Choosing the right CPQ solution for your business can mean big financial rewards. But with all the solutions out there, it can be difficult to know which solution is “right” and what financial benefits you should expect as a result of implementing it.
In this post we’ll first list the features you should be looking for when selecting a CPQ solution, and then explain the benefits finance teams can expect.
CPQ Features that Reap Financial Rewards
The CPQ solution that will provide the most financial benefits will have the following features and/or capabilities:
- Open and platform-agnostic, easily ingesting data from and working with any front or back end system (whether it’s Microsoft, Oracle, Salesforce, SAP, a CAD system, etc.).
- Adds value by applying rules and policies to increase accuracy.
- Transforms product complexity into a simpler, customer engagement tool.
- Accesses and unifies customer data, product catalogs, and price books from diverse systems of record, whether they reside on-premise or in the cloud.
- Is flexible, allowing easier updating of business rules and configuration logic without relying on IT or vendor services to make (appropriately approved) changes.
These features and capabilities are essential to ensuring a solution:
- Is complete: Configured-to-quote, quoted-to-order, and engineered-to-order
- Isn’t gated or more complex than it needs to be
- Doesn’t produce inaccurate quotes
- Allows everyone buying and selling your products in any channel to quickly and accurately engage in real time
10 Financial Benefits You Can Expect
A CPQ solution that has the aforementioned features can provide finance teams with numerous benefits, including:
- Protected margins
- Consistent configuration and pricing
- High level of accuracy
- Material decrease in concessions/write-offs
- Localization capabilities out-of-the-box, anywhere in the world
- A pricing model that encourages success by not charging you for quotes that don’t result in orders
- The ability to plan for future success due to better and more current visibility
- Up to 90% increase in proposal production*
- Greater than 50% growth in quotes*
- Reduced IT spend by sunsetting outdated technologies and the ability to maintain CPQ without adding additional IT headcount
Is FPX CPQ Right for You?
According to Forrester’s Wave report, a review of the top CPQ solutions on the market, FPX is best suited for companies that have the pieces for, or a commitment to deliver against, an omnichannel strategy. This is due to FPX CPQ’s services-based architecture and ability to interface with a wide variety of third-party tools across CRM, commerce, and portals.
Ultimately, no matter where you are in your digital transformation, if you want to produce more sellable, high-value custom offerings more quickly, FPX CPQ can help you recognize maximum revenue while protecting your margins.
*Figures derived from repeated FPX customer evaluations