Technology has seen rapid advancement within a very short time. Several companies that render services for specific prices often rely on manual human staff when preparing price quotes for customers.
Thanks to technologies such as CPQ software, traditional quoting has taken a back seat, eliminating the countless pricing and order errors that used to be a common occurrence.
All B2B companies are advised to invest in high-quality CPQ software to be more efficient with their pricing.
Not only does it prevent human errors, but it also eliminates all typical bottlenecks that are common with traditional quoting.
In this article, we look at the top benefits your company stands to gain from employing CPQ tools and solutions.
Faster Sales Cycle
Time quickly translates into money; thus, any second wasted is equivalent to many dollars lost. With CPQ software, you’re less likely to waste valuable time on activities that don’t require higher thinking.
These tools are designed to help with all issues typically connected with traditional quoting like outdated pricing, manual errors, outdated service or product information, and approval backlogs.
With all these issues adequately dealt with, your company is in a better position to liaise quickly with each customer to close the deal while freeing up time for your sales team to sell more.
Increased Quoting Capacity
With traditional quoting, a lot of time is required to reduce human errors and inaccuracies. The use of CPQ solutions helps reduce that time drastically.
With these solutions in your arsenal, you experience faster quoting, which increases your company’s overall quoting capacity. With this, every employee produces more quotes without reducing your quoting quality.
The best part about automatic quotations made by software is they follow the rules and standards you set. This means everyone can be taught how to work with your CPQ system, from technical to non-technical staff.
An increase in your quoting capacity by the CPQ software helps ease your business complexity while improving the relationship built with customers.
The sales process within every organization occurs with a lot of data. When these huge data volumes are adequately processed and analyzed, it is easier to tell which business processes work well and which do not.
With a CPQ application data analytics feature, all stakeholders have a simpler understanding of all product configurations and why there’s a demand for specific products.
With such analytics, you always have real-time visibility of your sales reps to know all the quotes that don’t tally with your set limits and standards.
Improved visibility across departments is crucial if you wish to make profits on your sales.
Shortened Response Time
The quicker you make quality, accurate quote proposals available to your customers, the more likely your business is to grow.
Customers are busy. Thus, a little time-wasting might lead them into the hands of your competitor, which isn’t good for your business.
Using CPQ solutions enables you to come up with compelling and highly professional quotes in record time, increasing your chances of winning business deals.
When these tools are paired with other collaboration tools, you’re able to work on extensive quotes by eliminating all forms of guesswork and time delays.
Growth and Expansion
Every business owner wants their organization to grow beyond its current size and scale, and with CPQ, this is beyond possible.
The chosen solutions give you more time to take on more projects, which increases your revenue and profits.
Consistent increases in your workflows and workload will ultimately boost the growth of your business and equip you with all the resources required to expand it further.
Hopefully, these listed benefits are enough to convince you about the importance of incorporating CPQ software in your operations.