As a Configure Price Quote vendor, our team members at FPX often meet with consultancies that have clients looking to undertake digital transformation projects, implement new processes and technologies to become easier to do business with, and ultimately discover the most efficient and effective ways to sell more while delighting customers.
To provide consultants with a little guidance regarding when to recommend CPQ to their clients, we’ve put together a quick list of things to look for that may signal CPQ as the optimal solution to achieve success:
- What they sell is configurable, customizable or downright complex: Effectively selling highly configurable products and services is what CPQ was built to do. Whether its HVAC equipment, medical devices, farming equipment, automotive components, software, hardware, essentially, if you can configure it CPQ can help your client sell it faster and smarter.
- Digital Transformation is a priority: Businesses with Digital Transformation (DT) initiatives can use CPQ as a foundational technology to establish faster quoting, accurate pricing and product configuration, and start building a better overall buying/selling experience for internal users as well as customers. With these improvements and a more efficient sales process, businesses are prepared to kick off other DT initiatives like a more robust eCommerce platform.
- A commitment to future-proofing the business: Many companies already have a strong commitment to an existing software vendor (Microsoft, Oracle, SAP, Salesforce, etc.). Although it may seem wise to stay “within the logo,” exploring platform agnostic solutions may reveal opportunities for greater flexibility and a best-of-breed approach to building out the tech stack. As priorities change and technology evolves (as it always does), it’s often wise to select tech vendors that can be a good citizen of any ecosystem rather than remain tied to a single platform.
- Ecommerce and omnichannel selling is a priority: If your client sells primarily through direct sales teams, vendors and resellers or a combination of both, CPQ can bring the benefits of fast and accurate configuration, pricing and quoting to those channels while supporting the same functionality to a customer self-service channel like eCommerce.
- It’s time to put those old systems out to pasture: Many manufacturers and other businesses are stuck in the past when it comes to their tech resources. They may rely on Microsoft Excel spreadsheets to manage pricing, be forced to manually update product information to ensure sellers aren’t offering outdated or discontinued solutions, or be stuck with customer data that is stored across disconnected CRMs or even worse, housed in the minds of the sales staff. These businesses can leverage CPQ to create a single source of truth for their data that can be easily managed by business users. This ensures all users have access to the most current information and can confidently sell knowing the price, configuration and the quote is 100% accurate.
Let Our Guides Help You Guide Your Client
If you’re advising a business on how to improve their sales process, determine new technologies to invest in, or undertake a digital transformation strategy, reach out to us at FPX and our team of experts can help you identify where CPQ is a good fit for your client.