CPQ is a business software solution that gives you the features your business needs to create a more successful and productive custom product sales process. CPQ, or Configure Price Quote software, is a sales tool designed for organizations to quickly and accurately generate highly configured quotes for orders making all of the complex product, pricing, and business rules centralized, automatic, and available in real-time. It ensures that the sales department has everything they need at their fingertips. CPQ applications often work together with ERP and CRM programs. Quotes produced with CPQ software are automated according to a preprogrammed set of rules, ensuring error-free pricing that takes into account quantities, discounts, customizations, and optional features of products. The result is expanded revenue. CPQ helps everyone sell more, sell bigger, and sell anywhere. For most complex products, services, and pricing, CPQ boosts sales effectiveness by giving you the power to create the best quotes possible.
CPQ puts safety measures in place that ensure your sales teams only sell using the latest approved pricing and discounting rules, and that approvals, when necessary, can move quickly along without holding up your deals.
CPQ isn’t just for making your internal reps effective and efficient, it also is an essential part of a successful global, multi-channel selling strategy. CPQ grants you full control over which partners, groups, or channels can access certain pricing or product information, with role-based access, discount locks, and portals, so you can manage revenue share, exclusive discounts, or pricing and shipping fees. It also allows you to manage different strategies for different channels or different geographies by giving you full visibility into sales trends and channel effectiveness, so executives can course-correct when needed.
With CPQ, you will get:
• Intuitive product configuration engine
• Auto-generated 3D and 2D product imagery
• Comprehensive quoting and ordering system
• Automated documentation
• Robust sales portal
• Industry Specialization
With Infor CPQ, you can:
• Make it easy for your retailers and distributors to quote product add-ons and services in order to provide a single, integrated quote – making you an easy brand to sell. Reach more customers and deliver the best products and services.
• Speed up and simplify the creation of new products, as CPQ allows you to roll out your new features and pricing electronically – exactly according to plan. Minor changes can be made at any time depending on your changing needs.
• See projected profit all the way through the quoting process, allowing sales reps to upsell more effectively. With the information at your fingertips, it becomes more natural to suggest improvements to the order.
• Create BOM’s on the fly and integrate with your ERP system so as to store these instructions with the fulfillment process. These dynamic instructions and generated 2D/3D drawings clearly show the final assembly, reducing errors. For a more in-depth overview of Infor CPQ, you can read more here.
Does your company need CPQ Software?
Do you suffer from excessive deal cycle time as a result of slow quoting or approval time? Does your company agonize over excessive manual errors, or out of date product and pricing information? Does your sales team fail to take advantage of cross-selling or up-selling opportunities? Is there a lack of visibility into your sales process?
These common problems are exactly what CPQ software was created to eliminate. This software is extremely effective with shortening deal cycles and eliminating delays through automation. If your company hurts from any of the problems described above, CPQ software can have an immediate effect on revenue growth and customer experience (not to mention sales rep happiness).
CPQ will completely transform your sales, but you will see major transformation in these 3 areas:
1. CPQ Increases Speed
Statistically, it has been shown that 50% of sales wins go to vendors that respond first. Long sales and quoting processes can impede sales representatives hitting quotas. CPQ is the ultimate sales tool for speed and efficiency. It eliminates manual quoting and simplifies business complexity, so your reps have more time to sell. CPQ shortens sales cycles in numerous ways, including, having one centralized location for all product and pricing information, providing guided selling recommendations and user-friendly interfaces, and configurations that manage product complexity.
2. CPQ Eliminates Errors
CPQ eliminates common quoting errors and the related issues and problems they cause. When information delivery is optimized through CPQ, the impact to your business is extraordinary. CPQ solutions allow companies to ensure automatic compliance with product, pricing, and business rules.
3. Maximize Deal Size
CPQ does more than just prevent deep discounts, it actually helps you expand the value of each deal. Guided selling highlights cross-sell and up-sell opportunities, as sales representatives build quotes and configure products.