The terms “configure, price, quote” imply that this program can assist with all three of these critical steps of pricing establishment, control, and quotation.
Additionally, the best quoting software often includes a pricing engine that enables firms to maintain prices that are more in line with current market circumstances – and to stay competitive.
CPQ software gathers all relevant price information automatically, enabling you to generate a quotation quickly and precisely. The data is simplified, time is saved, and eventually, more sales are possible.
The popularity of CPQ software demonstrates the unique nature of price setting and quoting, with the additional advantage of showing cross-sell and upsell possibilities.
It may be used in business-to-consumer (B2C) transactions, but is more often used in business-to-business (B2B) transactions.
The Configure or configuration element, in its simplest form, refers to all of the items or services you choose to include in the quotation.
Once the needed items have been chosen, the Price element takes over. The pricing engine is responsible for displaying the proper price for the combination of products chosen.
You may have established certain bundle rules or discount structures depending on the combination of the components chosen. The price solution alleviates stress and ensures that pricing mistakes are minimized.
The Quote element completes the jigsaw puzzle. It takes the specified goods and their associated pricing and formats them professionally for your consumer.
There are several reasons why CPQ software is beneficial to your organization – but we’ll focus on just three here:
- CPQ reduces inaccuracies
On average, a spreadsheet has one inaccuracy for every twenty data-filled cells. When you or your salesmen manually construct proposals or make purchases, errors are practically unavoidable.
CPQ software has been shown to remove 40% of human error by allowing for the creation of rules that exclude incompatible orders and create more accurate quotations.
Collaborative selling is much simpler with CPQ software since it enables you to quickly enforce your company standards, including price and discount information. It eliminates the stress by performing all necessary checks to guarantee the proper mix of products is quoted.
- CPQ increases the number of your deals
It may provide possibilities for upselling or cross-sell at different moments during the configuration cycle. As a result, it enables you to boost your average transaction size, which benefits your bottom line and company development.
- CPQ enables the quote-to-order process to be streamlined and accelerated.
There is no need for back-and-forth emails and phone conversations between your office and salesforce to confirm which goods may be offered together and at what price.
CPQ simplifies the procedure and speeds up the response time for complicated quotations. As a consequence, you’ll have a properly designed paper that will wow your consumers.
Not only does this boost your chances of obtaining an order by allowing you to respond fast to clients, but it also frees up your salesforce’s time to perform more selling, which helps your company expand.
Conclusion
Is your present quotation preparation procedure impeding your business’s growth? If you are committed to profit development, you must invest in CPQ software and cpq specialist to:
Provide quotations to your consumers more quickly than your competitors!
Eliminate spreadsheet mistakes and/or manipulation
Increase the number of quotations
Increase order value by upselling, cross-selling, and bundling.
Enhance client happiness and provide a favorable image
