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This guide is about What is CPQ and How it Can Beneficial in Business?. So read this free guide, What is CPQ and How it Can Beneficial in Business?. If you have query related to same article you may contact us.
What is CPQ and How it Can Beneficial in Business? – Guide
While configuration, pricing and quotation (CPQ) software has been available for decades, innovation in CPQ software is seen as the latest wave of sales optimization tools. But what is CPQ software? CPQ is a sales tool for companies to generate order quotes quickly and accurately. CPQ applications often work in conjunction with CRM platforms, ERP programs, and other business technologies, ensuring integrated data and accuracy. Offers created with CPQ software are automated according to a set of pre-programmed rules to ensure error-free pricing that takes into account quantities, discounts, adjustments, optional product features, various sales types and incompatibilities.
Configure Price Quote (CPQ) is a powerful tool for companies focused on increasing sales, profits and customer satisfaction. CPQ automates the order-to-quote process and ensures that the most accurate price is offered for products. The implementation of CPQ has a positive impact on several functions within the company. Here are 3 top reasons why CPQ might just be the boost so many companies are looking for:
What are the benefits of using CPQ?
There are a number of business benefits that make CPQ an attractive investment for any growing business, but here are 6 of its sales benefits that stand out:
1. Shorten your sales cycle
CPQ can reduce sales cycles by a third by simplifying product configurations and automating the quoting process.
2. Increase accuracy
CPQ creates error-free sales with automation, increasing quote accuracy by 79% and minimizing order failure rate.
3. Increase productivity and efficiency.
CPQ increases quote productivity by 33% through faster, more accurate sales. Your sales team won’t have to worry about fixing errors and completing manual processes – giving them more time to sell.
4. Get to market faster
Working together with the right Product Catalog, CPQ can help you define and launch new commercial offerings much faster – whether in Telecommunications, Media or Utilities.
5. Maximize offers
Companies using CPQ have 12% more sales reps reaching their sales quota. Automation makes it faster and easier for your sales team to sell your products and services, while guided selling increases average order value through cross-selling and up-sells.
6. Improve your customer’s experience
CPQ uses customer data from your CRM, combined with AI and analytics to provide your customers with products tailored to their needs. And with the help of automation, they also get the fast, accurate and consistent experience they’ve become accustomed to with digital native brands.
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