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What does CPQ stand for? Explain what it is all about?
Well, CPQ stands for Configure Price Quote. It is a software tool which is widely used by the sales personnel. So basically with this tool, the sales executives within an organization will have an overall view of different aspects of a project quote and help them to reach to an optimum level when it comes to the price quote. All of this happens without any dependency on the other individuals.
What ismore unique about this tool?
With the help of this tool, it gives the flexibility for the sales executives to work on the price quotes based on the latest approved pricing structures and discounting rules and approvals already predefined. So basically all these factors are taken into consideration while generating a particular price quote. All this can happen anywhere and right at their fingertips as on when there is a need. Thus making it a flexible tool and independent tool for all the sales executives within the organizations.
It not only makes your sales executives or officials life easier and efficient it also adds to the overall execution of the organization selling strategy.
How does CPQ is actually closing your CRM system gaps?
Well, when it comes to CRM systems most of them do not cater the option or flexibility of automating their price quote processes and thus making life hard. With the existing CRM applications that are out in the market, it is difficult to automate the price quote process. Thus forcing the employees to rely on standard Microsoft Word or Excel. By following this process, the entire flow of quote generation is slowed down to a maximum extent. Further, they might not be 100% accurate and prone to unidentified risks.
Thus being said about the slow price quote process, it will further affect the next steps like having low win rates and also more obstacles to make from potential lead to a customer. Thus, ultimately affecting the revenue for the organization.
What are the primary factors that are usually encountered within an organization where it calls for a need of CPQ software?
The primary factors that are encountered within an organization where they see a growing need for CPQ software:
* Extensive delays in quote creation process
* Too many errors during the quote creation process or lot of loose ends
* It was out of date product related information and the pricing structures
* Doesn’t take opportunity about upselling or cross-selling platforms
* Lack of sales process optimization or visibility to grow the sales channel
If you observe any of these challenges are actually bringing your sales team to underperform it is your responsibility to invest in a good CPQ software which helps you to be in a good position.
How does CPQ software usage will transform the organization sales?
The following ways are the key aspects of transforming the organization's sales, as follows:
* Increase Speed
* Eliminate Errors
* Maximize Deal size
* Provide accurate and updated information
What are the major roadblocks that actually slow sales in an organization?
The major roadblocks that actually slows down the sales in an organization are as follows:
* It is practically impossible to find out the all the product related offerings and in detailed information about the latest products.
* Not able to judge what products would suit the customer as per their requirement. This is purely because the sales executive is confused about the product offerings itself because there is no repository of all product offerings and the latest information about them
* No proper discount rules defined for products
* Following up with the approvals from the managers, this will increase internal follows even before sending the quote to the customer
* Manual quote creation, prone to lot of human errors
All these obstacles will be well handled and managed by the team if they have an automated software which helps them to get their price quote up and running in few minutes. All this can happen by using a CPQ tool
Can you list out few bullet points why a CPQ tool will have your sales increase faster and make you more productive straight away?
The following are the bullet points which actually let the users why CPQ tool is so important and why it makes such a good impact.
* One location where all the products information is available
* All the latest product offerings are available
* The tool helps and suggest guided products based on the requirement
* Basically, the sales users will be able to customize the product offerings from the list as per their requirements
* Because of its Automated workflow process
* All this combine generates a Price quote
How does CPQ tool helps you make money apart from the sales?
As we all know, the only way to make money is to sell the products to the market and based on the margin an organization is evaluated in terms of the profit. If the price quotes for the requirements are done manually then usually they are provided with deep discount deals where they have only one intention is to close the deal with the customer at any given point of time. This way, the profit margin is reduced to a very low value.
If this process is automated with a CPQ tool, we add value to the price quote by providing right product information and right product price in an organized manner. During this process, all the discounts are actually set and approved so thus there is no manual intervention. Based on the price quote, the profits are actually agreed by the team rather than a single executive. Thus it helps in making more money and profit to an organization.
What is the important factor that has an immediate impact on the revenue and margins for the organization?
Well, pricing the product at the appropriate level is one of the important factors which has an immediate impact on the revenue and margins of the organization.
What are the different factors that are taken into consideration while pricing a product?
The following are the different factors that are taken into consideration while pricing a product are as follows:
* Mainly includes on market demand
* The competitive pressures
* The value offered to the customers
* Timings and the cost to provide the services
* Business and sales strategy for that product
All of these are the different factors which have a dynamic impact on the product evaluation and product pricing.
Why does CPQ tool is considered as a modern-day utility tool for an organization?
It is considered to be a modern-day utility tool because it caters:
* Offers a superior selling platform
* Single source of truthful and worthy information about products
* Targeted price quotes because of the customization
* Incentives provided based on the product selections
How does CPQ tool actually helps you to turn all your quotes into contracts?
Well, it is a known fact that the sales process doesn’t stop after just sending out to the price quote to the customer. The sales user should be able to follow up and make sure that customer is turned from potential lead to actual customer to the organization. Thus, the modern-day CPQ tool actually helps you to simply transfer all the information from the Quote to the contract management system, thus eliminating the effort of putting all the price quote information into a contract management system manually. This helps to reduce a lot of time and gives a power to the users to close the deal much faster when compared to the traditional way.
Why does the CPQ tool help your sales executives with an Influencing behavior?
Well, it is a known factor that the more they sell the organization does make more profit from the sales so it is evident for the organization to actually invest in some sort of a tool which actually makes or inculcates a motivation. So one of such tool is nothing but CPQ, it does provide the right information about the product at the right time. Thus giving out a positive feeling for the sales executive and ultimately motivates him to do this over time.
What is the future of CPQ tool with machine learning?
There is a lot of future to CPQ tool when it is coming up with machine learning concept. With the help of machine learning concepts, it helps the sales users to compare his current price quote with all the previous price quotes of their prominent sales executives, thus providing a comparison environment. This helps the reduce the mistakes in the current price quote and modify according to the suggestion that was provided by the system itself. All together this will help the price quote to be excellent and attracts the customers because we are quoting exactly what they were looking out and especially when they see a well-drafted quote they don’t mind spending premium amount because it creates a trust in the services angle.
Why is Apttus stated as “Quote to Cash” model?
Because the tool actually helps the businesses to be more competitive in terms of competing with the target marketing and also become more agile and dynamic while following up with the customers providing them with a customized environment. In general, using Apttus CPQ tool one can observe a straight jump in their sales revenue as it is right mixture for the current market need.
So what does ABO stands for in Apttus CPQ tool?
ABO stands for Asset-based ordering platform. S
Does Apttus CPQ tool has API where they can connect to third-party systems to do more?
Yes, absolutely. The tool has API’s available so that they can connect to any other third party systems where they can manage and do more.The integration process is very smooth and easy to start off with.
Do we have any esignature process in Apttus CPQ tool?
Yes, Apttus DocuSign package can be integrated and thus enables the users to avail the esignature facility within Apttus interface.