Configure, Price, Quote, or CPQ, is software that helps companies accurately define the price of goods across a huge and constantly changing spectrum of variables. CPQ software aggregates these variables, which in turn allows companies to configure products or services in the most optimal way (i.e. bundling, upsells, etc.), price them according to costs, competition and local economic factors, and quote a customer the absolute best price possible in accordance with all of the above factors.
What are the benefits of CPQ software for businesses?
As companies and their product/service lists grow, it becomes increasingly difficult to manage product pricing, identify great upsell opportunities, and keep track of deals being offered by your competition. On top of this, sales reps aren’t given up-to-date pricing information on their products, leading to lost opportunities and slower quote times. Configuring a quote can be a time consuming task, especially when critical data is not easily accessible in real time.
CPQ software eliminates these problems. Sales cycles are faster, pricing data is far more accurate, and opportunities to upsell and bundle are captured more frequently. At the same time, a company can prepare orders faster without increasing the potential for error. And lastly, because pricing data is more streamlined, workflow is streamlined, time is saved and more sales can be made.
How does a company decide on whether it needs CPQ software?
A company that is having trouble managing thousands of products and SKUs due to discontinued items or discounts, or a sales team that feels it does not have the updated information it needs to provide proper sales quotes (for bundles or upsells) are both indications that CPQ software is a good idea.
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Also, companies that are operating on a global scale and need to provide quick and accurate pricing data to dozens or even hundreds of stores may find CPQ software very effective at managing pricing discrepancies cutting back on sales quotes that actually lose the company money.
Should my company select a traditional or cloud based Configure Price Quote solution?
Because the ideal customer of Configure Price Quote software is either a large company or a company that is rapidly growing, it makes more sense to select a cloud-based software option. Not only will it spare an IT department from taking on time-consuming installations and upgrades, it will allow that same company to work from anywhere, on any device, at any time, and all for a monthly subscription that scales according to that company’s needs.
What makes the Salesforce Platform the ideal choice for CPQ software?
If you’re a small business, chances are you’ve heard of Salesforce, maker of one of the best known Customer Relationship Management (CRM) solutions available today built on the Salesforce Platform. FinancialForce is built on this award-winning platform. Not only is the platform extremely intuitive and versatile, it’s also well-regarded by thousands of businesses across the U.S. and abroad.