Businesses must understand the competitive nature of the lead-to-cash process. It is very complex today, and manual processes have become a thing of the past. Competitors using automated processes meet the needs of customers sooner, which means they will capture the business.
While Configure, Price, Quote (CPQ) software has been around for some time, the customer experience and relationship management industry continues to grow at an amazing rate. In fact, it now serves as the largest software market.
Quote Generation
Consumers want quotes in a timely manner. In the past, businesses would need to create these quotes manually while the customer waited impatiently. Today, CPQ software allows businesses to create quotes quickly and easily. The software lets the company choose products and their prices, input discounts, and handle other tasks while remaining in the customer relationship management system. It enables companies to create multiple quotes and update or edit these quotes until they reach the desired outcome. For example, the Syteline Product Configurator allows users to complete tasks such as automating order entries and producing accurate configurations in minutes.
Quote Delivery
Consumers view business proposals as a representation of the company. A poorly designed proposal leaves them with a negative impression of the company. However, sales reps often find it hard to create proposals using the same format. An effective CPQ program standardizes these proposals, so every customer sees the same format and content. The sales team appears more professional and cohesive, which leaves a lasting impression on customers.
Increased Collaboration
Efficiency increases across the organization when CPQ software is used, and this allows for quotes that are more accurate and ones that are delivered in less time. The entire organization can work together to share information on configurations and options. Sales representatives find this input from subject matter experts allows them to improve the customer experience while providing more effective solutions.
Increased Productivity
The average sales rep devotes 35 percent of their time to selling products and services. Time management needs to be prioritized to return the focus to interacting with customers. CPQ software streamlines and automates tasks, so sales reps can return to selling. The software works together with sales and marketing software to achieve this goal. Managers also spend less time approving individual quotes, so they can handle other tasks that need their attention.
Higher Margins
Business owners find it easier to price their products and services competitively when they use CPQ software. As the rep configures the products or services, the software maintains the margin. Reps often lack the data they need to make informed decisions, so they rely on their instincts. Sadly, they often underprice the products and services for fear of losing the customer.
With the reliable and comprehensive data provided by the software, the reps provide an accurate quote. In addition, the program eliminates errors. Its use reduces the risk of a sales rep offering a configuration that is not workable, which could ultimately cost the company money. As a result, the margin improves. Invest in Configure, Price, Quote software today and integrate it with existing programs. Companies that do so find they see many benefits, even when the reps are creating alternative quotes. Sales managers find they get an accurate sales forecast, while sales reps no longer need to update this forecast manually. Everyone wins when this is the case.
Troy is an editor, book coach, author of over 32 novels and several works of non-fiction, and the education lead for Plottr. He lives, works, and plays in Boise, Idaho.
Passionate about writing dark psychological thrillers, he is an avid cyclist, skier, hiker, all-around outdoorsman, and a terrible beginning golfer.
