Although configure, price, and quote (CPQ) software has been around for decades, it is considered the newest wave of sales optimization tools, and an essential one when you start a new business.
But, first and foremost, what is CPQ software? CPQ is a sales tool that allows businesses to generate quotes for orders fast and precisely. Configure price quote platform frequently work in conjunction with CRM platforms, ERP programs, and other corporate technology, ensuring data integration and accuracy. Quotes generated with CPQ software are automated based on a set of pre-programmed criteria, ensuring error-free pricing that accounts for quantities, incentives, alterations, alternative product features, different revenue types, and incompatibilities.
What is Configure Price Quote (CPQ) Software?
CPQ (Configure, Price, Quote) software assists businesses in precisely defining the price of items over a vast and constantly changing range of factors. These variables are aggregated by CPQ software, which allows businesses to configure products or services in the most optimal way (i.e. bundling, upsells, etc. ), price them according to pricing, competitive forces, and local market forces, and quote a consumer the best possible price based on all of the above factors.
What are the benefits of CPQ software?
If your organization provides complicated and configurable services, you understand how difficult it may be to provide accurate estimates to clients or customers. One of the main advantages of CPQ software is that it provides an effective, automated approach for determining price quotations, eliminating the guesswork – and potential for human error – associated with traditional estimating methods. CPQ solution is on the horizon for many businesses due to its capabilities and potential for high return on investment (ROI) and reduced the need for special business financing and solutions. CPQ use will continue to rise as businesses see the value of integrating it with their CRM and ERP systems.
Who Can Benefit from CPQ Software?
Manufacturing companies utilize CPQ software because it provides several advantages for both the manufacturer and the customer.
When customers buy from a company that employs CPQ software together with CRM systems, especially on eCommerce platforms, they have a more gratifying and engaging experience. Customers will feel more confident and optimistic about the buying process, even if they aren’t aware of it. Customers do not have to wait for a quote because CPQ software makes the process faster and easier. This means they can immediately confirm their order and get it into production.
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