CPQ (Configure, Price, Quote) software is a potent tool that enables businesses to generate accurate and highly configurable client quotations promptly.
By centralizing all of the relevant price information, CPQ can create rapid and accurate quotations. This streamlines price information, allowing businesses to save time and increase sales.
However, many firms still do not employ CPQ in their sales processes because they are unaware of the good effect it may have on their company, they are unsure whether it is worth the investment, or they believe they do not need it. Which gets us to the next inquiry.
Advantages of implementing configure price quote software:
As previously stated, CPQ is meant to increase the accuracy of your company’s quotes and prices. The likelihood of quoting incorrect pricing, items, or unsuitable product combinations will be reduced. As a result of errors committed throughout the sales process, you may waste time and money, or you may lose consumers to your rival.
FASTER SALES CYCLE
Time is cash. This implies that any time lost by a firm will also result in the loss of money. With CPQ software, outdated pricing, obsolete product/service information, human mistakes, and approval backlogs will no longer create delays. This will not only boost your chances of obtaining the order by allowing you to respond to consumers promptly, but it will also allow your sales staff to sell more products.
INCREASED DEAL SIZES
CPQ software may also provide additional up-sell and cross-sell possibilities throughout the setup cycle. At instance, by suggesting an additional product that the buyer may need or by bundling the two items for a lower price. In conclusion, CPQ offers you the ability to raise your average transaction size via up-sell and cross-sell suggestions tailored to your client’s preferences.
QUICKER INTRODUCTION OF NEW PRODUCTS, CONFIGURATIONS, AND PRICE CHANGES
CPQ makes it faster and simpler than ever before to upgrade and offer new products. All updates will be synchronized in real-time throughout your whole organization, guaranteeing that the sales staff has access to the most current product catalog and pricing list. It is also feasible for the CPQ to maintain a history of modifications, allowing you to undo them when required. CPQ can also help you maintain current product inventory, display multiple prices/currencies according on the buyer’s location, and offer discounts to specified quantities and clients.
BETTER CROSS-CHANNEL VISIBILITY AND MANAGEMENT
By examining all the data gathered throughout the sales process, we can establish which aspects are performing effectively and which are not. Analytics may also help us better comprehend the demand for certain items or product combinations, get insight into the real-time operations of sales representatives, flag quotations that deviate from the set norms for further examination, and more.
BETTER CUSTOMER SERVICE
Customer satisfaction can make or ruin a company. In the end, the success of a company rests on its clients, thus you must provide superior customer service to keep your customers pleased and your firm operating. Customers will be unsatisfied if they get their quotation a month after they requested it or if it contains errors, and your rival may close the transaction in the meantime. However, CPQ will guarantee that your consumers get their quotations fast and with minimum mistake risk, which will increase their likelihood of becoming genuine customers.
As can be seen, there are several advantages to quick quote software implementation. Investing in it may be a fantastic choice if you are really committed to profit development and want to get a competitive advantage.