It stands for configure, price, quote. The software generates quotes quickly and is accessed by the sales team immediately based on the customer’s requirements. It speeds up the process. Altogether, CPQ is a native unit of Salesforce that is responsible for the automation of generating and processing quotes, orders, and contracts. Certainly, this tool is an excellent solution for generating quotations that are accurate and precise.
Why CPQ software and how does it work in Salesforce?
Salesforce CPQ is responsible for streamlining all the integrated processes involved in the sales lifecycle. With a few clicks, you can perform major sales functionalities with efficiency and precision.
In fact, most of the companies are struggling with manual tasks with encircling spreadsheets when it comes to the final Dias of their sales cycle. In case of moving on to their next deal, they might waste hours tracking contract approvals or trying to price products exactly. Configure Price Quote (CPQ) is a sales tool that particularly helps companies to create precise and configured sales quotes for customers. CPQ provides sales reps and leaders to access fully to the data they need to speed up even the most complex quote. The tools are the best solution to most challenges linked with salesforce customization.
In detail, the completion of a project involves several phases. It involves planning, requirement gathering, design, development and maintenance. Simultaneously, other options include prices of pre-negotiated contracts, large volume discounts, number of subscriptions, prices of channels, and partners. The Salesforce CPQ comes in handy during the entire process. The working of CPQ is mentioned as following:
CPQ Flow process
- Enable the users with less training or experience to prepare accurate quotes.
- Implementing business and technical rules to determine complete and valid configurations.
- Guides users through a steady process of selecting the best products for the customer.
- Generates advanced proposal documents with brands, contents and structures.
- Increase deal values and Grow revenue steadily.
- Lesser time for compiling complex contracts.
- Managing discounts and approvals.
Common features of CPQ software systems include handy interfaces for price sheets, cloud-based hosting and other easy features for handling and storing data. In other words, this extension also handles the pricing of single or multiple products and the application of discount rates. This tool helps the sales team further to maintain the prices of the products and application discounts with defined rules. It results in the generation of customer-centric quotes.
In addition, the searchability is google-like and offers products and services suggestions for each searched term. It results in improved productivity as less time is spent on searching for products. The guidelines provided throughout the sales process overall help the sales staff reach out to the most relevant product or service for each user.