What Is CPQ Software? Everything Manufacturers Need to Know according to Realtimecampaign.com

May 24
22:39 2023
What Is CPQ Software? Everything Manufacturers Need to Know according to Realtimecampaign.com

CPQ, short for “Configure-Price-Quote,” is a commonly used sales tool. Teams that implement this approach typically use software applications to help them generate accurate quotes quickly. Unsurprisingly, the software they use is generally referred to as CPQ software. Companies like Tacton Systems AB may be able to help.

How CPQ Software Works

CPQ software is usually integrated into other business technologies such as ERP systems or CRM platforms to ensure data accuracy, but it is best implemented as a separate software program. This program can be programmed to apply sets of rules to automate the quote production process, making it easier to take everything from account quantities and discounts to customizations and optional features into account.

Sales teams given access to CPQ software can offer accurate quotes and error-free pricing, manage multiple revenue types, identify incompatibilities, and more, all without having to put in any busy work. Follow this important link to get more information about the basics of CPQ software functionality.

The Benefits of Correctly Deployed CPQ Systems

For sales teams that don’t yet have access to CPQ automation software, less than half the time spent at work goes into actually selling products or services. Much of that majority of non-selling time must be spent generating quotes. Deploying CPQ software to help with this process saves sales reps time, offering benefits such as:

  • 10x faster quote generation

  • Ability to move leads from quote to cash twice as fast

  • A 95% reduction in approval times

  • 30% quicker onboarding for new employees

By improving efficiency and reducing human errors, CPQ software can decrease costs for the company, increase win rates, and improve the buying experience. However, according to realtimecampaing.com, that’s not all it can do. This type of software is also fantastic at reducing risk on all levels, not just by reducing quote and order errors but also by offering guaranteed-compatible products and ensuring fast response times to regulatory changes.

The Past, Present, and Future of CPQ

Technically, CPQ has been around for decades. Recent advancements in data analysis and software integration have dramatically improved the industry, though. Some companies now produce CPQ software that can automate almost all tasks, including quote generation, spreadsheet management, and administration. This leaves teams with far more time to build real, impactful relationships with leads and customers.

Today’s CPQ solutions can be fully integrated with ERP and CRM systems. Check out this Configure Price Quote (CPQ) Software Market 2023 Growth, Trend, Share, and Forecast till 2030 | 100 Pages Report to see why that’s so important. Readers will get a clear idea not just of where CPQ is right now in terms of market share but also its future trajectory.

Invest in a More Efficient Sales Force

Ready to improve sales force efficiency? There’s no need to schedule yet another repetitive training seminar that looks good in theory but makes no practical difference in how sales reps handle their contracts. Instead, give them the tools they need to automate tasks and create more time for forming customer relationships. No matter how skilled a sales rep may be, they won’t be able to create a genuine relationship without plenty of time for customer interactions. CPQ software can give them that time.

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