Configure Price Quote (CPQ) is a powerful sales tool that enables companies to produce accurate and highly configured sales quotes for customers — especially in complex sales transactions. CPQ software allows for product, pricing, and business rules which are often complex to be centralized, automatic and available in real-time.
CPQ, works in real time and provides sales with everything they need to close a sale. It helps to improve customer relationship management by making all sales components easily available. It allows sales to not only sell more, but sell faster as it speeds up and automates the sales cycle
Potential Of CPQ
CPQ starts right from configuring product to pricing of product, preparation of quote and quote to cash conversion.
Salesforce CPQ gives your sales team easy to use software, available on any device due to it’s cloud based platform.
Build Once & Use it Anywhere
CPQ Cloud allows for the storage of data in one place, thereby making it more manageable. It allows users to gain insight into what drives revenue thereby getting a clearer understanding of sales quotas. Since CPQ is cloud connected, all systems can access the latest data from one place. Furthermore, since data isn’t duplicated, it reduces the amount of storage.
Compliance, Malpractice & Security
CPQ, which aligns the sales process and sales channels, makes all the information needed for sales to be centralized and held to compliance. As this is done from one place and across all sales channels, it helps to control and mitigate risk. CPQ also helps to stop business malpractice by preventing unauthorized discounts by having centralized business rules through workflow authorization and approval processes.
Better Integration Options
Cloud Based Industry Standard APIs allow standard connection across On-Premise Systems to allow businesses to connect seamlessly. This allows business to pull data with ease thus configuring, pricing and quoting is not only faster, but easier. Seamless integration ensures a smooth and error-free data flow.
Modern UI Design Concepts
Making use of Responsive Web Design, CPQ software allows users to easily view pertinent information and creates greater interaction experience. CPQ provides users with a seamless interface to enhance the user experience. It provides an easier way to navigate so users
Selection of CPQ Licence
CPQ has different edition available like CPQ, CPQ+, CPQ & Billing Growth, CPQ & Billing Plus. Its important to choose right CPQ edition according to the requirement of business.
Usage Based Pricing
Charging a customer on how much they use the product or service is a new concept for many businesses and is a key strategy for companies in the Subscription Economy. This concept is called usage based pricing, which bases a charge model on the consumption of a billable service or resource. Customers are demanding new forms of consumption and are preferring a usage plan for certain services. It’s because usage-based pricing ties pricing to the value consumers receive.
Important Object Used in Usage Based Pricing
. Order Product
. Product Consumption Schedule
. Order Product Consumption Schedule
. Consumption Schedule
. Consumption Rate
. Quote Line
Usage pricing begins when you associate a consumption schedule with a product. … As they move through the CPQ workflow, Salesforce CPQ creates unique consumption schedules each associated with the quote line, subscription, and order product made from that product.
Scenario: usage based pricing for phone call or pricing for Electricity Bill.
Do You Need CPQ?
If you’re not sure whether your business needs CPQ software, talk to your sales reps. Do they regularly run into problems with developing accurate price quotes in the time frame expected by the customer? Do those problems prevent the sales reps from doing their jobs or lose the company significant amounts of money?
Work out how much the software could save you. Is a great technical solution for those businesses that need it.
CPQ Fails to Deliver
. Engineer to Order.
. Contract Lifecycle Management
. Less Than 10 Licenses