes on the workload that takes a toll on sales agents mentally and productively and churns out accurate and worthy results.
The rules engine in a CPQ software generates tailored results based on the rules in the rules engine for the company putting it to use. The company can appropriately make changes to the rules as business needs change. This allows customers to trust the CPQ model you have put in place.
4. Customizability of Orders
Consumers are getting more particular about the uniqueness of their orders. This widespread need for customization is known as mass customization. CPQ software caters to all the unique strains of orders that clients placed per time.
CPQ automatically quiz customers on what specifics they want their order to reflect. The information generated from such quizzes is used to create quotes, taking into consideration each order’s uniqueness. Regardless of the number of different orders that a client or different clients place CPQ software always has it covered.
5. Greater Attention to Client Needs
The use of CPQ achieves time savings and overall system efficiency. This edge allows sale agents to pay more attention to the needs of prospective clients. They offer endless consultations with clients until clients are wholly satisfied with the details of their orders. Key decision factors in orders include the intricate details of the orders, the pricing, and delivery. All of these key factors are well taken care of during the procurement stages.
Effective communication, faster responses and better engagement with customers are ensured with the use of software. CPQ tools also allow sales agents to broker longer business relationship based on the higher level of attention made to customers on every business-related interaction with the company.
6. More Deal Closures
CPQ is known to help sales teams to produce quotes in less time. Less time spent on single quotes means more time to generate new leads, and consequently, more deals closed in limited time frames.
CPQ also allows privileged insights into selling data, which can inform the scalability of deal sizes. Reusable sales templates are also logged in software, making it easier to close deals based on brand recognition in the sales market.
7. Customer Satisfaction is Guaranteed
With CPQ in place, sales agents and companies can take every step with their clients regardless of how intricate their orders are. The automated information systems in CPQ allows customers to provide adequate information on their orders. The information available to the sales agents will enable them to attend to these requests with a high level of attention to detail.
The personalized touch to each order and less likelihood of errors in orders makes for the overall satisfaction of customers. Previous satisfaction with your company’s services can keep customers coming back, and they can also provide referrals to customers.
Takeaway
They are a necessary feature for all sales team that desires to take on the business world. There are many CPQ offerings ready for implementation in the B2B and B2C business world. However, it is crucial to make a decision based on professional guidance.
The company and its sales teams can engage customers via shorter response times, cloud-based operations, higher efficiency, and personal business attention. Overall, the customer satisfaction is guaranteed through the use of CPQ software.
