CPQ has come a long way.
From the 1980s when the technology was born and known as a configurator, to today’s robust solution that:
- Solves the quote-to-cash problem,
- Connects tools like CRMs and ecommerce platforms,
- Promotes interactive selling,
- Helps scale sales processes,
- Delivers personalized sales and buying experiences,
- And more,
...it’s apparent that this solution has evolved with evolving business needs.
What’s more, modern CPQ systems now touch and connect ever-expanding networks of online, direct, and indirect sales channels. And this means lots of benefits for those leveraging them.
6 Benefits a Modern CPQ System Provides
Such solutions that grow with your business, instead of keeping you tied to an outdated application or processes of the past, can mean major benefits for your organization. Here are some of the most significant ones.
1. Channel Partner Access
Making your CPQ system available to your channel partners will help them produce accurate quotes faster, while ensuring those quotes include correct prices and product selection. This is thanks to features like automated contract renewal processes, guided buying and selling, advanced configuration capabilities, and automated workflow and discounting processes. When your channel partners harness the power of your CPQ system, they’ll be able to offer the type of customer experience that attracts modern buyers.
2. Delivering the First Quote
The seller who delivers the first quote to a customer often wins the deal. A modern CPQ solution that is platform agnostic can bridge the gaps across your existing systems and will help ensure that you’re the first to provide your customers with an accurate, properly configured, professionally prepared quote.
3. Reducing Excessive Price Discounting
By having your price book integrated with your system and controlling what prices can be offered, you’ll be able to reduce excessive price discounting by your sales staff. With CPQ, this is achieved by providing access to deep, rich insights into deals and sales processes and reducing complexity by eliminating unnecessary steps.
4. Properly Configured Orders
Properly configuring orders will ensure your customers receive exactly what they ordered—whether it’s a static product order or replacement part, a configured order with multiple options, or a custom solution that is engineered-to-order. This means happy customers, which means repeat business, customer loyalty, and hopefully, brand advocacy.
5. More Business
Implementing B2B ecommerce will mean a more highly personalized, data-driven buying experience, an experience B2B buyers have come to expect from their B2C engagements. This seamless, self-service or co-solutioning buying experience will equal more orders from customers who prefer these omnichannel purchasing methods from vendors.
6. Meeting Your Needs
Asking the right questions in the RFP you send to potential CPQ vendors will verify that your improved system meets your needs both today and tomorrow. This includes being specific and consistent so that you can compare vendors. For more advice on what to consider before drafting your CPQ RFP, check out this post.
Ultimately, improving your CPQ system can result in big dividends. Choosing a solution that works for all aspects of your business, and will grow with your organization instead of holding it back, can mean seamless sales processes, more effective and efficient channel partners, happier customers, and an increase in revenue.