CPQ integration enables sales teams to use their optimal CRM system to generate error-free data. This data is then passed to CAD automation systems to generate CAD files, assembly guides, and CNC cut sheets.
It allows for a complete product configuration and ensures the correct pricing is applied to each scenario. This results in faster and more accurate quotes.
Increased Efficiency
While CPQ systems can help you streamline and automate processes, the benefits are most significant when they integrate with CRM and ERP software programs. It ensures that all teams have access to the same real-time data, minimizing manual work and eliminating the kind of mistakes that often occur due to inaccuracies in data.
In addition, sales reps can access all the information they need in one system without switching between different platforms or apps to create a quote. It improves their productivity and allows them to spend more time closing the deal.
A CPQ solution also helps you manage budgets more effectively by giving you visibility into the costs associated with each configuration and product. It can help you ensure that your company is on target to hit its revenue goals while still keeping buyers happy. It can also help predict market shifts, allowing you to adjust your pricing strategy accordingly. For example, if demand for a particular product drops, you can use your CPQ system to discount it.
Improved Accuracy
CPQ integration allows companies to use data from multiple systems seamlessly. It improves accuracy and streamlines workflows, allowing teams to make better decisions.
Using CPQ software allows sales representatives to provide accurate pricing information, which helps customers feel confident in purchasing. It can help increase customer satisfaction, increasing revenue and profits.
Another benefit of CPQ is that it automates the quoting process, which can save time and reduce errors. It also ensures that the quotes are compliant with company policies and regulations. It is essential for large organizations that have complex products with a variety of configurations, features, and options.
CPQ integrates with back-office systems such as ERP programs and CRM platforms to create an accurate, one-source-of-truth product definition. It mitigates differences in product structure, market, price, manufacturability, and serviceability. It also improves collaboration by centralizing all configuration and CAD/BOM data, reducing engineering time spent on manual processes. It is especially beneficial for large, multi-national businesses that must comply with regulatory requirements.
Time-Saving
CPQ software allows sales reps to configure products, generate accurate quotes in minutes, and reduce the steps required for customers to place an order. It helps companies achieve a faster time to close and provides buyers with a more personalized experience.
Sales teams often spend 60-75% of their work week on administrative tasks and preparation, so implementing a CPQ solution will give them back this time to focus on selling. The system also eliminates human error and ensures all quotes are based on the latest pricing and product information.
In addition, the system enables companies to create up-selling and cross-selling playbooks for each product in their catalog and suggest these to sales reps when creating quotes. These recommendations are based on margin considerations and are synchronized with the ERP system to update prices automatically on the item line level when quotes are converted into orders. This streamlined process makes it easier for sales teams to grow revenue and win more deals. It also ensures that pricing is consistent across the company.
Improved Collaboration
CPQ integration allows your sales team to collaborate. It improves their ability to work together on deals, which results in faster response times and increased customer satisfaction. It also helps your company improve communication and build trust among team members, ultimately increasing your revenue.
With a Services CPQ system, your teams can provide customers with images and interactive models of made-to-order or configure-to-order products. These visualizations are as close to a live product demo as a digital seller can get, which is vital to creating a positive buying experience.
The key to successful CPQ implementation is training. It’s essential to ensure your team is thoroughly familiar with the tool’s features to use it to its full potential. It will help you save time and money by reducing the number of errors in your processes. In addition, you can see which products and configurations are selling the most so you can invest your resources in what’s working. It can also help you identify any problems with your pricing strategy or marketing efforts.
Increased Profitability
If you have a product catalog with complex products, it can take time to track pricing information. CPQ systems integrate with CRM and ERP to help simplify complex product configurations and ensure your sales team has the data they need to prepare a professional quote.
CPQ systems also have a rules engine that helps reduce pricing errors, which can be costly to your business. These errors can occur due to miscommunications or rogue pricing rules. CPQ systems can centralize your pricing rules and make sure that your teams are aware of any discounts they should be offering to customers.
In addition, CPQ solutions can help with budgeting. They can help you find and pursue new opportunities in your existing customer base by using AI to uncover leads within their accounts. These new opportunities can lead to increased revenue and improved profitability.