The benefits of Configure, Price, Quote (CPQ) software are endless. We asked Ryan Akky, Director of Enterprise Sales at Pierce Washington, to share three benefits that resonate most with Pierce Washington’s customers. Here’s what he said:
Shortening time to onboard sales reps and enabling them to quote quickly and with a high degree of accuracy.
When leveraging CPQ, your sales reps and/or resellers are taken through a personalized guided-selling experience that guarantees 100% technical, commercial, and legal validity of every quote. CPQ captures the tribal knowledge of the most experienced professionals and product teams through its robust rule engine; ascertains compliance with financials via pricing rules, approvals, and pricing metrics/optimization; and displays the products and pricing through professional, controlled templates that leverage conditional logic and workflow to ensure legal compliance.
Automating the quote-to-order conversion process by integrating CPQ to a company’s ERP system.
CPQ often sits between your CRM and ERP business systems and serves as a bridge by communicating with both systems to make sure information and appropriate actions are triggered. When CPQ is integrated into ERP, the quote-to-order conversion process is automated as CPQ sends critical order information to ERP, saving your team from the tedious, time-consuming, and risky task of manually entering orders. Furthermore, automated integration promises that 100% accurate orders are entered into ERP immediately, thus ensuring inventory planning is accurate.
Enabling smarter pricing and approval decisioning thanks to an integrated quoting solution that leverages data and insights from existing won and lost quotes.
A relatively newer benefit of using CPQ is the ability to use the solution for price optimization. CPQ hosts a company’s historical quotes – both those that they have won and lost. One can view these records in various report and analytical formats, which allows one to see the price points at which quotes were accepted, lost, or negotiated. This information empowers sales reps to make better decisions surrounding pricing and equips sales management with information that helps decisioning on discount requests in relation to the health of the business. In the reports, you’re also able to see a price score at a line item level which ranges from one through nine, showing you how healthy a deal is for your business. Furthermore, companies are starting to leverage AI and their data to automate certain approvals and to create predictive analytics to help make forecasting more accurate.
While these certainly aren’t the only three benefits of CPQ, they are some of the most pertinent. These benefits apply to companies in all industries and significantly improve the sales process and day-to-day jobs of numerous key players associated with the sales process. If you wish to learn more about the benefits of CPQ and take a deeper look at how it can improve your business, give Pierce Washington a call.