CPQ is an integrated tool for accurately and quickly generating sales offers. It improves the buying experience. This software also helps to enhance and optimize the sales process. It eliminates a lot of manual work and helps optimize the entire process. Where previously everything had to be done by hand, nowadays there is no longer a need to perform calculations and other operations in a manual manner.
СPQ software only looks complicated and may seem like an incomprehensible program. The platform is driven by an understanding of its core components. It is based on three basic processes, such as configure, price, quote. The software product is one of the fastest-growing platforms today because it speeds up the process of making quotes and generating offers. This opens up numerous opportunities for cross-selling and additional trading possibilities.
The overall goal of implementing a CPQ tool system is to create a smooth sales cycle of high efficiency and productivity. By speeding up the product flow and offering a customization process, sales representatives have a better chance of establishing a more positive and productive relationship with the customer, thus offering them a positive purchasing experience.
Why Use CPQ Software
Since manual efforts slow down all business efforts and processes, including sales, it is highly recommended to use a dedicated software solution to help your company get back on track and ensure successful performance. If an appropriate software solution is selected for the company’s activities, it will definitely help sales representatives to automate pricing and proposal generation, thus, making the setup process more modular and streamlined. Using the tools that are built into the program, the entire product database, as well as any generic packages, discounts, or combinations, can be uploaded so that sales representatives can quickly and easily create customized products. As a sales tool, the system has a big impact on the sales representatives’ workflow and customer relationship management. The CPQ solution is software that can provide the following benefits:
- accurate quotes;
- easy generation of bids;
- increased closing speed;
- addition of complementary revenue streams;
- excellent lead conversions;
- fast sales cycles;
- access to real-time sales data;
- increased forecast accuracy.
Software with its functionality and the potential for excellent ROI is something that is on the horizon for many companies. The adoption of the platform will continue to grow as companies see the real benefits of using it.
Who Needs to Use the CPQ
If a sales representative feels that current sales offers are enough, then it is necessary to pay attention to the following signs:
- outdated quote configurators are used;
- revenue growth outpaces the performance capability;
- a steady flow of revenue is created;
- sending inaccurate sales proposals to potential customers;
- manual review of all sales offers.
Those companies that do not use CPQ software have a slow sales process. This is because of the time it takes to provide accurate quotes. Pricing can be a serious challenge for sales teams. For example, when trying to make a sale, a salesperson may offer a customer a very large discount, and that reduced price may cost the company more than it was worth.
Software Solution
Pandadoc is quote and offer management software that empowers businesses throughout the CPQ process. Its overall goal is to improve deal workflows, help companies gain insight into the sales process, and provide a positive customer experience. With the template editor, basic tasks can be handled quickly and efficiently.
This software product allows you to share finished documents with other employees or send them to your supervisor for review or approval. Due to a large number of tools and speed of task performance, the software has become popular and enjoys great demand in many companies. PandaDoc will make the sales workflow smarter and easier. This platform integrates perfectly with other software products. The tool integrates customer and product data. Users can generate quotes for new orders in a matter of seconds.
With such a helpful tool, the sales department doesn’t have to worry about pricing issues. It also simplifies quoting with responsive pricing tables. The platform even provides document analytics. A dashboard delivers additional information about the sales department and individual sales representatives, so you can understand how each of them performs. You can also choose how to track quotes and sales trends, as well as make predictions.
