Most of the time buyers don’t buy things, but you make them buy. Do your sales representatives spend every inch of their time between selling? We hope you know the answer! However, if you don’t, ask your sales team. Aren’t they spending it generating quotes, writing proposals, closing deals and getting approvals? Even though an automated & revolutionary CRM extension like Salesforce CPQ is here, why struggle with the process?
However, if you are not aware of the efficiency & power of this robust sales system, we are here to introduce CPQ (Configure, Price, Quote). We will also let you know how you can make the most out of it?
Let’s start with the introduction.
What is CPQ?
The Salesforce sales tool could be divided into three parts according to its name, CPQ. The software tool quickly and accurately generates quotes to order for companies using it. The application works as a duo of ERP programs, CRM platforms, and other business technologies to help in integrating data and accuracy rapidly.
Why use CPQ?
The utmost usefulness of CPQ is to save the time of the sales rep in chasing contracts and finding and filling spreadsheets. CPQ provides complete access to data and reduces the complexity of quotes and setting product prices. From enforcement of discounting guidelines to intelligence discounting guidelines, CPQ offers a lot more to upscale sales.
Statistical proofs of CPQ benefits:
- 10X rapid quote generation
- 29% rise in forecast accuracy
- 2X fastest-moving from quotes to cash
- 35% decline in configuration errors in the quote
- 95% cut off in approval time
- 38% fall in pricing eros in quote
- 30% quicker to adapt to new reps
- 20% less time need to quote close
To know more about why you should use CPQ, let’s move towards how it helps?
How is CPQ helping?
- In better data integration through the supply chain- The complexity of the sales process demands high data to achieve goals. For this, the data should standardize across the company unit and be accessible to people in every department. This is how everyone in the organization can outline from the same starting point.
Sales data is not only useful for the sales department but for people who collect revenue, forecast, make pricing decisions, perform customer service, etc. CPQ platforms where one side works on the betterment of CRM and ERP on the other side, platforms create a virtual warehouse.
Basically, as per the name, it facilitates more efficient configure, price and quote.
- Improves decision-making ability- with complex sales, salespeople often cannot decide quickly and right. However, in the same case, if they have truthful information and complete analysis, it eases the process, which is possible with CPQ. The CRM software helps sales reps to gear the B2B sales funnel, not technological systems. When a simple decision can make or break the deal, each detail is important.
To adapt to new technologies, one thing that is an obstacle is the sales reps themselves, as they feel it is time wasting to invest time and effort in the new technologies. However, CPQ developers are working on the ease of CPQ functionality, so sales reps make well-informed decisions rather than guesswork after investing a sizable amount of time.
- Powered analysis via AI automation- For years, artificial intelligence has been a crucial part of CPQ, and today it is leading even better with its cost-friendly, versatile, smarter approach. From the complex analysis in just a few seconds to survey various factors, CPQ works in the management of factors and sales perspectives. Also, AI performs a gigantic amount of calculations, including expense, revenue, and sales to improve the analysis. Regardless, expecting all this accuracy and rapid performance with no CPQ sounds impossible.
Apart from this, automating tasks is one of the utmost advantages of AI in CPQ. As complex sales always contain a variety of tasks that need an AI assistant for ease. We do not say AI sales reps can show irrelevance or businesses don’t need them. In fact, AI tools need the guidance of humans to make sales more paramount. Basically, we deny the predictions of machines replacing humans in the B2B sales environment.
- Reduce complexity for both sales reps & customers- To ease the situations for both customers and sales reps, you require a complex configuration, pricing and quoting, to witness its utmost potential. CPQ software is an immense sales tool to move outstandingly in complex conditions. The system efficiently produces more sales without letting you deal with complexity.
At the time of selling complex products, it feels like selling new every time because of the specific configuration. But when sales reps have CPQ software in the system, they can use the sales tools like AI & data segmentation, which makes them understand the product easily. Ultimately, CPQ lets them communicate efficiently with buyers with no sort of data.
Also, know- How Salesforce CPQ improves customer experience?
- Enhance customisation ease for unique sales conditions- Every customer is unique so do their requirements. Also, with time, sales reps have to face challenges to work on the new priorities even if they don’t have new customers. In such cases, customisations are the need of the hour, which is only possible with the sales tools in-built tools. CPQ quickly works with a variety of various product configurations.
With the capabilities of CPQ, sales can rapidly configure and deliver more relevant & accurate proposals that reduce the bottleneck conditions and close more deals.
How can Atocloud help?
Top Salesforce development company of India, Atocloud, we are working on Salesforce CPQ implementation and provide professional CPQ developers and consultants. Whether you are looking for CPQ analysis, implementation, custom layouts, integrations, support and maintenance or CPQ for lightning, we serve them all.