As most organizations grow and expand their product lines, increase their workforce, and make other strategic investments, they come to face more complexity.
Managing many customizable products can get overwhelmingly complex with growing scale. Organizations face more difficulty from issues like spreadsheet sprawl as they add new products or add customization options to existing ones. For growing businesses that find their sales process bogged down by complexity, Configure, Price, Quote (CPQ) software offers a lot of advantages. Some of the direct benefits of CPQ include shorter time-to-order and less manual work for sales teams, but there are also indirect benefits, such as improved customer engagement.
In this article, we’re going to discuss five of the top benefits of using CPQ software, but you can also check out our infographic to see highlights of even more advantages.
1. Sales Acceleration at Scale
The best CPQ solutions are highly customizable and can store libraries of product traits and rules for how products can be configured. This means sales teams don’t have to worry about configuring a product with incompatible components and they always have the most updated pricing information when putting together a quote.
In addition to reducing the risk of errors in the configuration and quoting process, letting software manage rules and product information makes it easier to onboard new sales representatives, since the software itself can store product codes and can pull pricing automatically. Each new team member can ramp up productivity faster, making CPQ software an accelerator for your whole sales function.
2. Improved Customer Engagement
One of the effects of the digitally connected world businesses operate in today is that customer expectations have increased, in regard to both quality and speed of service. When your customers are ready to make a purchase decision, the faster you can get an accurate quote in front of them, the more likely it is you can close the deal.
By putting product data and visualizations at their fingertips, a CPQ solution allows your sales representatives to show customers the result of their configuration choices immediately. In addition to identifying potential up-sell and cross-sell opportunities, the increased speed shortens time-to-order, improving the overall customer experience.
3. Reduced Errors and Rework
In addition to its customizable rules engine, a CPQ enables custom alerts to notify sales representatives of errors in product configuration. For example, if incompatible components have been selected, the system will automatically alert the user and highlight alternative options. With pre-defined logic to monitor for dependencies, CPQ software eliminates errors that can make it into the final quote.
4. Seamless Quote, Proposal, and Contract Generation
With product configurations and dependencies stored within the solution, sales teams can move seamlessly from the configuration to quoting stage. When combined with document generation capabilities, they can transform a digital product configuration into a formal quote with the click of a button and close more opportunities with prospective customers, faster.
5. Integrations with CRM and ERP Systems
It’s also important that core systems can be embedded in one another. The digital tools you currently relay or expect to add should work seamlessly with other digital solutions, whether they are built in-house or purchased from outside vendors.
That’s why we’ve built our CPQ to integrate with the industry-leading CRM and ERP platforms – Microsoft Dynamics, Salesforce, and NetSuite. This connection empowers your sales representatives to quickly configure and deliver complex and tailored products without ever leaving the platforms they are accustomed to using.
Simplifying the Complex with Experlogix CPQ
There is profit in bringing order to chaos. But to do that accurately, quickly, and at scale requires digital tools. It’s impossible to provide custom quotes to customers using pen and paper or tools that were built in-house without introducing errors, slowing down the sales process, and costing resources.
Our CPQ solution alleviates that burden. By inputting product configurations, salespeople can generate quotes at instantaneous speed and with pinpoint accuracy.
Digital software is good at repetitive, routine tasks that are well-defined. Humans are good at creative, flexible problem-solving. So, when it comes to something like sales, each can perform the task they are better suited for – in other words, let Experlogix CPQ software handle the configuration and complex math, and let your sales team focus on engaging prospects.