A successful CPQ implementation is vital to your company’s digital transformation journey. It can help your team transform how they quote orders, setting your company up for massive savings.
Your team needs access to comprehensive product data while creating quotes to create accurate, error-free quotes quickly and efficiently. Moving your product names, codes, SKUs, and pricing into one central place is critical.
Streamlined Processes
One of the main benefits of implementing a CPQ solution is that it can streamline your company’s processes. This can include improving how sales reps work with customers and providing accurate quotes tailored to each customer’s needs.
This can be accomplished by implementing rules to make the process easier and more effective for everyone involved. This is particularly helpful if your business offers complex products or many options.
Once you have streamlined your processes, you must ensure they are carried out correctly. This can include examining how employees work together and asking them for feedback.
Another way to make sure that your CPQ implementation is successful is by setting goals for the project. These goals should be based on how you want your business to grow and what you want to achieve from the CPQ solution.
You should also ensure that your internal and external data is ready for the CPQ system. This includes information about your product models, pricing, and more.
Streamlining your processes can be difficult and require a lot of time. You may have to tweak the process or workflow over time as you discover additional ways to improve it. During this process, it’s essential to be patient and flexible so that your company can reap all of the benefits a CPQ implementation offers.
Increased Productivity
CPQ software shortens the sales cycle, increases your team’s ability to win new business, and drives revenue growth. It also improves response times, reduces administrative costs, and makes it easier to track customer data.
Many organizations need more time during sales to perform non-productive tasks such as managing spreadsheets and emailing quotes and proposals. When these processes are automated, the organization can focus on building a well-guided selling process and identifying areas that need improvement.
Price quoting can be difficult for companies that offer complex products and services. In addition to determining prices for individual products, sellers must also account for market trends and buying patterns. This may result in pricing errors that negatively impact the company’s profitability.
To mitigate these errors, sales teams can implement a CPQ solution like Tacton.com that automatically generates optimal quotes and configures them based on preset rules. This eliminates the need to calculate prices manually, which can be challenging for complex products and large orders.
CPQ implementation should be carefully designed and executed to ensure the system is scalable enough to meet your growing business needs. Otherwise, it could lead to data loss and inefficiencies. Establishing clear business objectives and goals is essential before the project begins. This will ensure the project stays on track and achieves its expected results.
Better Customer Service
A CPQ implementation is a significant investment in time and resources. A successful implementation can save your business money, streamline processes, increase revenue, and improve employee and customer satisfaction.
It’s essential to have a solid plan in place before launching your CPQ system integration. This includes identifying the core business goals that drive the project and establishing which stakeholders must be involved.
CPQ is a powerful tool, but it will be most effective when layered on top of already optimized processes. Taking the time to optimize key business processes (like SKU rationalization, cleaning data, and creating a pricing and product management plan) before implementing CPQ will maximize your investment.
Once a CPQ system is implemented, it’s critical to ensure that users are familiar with and use it effectively. The best way to do this is through training and support.
For example, you can provide tips about using the system and guidance about what to do if something goes wrong. This can help your team members feel confident in their new system and encourage them to use it as much as possible.
Lastly, it’s important to monitor user usage and report on trends. If usage wanes, you must evaluate what enhancements or training will change behavior.
Increased Revenue
When sales teams are given a streamlined process to create quotes, they’re more confident driving deals. After all, CPQ takes care of the back-and-forth, routing the documents to the right team members for approval and then forwarding them to customers to get responses quickly and easily.
Whether manufacturing or selling technology solutions, your customers want to see a precise, easy-to-understand quote that includes all the features they need. And a quote that’s inaccurate or incomplete is no good for anyone.
Companies that don’t automate their quoting processes risk losing business due to less-than-optimal prices and slow turnaround times. CPQ solutions can help eliminate these problems and ensure your sales teams are offering your customers a price they’re comfortable paying while maintaining profitability.
CPQ also helps your sales team generate upsell and cross-sell opportunities, which can significantly boost revenue. But you must include CPQ in your sales process early on, preferably during the lead generation and qualification phases, to take advantage of this opportunity.