What is CPQ? Will it work for my organization? When should it be applied?
For those new to the world of figuring up quotes for products and services, the term “CPQ” stands for configure, price, and quote. In other words, it means putting your money where your mouth is. Figuring out a unique combination of a product or service that fits the needs of a customer, deciding on a price that satisfies the projected costs, then documenting that financial agreement is a lengthy, and often tedious, process.
Most salespeople will tell you it takes up a large portion of their job. But what if there was a way to simplify the CPQ process? What if there was a tool that frees you from the desk and sends you out in the field where you can do your job? Cashing in on Salesforce CPQ might be your answer.
Who does Quote-to-Cash help?
As a salesperson handling a large inventory of products, think about the most recent sale you made. You spend time following up on leads and introducing the product or service to a customer. The product is quality stuff, the customer is interested, and you are close to making the sale. All you need is a quote to present to the customer.
In a typical workplace facilitating this sales cycle means sitting at your desk and building a quote from an inventory and pricing spreadsheet. This process creates a large margin for error and takes a ton of time. Then you have to hope the spreadsheets are current with product availability and pricing information. And don’t forget the paperwork required for the financing side. Meanwhile, your customer is waiting and possibly fielding quotes from other salespeople. In the world of sales, time is money. Unfortunately, the most valuable time is being spent preparing a quote.
What makes Salesforce CPQ so great?
By converting CPQ to a Quote-to-Cash, Salesforce CPQ simplifies the quoting process by building the quote with one click of a button. One click accesses accurate pricing, available products, approved discounts, and, best of all, secures your sale. And this process is often 5 to 10 times faster with Salesforce CPQ.
For some businesses that maintain huge product workbooks, implementing CPQ drew attention to redundant products. As a result, some businesses were able to reduce their inventory and further streamline their workflow.
Other businesses that didn’t have huge amounts of products discovered this implementation created better tracking tool that improved the relationship between sales and fulfillment. A tool that tracks every stage of a sales cycle allowed for better communication, which resulted in better invoicing, smooth product and service delivery and a more efficient and profitable system. With Salesforce CPQ, every step is simplified and accurate. Plus, Salesforce CPQ is native to Salesforce, so it won’t feel like you are adding another system to the process.
Just imagine the exciting possibilities of job management by using this tool. When time means the difference between securing a sale or watching it slip by, implementing a tool that streamlines processes like contract management, billing processing/invoicing, tracking inventory, quickly quoting figures, and providing more accurate forecasting could be the game changer in your sales productivity. Do you want to put your money where your mouth is? Salesforce CPQ will give you something worth talking about.