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Well, CPQ stands for Configure Price Quote. It is a software tool which is widely used by 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 an optimum level when it comes to the price quote.
All of this happens without any dependency on the other individuals.
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's selling strategy.
Well, when it comes to CRM systems most of them do not cater to 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.
This being said about the slow price quote process, 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.
The primary factors that are encountered within an organization where they see a growing need for CPQ software:
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 that helps you to be in a good position.
|Related Article: What is Apttus|
The following ways are the key aspects of transforming the organization's sales, as follows:
The major roadblocks that actually slows down the sales in an organization are as follows:
All these obstacles will be well handled and managed by the team if they have automated software that helps them to get their price quote up and running in few minutes. All this can happen by using a CPQ tool
The following are the bullet points that actually let the users why the CPQ tool is so important and why it makes such a good impact.
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 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 the right product information and the 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 upon by the team rather than a single executive. Thus it helps in making more money and profit to an 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.
The following are the different factors that are taken into consideration while pricing a product are as follows:
All of these are the different factors that have a dynamic impact on product evaluation and product pricing.
It is considered to be a modern-day utility tool because it caters to:
Well, it is a known fact that the sales process doesn’t stop after just sending out the price quote to the customer. The sales user should be able to follow up and make sure that the 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 contact management system manually. This helps to reduce a lot of time and gives power to the users to close the deal much faster when compared to the traditional way.
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 that actually makes or inculcates a motivation.
So one 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.
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 their current price quotes with all the previous price quotes of their prominent sales executives, thus providing a comparison environment.
This helps reduce the mistakes in the current price quote and modify it according to the suggestion that was provided by the system itself. All together this will help the price quote to be excellent and attract 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 a premium amount because it creates trust in the services angle.
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 the Apttus CPQ tool one can observe a straight jump in their sales revenue as it is the right mixture for the current market need.
ABO stands for Asset-based ordering platform. S
Yes, absolutely. The tool has APIs 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.
Yes, the Apttus DocuSign package can be integrated and thus enables the users to avail the signature facility within the Apttus interface.
Ravindra Savaram is a Content Lead at Mindmajix.com. His passion lies in writing articles on the most popular IT platforms including Machine learning, DevOps, Data Science, Artificial Intelligence, RPA, Deep Learning, and so on. You can stay up to date on all these technologies by following him on LinkedIn and Twitter.