In a competitive business environment, time is money. Sales representatives often find themselves bogged down with administrative tasks such as creating proposals, drafting quotes, and seeking approvals.
This can hinder revenue growth and put a strain on the sales process. Enter CPQ (Configure, Price, Quote) software, a solution that can revolutionize the way businesses handle these vital tasks.
This article explores the world of CPQ systems, highlighting the best tools to give your business a competitive edge.
What is Configure Price Quote (CPQ)?
CPQ is more than just an industry buzzword; it’s a lifeline for sales teams across various sectors. Essentially, CPQ software is an automated service that allows your sales team to accurately configure, price, and quote products or services from anywhere. Some advanced CPQ applications even enable the creation of web apps for self-service quotes, allowing clients to obtain quick quotes themselves.
CPQ Software vs. Manual Pricing System
The Problem with Manual Tools
Traditional manual tools like Excel and Google Sheets are prone to errors and are not suitable for handling complex pricing structures. The tedious process of drafting and approving quotes can slow down the sales process, especially when dealing with multiple clients.
The Magic of CPQ Applications
CPQ software comes to the rescue by automating the quoting process. Sales managers and representatives can easily select client types, configurations, and generate personalized quotes without human error.
The digital and centralized nature of CPQ applications allows for instant review and approval, leading to faster deals.
Benefits of Using CPQ Software
- Error-Free Quotes: CPQ apps enable the creation of accurate and high-quality pricing quotes.
- Customization: Specialized discounts, services, and sales support can be configured for different clients.
- Efficiency: All data is digitally available, eliminating the need to search through brochures.
- Dynamic Pricing: Quick updates to the pricing database based on custom configurations.
- Security: Enterprise-level security ensures that your business data is safe.
- Integration: CPQ apps can easily integrate with other business tools, promoting collaboration across departments.
Top CPQ Solutions for Businesses
A cloud-based solution designed for multi-channel sales management, offering role-based access and powerful features for quote designing and product configuration.
Known for its robust functionality, Salesforce CPQ helps businesses close deals quickly with modules like deals configuration, risk and compliance management, and customer base management.
Ideal for integrating manufacturing, engineering, compliance, and pricing knowledge, Infor CPQ offers a rule-based and visual configurator that integrates with leading CRM tools.
Oracle CPQ offers a fully automated sales pipeline with features like guided selling, intuitive configuration, real-time pricing, and intelligent programming for deals management.
FPX IntelliQuip CPQ
Specifically built for equipment manufacturing, FPX IntelliQuip CPQ integrates engineering specifications with pricing and client-requested configurations.
A cloud-based SaaS offering that helps sales teams create complex product configurations, draft personalized sales quotations, and formulate pricing.
PROS Smart CPQ
Combining AI and machine learning, PROS Smart CPQ increases the speed of the sales process and provides data analytics and insights.
Suitable for manufacturing companies, Cincom CPQ offers both on-premise and cloud-based deployment options with features like quote revision management and automatic quote approval.
A fast and intuitive cloud-based application that supports both B2B and B2C sales processes across various business operations.
ServicePath CPQ turns complex product configurations into simple quotations with automated workflows and integrates with third-party CRMs and ERP tools.
A top-rated CPQ software that simplifies the quoting process, streamlines approvals, and supports integration with various platforms like Salesforce, Hubspot, and more.
Final Words: Embrace the Future with CPQ Software
CPQ software is not just a tool; it’s a strategic investment for 21st-century businesses. By deploying a CPQ solution, small to enterprise-level businesses can control every aspect of the sales channel, giving the sales team more time to approach new clients and make sales.
The efficiency, accuracy, and integration offered by CPQ software make it an indispensable asset for any forward-thinking organization. Whether you’re in manufacturing, IT, or any other industry, embracing CPQ software can be a game-changer in your journey towards success.