What is CPQ Software?


Written by:

Reading Time: 3 minutes

CPQ is a technology that helps businesses monitor and manage sales and services efficiently and quickly. It automates pricing and creates sales proposals. It is proven that the time employees spend on analyzing, proposing and getting approvals takes up most of their time. All these operations are not related to sales. Salespeople only spend 35% of their time actually engaging in deals. That’s why it’s so important to put in place an automated AI system that will free up time for important deals. This software includes categories such as configure, price, quote. It illustrates that these elements can help in price setting.

CPQ software is often used to create product and service reviews and promote different options. The software program without power on basic rules can include numerous modifications that are added on attachments. Non-powered CPQ software can combine with CRM and ERP sequences but be a part of them. Active popular CPQ scheduling programs include:

  • Odoo;
  • Salesforce;
  • SAP;
  • ConnectWise.

CPQ Simplifies Your Business

Speed is a sought-after characteristic in today’s marketplace. After implementing Salesforce CPQ, Dexter + Chaney demonstrated 30% higher quote accuracy. CPQ software helps companies offer their products and services in a modular way in multi-channel sales environments. Dynamic product configuration eliminates poor product selection and economically unfeasible combinations.

Also Read:   Top 10 Custom Software Development Companies in the World

Comprehensive pricing works for individual sales of single products or a combination of multiple products or services that are sold to customers as one unified package of goods or services. CPQ provides discount matching by allowing sales representatives to set discounts for the entire offer or for individual products and product groups.This way, it is possible to significantly simplify the tasks of price determination. This program can be used as a reliable assistant for controlling a multitude of commercial offers.

Challenges of Managing Complex Sales Processes and CPQs

The long sales cycle and operational challenges within the sales process are considered some of the major difficulties. Studies show that salespeople spend about 66% of their time on sales proposals or offer writing and don’t help attract more leads or increase conversion rates.

Increased product and pricing complexity also occupies an important place. Managing the associated complexity of products and services can be a challenging task. Managing complex pricing is not a task for engineers or salespeople. It is about building effective dialogs between the company and the customer.

While new business models, such as subscription or usage-based, increase revenues and provide a better customer experience, they also create unexpected operational challenges. For example, two operational issues that businesses with  fixed revenue often face are data visibility and continuity, as well as the possibility of scalability.

Also Read:   Top 6 Software Types Sold in Cloud Marketplaces

Modern business has a tendency to use different sets of applications to implement its business architecture and to improve its operational consistency and efficiency. It is necessary to integrate the Cpq tool with other business applications, which requires strategy, planning and execution. While Salesforce integrations have common patterns, they have many cloud integration requirements and pose challenges for integrating with external systems.

How Does This Program Help

Faced with the challenges of market uncertainty and increasing competition, companies are looking to provide the best customer experience while closing complex deals, controlling profit margins and managing how salespeople distribute deal revenue. Increasing productivity in this new sales environment requires eliminating manual processes and leveraging new technologies to quickly deliver accurate and personalized offers. That’s why CPQ software is becoming so popular. It allows owners to greatly simplify the complex tasks that arise. It makes controlling all operations a hassle-free process. Every user can easily understand the operation of this software. No special skills are needed here as the program has a user-friendly interface that allows you to quickly set the necessary parameters and fill in all the data.

Pandadoc – a Reliable Business Assistant

Pandadoc is an IT company that allows you to simplify the work of organizations by eliminating work from document management. It provides a universal document automation platform that helps rapidly scalable teams accelerate the creation, management and signing of digital documents including proposals, quotations, contracts and more.

Also Read:   Essential Tips to Make the Right Purchase Software Decision

Their mission is to make business transactions engaging, fast and paperless.

CPQ systems have different templates here. They can extract important information directly from the CRM. The software allows you to create organized, accurate and personalized documents in just a couple of clicks. It is very convenient and saves a lot of resources.

PandaDoc is a great option for those who want to send unlimited documents for electronic signature to use proposal templates and advanced recipient analytics. PandaDoc makes small and medium-sized businesses run more smoothly by combining document creation, management, tracking and e-signature in one place. All the information is stored in cloud storage, which has end-to-end encryption. Therefore, users can have confidence in its security.

The service opens up many valuable possibilities for users to simplify document workflow. It is possible to find different packages with useful tools on this platform. It is up to the users to choose the option that suits them. Different document templates are available here. You can use the free period to decide which one to choose, where you can evaluate each of the offers. After the time expires, it is possible to purchase a favorable and convenient package of tools.

Read More