The manager’s guide to CPQ

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In many companies, not just larger ones but growing ones as well, there’s often the need to automate processes through an automated system and supplemental software. One of these systems is CPQ software and is often used on its own to help the marketing, Operations, Engineering, or Sales departments, though it can be used as supplemental software for CRM systems. And as a bonus, many CPQ’s are compatible with many other automated softwares. Though what does it really do? And what is it really to you?

What is CPQ

CPQ stands for Configure, Price, Quote and is mainly used as an extension of a company’s CRM software. CPQ software has been around for some time now but over the past number of years, there have been some compelling innovations that greatly improved the insights in sales optimising tools. CPQ automates the creation of quotes and quickly creates quote orders for your company. This is done through a series of programmes that determine, among others, the quantities, customizations, relevant bonuses, revenues, and takes into account the factors it cannot compute into a quote.

What benefits can be derived?

Though it completely depends on the sort of department that will use this software, there are many benefits to be gained through the use of CPQ software:

Sales:

Sales is mainly focused on the acquisition and retention of customers and clients as well the focus on selling the product or service of the company. For example, a lot of products means more room for human errors. perhaps you’d like to notify potential customers of your product/service. CPQ software could help you build up quotation documents and make your sales more efficient. One use is the creation of brochures with details and explanations of said products/services, most importantly, in the language of your customers.

Marketing:

Marketing is all about guiding the potential customers to your company, but it doesn’t stop there. if your product is difficult and vague it won’t retain them. CPQ software could help guide your customers better by helping them understand the product/service better.

If you don’t have that many visitors yet, CPQ is capable of generating possible leads by helping your customers on your website. Visitors might request quotes, then with this software, you will already have received the contact details, to which the software will follow up with an automated, personalized quotation document.

Extra uses and benefits

Depending on the software producer, many extra benefits will be yours. An example is the beautiful design of the program. which might seem redundant, but adds more than you’d think to the ease of using that software. Some software might allow you to visualize your configuration in both 2D and 3D. Lastly, some CPQ software is cloud-based and are, therefore, quick with updates and could be used from any internet, connected device.