CPQ (Configure, Price, Quote) software is a sales tool that helps companies quickly and accurately generate quotes for orders, particularly for configurable products and services. It works in conjunction with CRM platforms, ERP programs, and other business technologies, using preprogrammed rules to ensure error-free pricing and streamline the sales process.
CPQ software offers numerous benefits that can significantly improve a company's sales process. Some of these advantages include faster quote generation, reduced approval time, quicker movement from quote to cash, and consistent pricing and discounting control.
Additionally, CPQ software supports multicurrency transactions, contract pricing, subscription pricing, and advanced discounting and approval workflows, which can lead to increased efficiency and revenues while decreasing costs.
Effective CPQ software should possess robust features to support complex sales processes:
CPQ software automates the quoting process, generating quotes 10 times faster than traditional methods and reducing approval time by 95%. This ensures error-free pricing, taking into account various factors such as quantities, discounts, customizations, and optional features.
On the other hand, traditional quoting methods are slower, more prone to errors, and often involve manual review of all sales quotes, which can slow down the sales process and lead to incorrect prices or unapproved discounts being offered to customers.
When choosing the right CPQ software, consider the following steps:
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