Configure Price Quote Solutions - CPQ Software

Configure Price Quote Solutions - What is CPQ?

If you are selling complex products, you might know how challenging it is to provide an accurate quote for your customers. Managing the entire process that involves configuration, pricing, and quoting, is no easy. The key to resolve this issue is to automate this process using appropriate CPQ software.

CPQ software enables companies to accurately price and quote products across a wide spectrum of variables. It combines all these variables to help companies to produce quotes of highly configurable products in the best possible way.

In the CPQ platform, all the information associated with products, pricing, and business a rules is centralized and available in real-time. With critical data easily accessible in real-time, quotes can be created quickly no matter how complex they are.

While pricing a complex product, the CPQ software takes into account multiple variables including production cost, handling cost, transportation cost, competitors' price, etc.

What are the Benefits of CPQ Software?

1 If you are a product-based company engaged in complex sales, you need to use the CPQ tool. The software tool will allow your team to spend more on selling and less on quoting. It automates quoting management thereby eliminating a majority of your manual tasks.

2 Using the CPQ tool, you can reduce quoting errors significantly and focus on closing the sale. Quoting productivity will skyrocket allowing you to create a larger number of quotes in less time. According to Aberdeen group, an international marketing group, usage of CPQ software has shown to increase quoting productivity by 33%.

3 Large companies that sell a range of product configurations and bundles find it difficult to manage product pricing, configure and quote custom products, leading to longer quote times. A CPQ tool will help to resolve this issue. It will provide product-pricing data in real-time, dramatically cut quoting time, and minimize errors.

4 Incorporating appropriate CPQ software into your business can help to boost your sales performance. You can expect a higher lead conversion rate and have larger than average deal size.

5 Various studies have shown that Configure price quote solutions can shorten the sales cycle. CPQ software automates your quoting activity, which will help to accelerate your sales process.

6 CPQ software can also increase the efficiency of your sales team as the information is available at a central location. They don't have to juggle between multiple systems to access quoting-related information.

7 As your product list grows, identifying upsell/cross-sell opportunities can make it difficult. CPQ software solutions automatically suggest upsell/cross-sell products while you are creating a quote in real-time.

8 With CPQ software at your disposal, you can close big deals faster and sell more.

Its guided selling feature ensures that you configure quotes exactly as per your customer needs.

What type of CPQ Software should you Use? Traditional on-premise CPQ systems are inherently high-cost investments.

They require lengthy installations and are difficult to maintain. You need to install the on-premise software on your server.

Moreover, you will be responsible for its maintenance and upgrades.

A better option is to choose a cloud-based CPQ tool in which the software and server are hosted on the Internet. You can easily create and send quotes from anywhere as long as your device is connected to the Web. Cloud-based CPQ software offers the flexibility to manage your quoting process anywhere anytime. The upfront cost of any cloud-based CPQ tool is low as you don't have to invest in infrastructure.

You have to only pay a monthly subscription fee to a cloud service provider that handles everything from software maintenance to support.With a cloud-based CPQ tool, you can focus on core business processes rather than worrying about server maintenance.

A cloud-based solution is mobile-friendly, meaning you can manage your complex quoting process using smartphones and tablets.