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CPQ Software

CPQ Software:

CPQ or Configure Price Quote Software is a sales tool designed to help companies automate the lifecycle of the quoting and proposal process to produce accurate and highly configured quotes.
The lifecycle of the quoting and proposal process starts when a customer supplies their needs in the offering of a a company and ends with sending a detailed quote to the customer or prospect. The requirement of a customer can be determined and custom quotes can be provided that best fit those specific requirement. CPQ software can be used in sales departments to accelerate the sales process by improving quote accuracy and customer relationship. The software can be integrated with one or more CRM tools or can also be built on an existing CRM software product.

Features and Benefits of CPQ Software:

There are several features for the basic activities that can be included as a part of the configure, price, quote lifecycle such as: configuration logic for the offering, standard and custom pricing, and quote tracking. All of these features can benefit the user in many ways.

  • The information provided by the software can be used by the salespeople to quickly create offers which are beneficial for both the customer and the company.
  • Workflows can be offered for users to create, modify, send, and track quote documents in different formats.
  • Product catalogs including pricing and bundling for hundreds or thousands of products can be defined and managed by using CRM software, ERP systems, and other enterprise software data.
  • The profitability of each offering can be evaluated based on financial rules, customer pricing, costs, and external factors such as competitors, market changes, or laws and regulations.
  • The software can be integrated with other solutions downstream to collect and analyze data for better quoting and upstream to spread and promote new pricing into other solutions such as e-commerce.
  • It help assist users with analytics and reporting during the entire quoting process, and provide data and suggestions to improve the process.
  • As the complex product, pricing, and business rules can be centralized, automated and available in real time, the sales person has everything they need at their fingertips resulting in expanded revenue.
  • It helps all channels to sell more, sell bigger, and sell anywhere and thus increases sales effectiveness by providing you the power to create the best quotes possible.
  • The revenue share, exclusive discounts, or pricing and shipping fees can be easily managed by you as the CPQ software allows you to have the full control over the access of partners, groups, or channels for certain pricing or product information, with role-based access, discount locks, and portals.
  • Different strategies for different channels or different geographies can also be managed by giving you full visibility into sales trends and channel effectiveness.
  • The ideal combination of products and services for each customer can be identified as it provides a path that guides every representative towards the correct product and removes individual error through automation. This help presenting the best possible product configuration to every potential customer.
  • As the process is automated, CPQ software is not only helpful in cutting down the quoting time dramatically but also saves time by minimizing errors.
  • As the software eliminates the need of manual quoting and simplifies business complexity, more time can be spent to sell by your representative.
  • CPQ software can reduce the sales cycles as it has one centralized location for all product and pricing information and user friendly interfaces. It also provides guide for selling recommendations and configurations that manage product complexity.
  • Common quoting errors can be eliminated and the problems they cause to sales can be  downstream.
  • The efficiency can be increased as the information delivery and timing can be optimized through CPQ.
  • Companies can be ensured for automatic compliance with product, pricing and business rules.

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