When it comes to CPQ, those who are tasked with procuring B2B technologies to help drive efficiency often know about it, have frequently read about, may have looked into it, but are still not sure if it’s something that’s right for their business.
At FPX, we know the value a CPQ solution can bring to B2B companies looking to empower sales, connect their partner channels, and even up-level their ecommerce offering.
10 Questions to Ask Yourself
To help those who are still on the fence get a better understanding of the value CPQ provides, we’ve put together 10 questions that we think will help move the needle towards the realization that yes, CPQ is the solution to help businesses connect with customers, fuel a more productive sales team, and ultimately, facilitate an omnichannel sales methodology that engenders success in an era in which buyers and sellers connect online.
1. Is your business losing money from errors on proposals?
The primary benefit to many businesses from CPQ is 100% error-free proposals from all buyer and seller channels.
2. Are you losing money from errors or lost opportunity on a proposal?
A CPQ solution provides rules-based editing to ensure selected products are compatible while providing visibility into margins during the quoting process to ensure your most profitable products/services are quoted.
3. Are you able to update pricing seamlessly and quickly to all your sellers?
CPQ allows your business users to update pricing. Prices can be updated immediately or within an effective date, reducing reliance on IT and ensuring sellers quote an accurate price.
4. Do you have resellers? Are they selling your competitor’s products?
The right CPQ application can be delivered across your entire selling ecosystem (direct, resellers, distributors, customers, anonymous users via ecommerce, etc.). By making it easier for your partners to manage pricing, discounts, bundles, and order configurations, your products and services become their first choice, allowing you to expand market share by being easier to work with than your competitors.
5. Can your users maintain products/pricing or is IT required to make updates?
With a platform-agnostic, modular CPQ solution, your organization can unify customer data, product catalogs, price books, rules, and business attributes from diverse systems of record into a single location via our productized integrations. This means business users can manage updates that will be reflected in real time, eliminating order errors and delays.
6. Are you able to launch new products and/or services on a dime?
With the ability to make updates that are reflected across the organization from a single source, a platform-agnostic CPQ solution helps users get new products and services to market quickly. Changes to configurable and compatible solutions are delivered seamlessly to your entire organization. These include:
- New product introductions
- Changes to pricing, promotions, and targeted offerings
- The ability to respond to new business models, regulatory compliance, and mergers and acquisitions
7. How do you manage the SKUs, Price books, Options and/or Bundles?
A mature CPQ application is a proven solution for limitless SKUs, options, and bundles. With FPX, sellers can go beyond an ecommerce solution that is essentially an online Product Content Management (PCM) or Product Information Management (PIM) solution and offer the entire spectrum of products and services that is reflected and managed across all channels.
8. Does your business have subscription-based pricing or automated renewals?
A mature CPQ solution will offer a Renewal Management module to automate the subscription renewal process. The application also automates updated pricing and upsell opportunities to help your business maximize renewal opportunities.
9. Does your business have disparate systems and business applications housing product and pricing information?
The CPQ solution you choose should have open APIs allowing you to bring product and pricing information from across disparate systems (SAP, Salesforce, Microsoft, Oracle, IBM, and others) into a single source. The solution should be able to ingest, harmonize, and process these diverse data types and sources to create a Master Commercial Definition for your entire business.
10. Who can you trust to solve your complex configuration and pricing needs?
A seasoned CPQ vendor is one that has been delivering leading Configure-Price-Quote solutions to businesses across a variety of industries for years, has deep domain expertise in the solution and the space your business occupies, and continues to innovate the next generation of CPQ with advancements and updates that reflect Channel Management, Renewal Management, Mobile Offline and other core features.
Are you ready for CPQ to help you accomplish more?
Do you feel like you have a better understanding of if you need CPQ and what it can do for you?
To learn more, we encourage you to reach out to us and share how you believe it could be easier to do business together, and we’ll help you get started on the path towards engaging with your customers, driving sales revenues through all channels, and cutting costs through automation and greater efficiency.