Today's sales and marketing professionals are looking for any tool they can find to take the extra work out of configuring offers and promotions, coming up with optimum prices and providing quotes for potential customers.
In addition to taking up valuable time that sales and marketing people could be dedicating to more important tasks, the guesswork and manual data manipulation that many companies continue to rely on make it extremely difficult to know if sales and marketing staff are driving the highest level of revenue and efficiency.
Configure, price and quote software (CPQ) addresses the natural inefficiencies and confusion in the sales process by providing a single hub to oversee a company's entire product and service line, instantly connecting salespeople with the information they need to make informed decisions about pricing and provide quotes to prospective customers quickly.
With this one tool, companies can get everything they need to turn their sales force into an efficient revenue-generating machine.
While CPQ software can play a beneficial role in any company that offers products or services for sale, there are certain industries where companies are particularly well positioned to benefit from using CPQ software. Read on to learn more about a few of those industries.
Launch CPQ from your public website - enable customers to pick the right solutions and options from your catalog (via Oracle)
Today's e-commerce organizations are suffering from rapidly increasing complexity. Customers are more demanding than ever, which means that e-commerce companies must come up with new and diverse product lines all the time, while also delivering a consistent customer experience across all channels.
With CPQ software, e-commerce organizations don't have to worry about being overwhelmed by the amount and diversity of the products they sell. Instead, by configuring their products in a single organization-wide hub, they'll be able to know exactly what products they have, and exactly what they should be selling them for.
CPQ also helps organizations streamline their sales cycle. By providing easy access to information about who customers are and what they like, CPQ software makes it easier for e-commerce organizations to approach the right customer at the right time with the right offer or promotion. This dramatically increases the likelihood of a sale. Then, once a customer has made his or her first purchase, CPQ makes it easier to maximize revenue by providing cross-sell and up-sell suggestions that are based on real data.
Which CPQ software solutions are best for e-commerce?
- Oracle CPQ Cloud for Ecommerce: Oracle's CPQ cloud service enables you to position the right offerings (no matter how complex), and generate quotes and orders directly from your website.
- APTTUS Ecommerce: Apttus’ transformative CPQ functionality connects direcly with Salesfore to drive multichannel sales for all products on one platform.
Manufacturing organizations face a high degree of complexity, because keeping track of changing customer preferences and market conditions makes it very difficult to make sure they are producing the right products in the right amounts.
Changing courses to build new products is incredibly expensive and time-consuming for manufacturers. In order to make the most of their resources, these organizations need to avoid building products that aren't needed.
With the easy access to information that CPQ software can provide, employees no longer have to guess about what products they should be producing. Instead of spending hours combing through the product data manually, they can let the software do the heavy lifting, and then spend their time acting on those insights to make sure the company is building the right products at the right time, in the right quantities.
Which CPQ software solutions are best for manufacturing?
- iQ CPQ by Alternative: iQ CPQ was designed with manufacturers in mind. It’s robust functionality simplifies the process of quoting complex product catalogs, pricing, discounting and workflows.
- Configure One: Among the many functionalities of Configure One, its Concept Enterprise Product Configurator, you can automatically generate manufacturing routings from each configuration to give your shop floor step-by-step instructions on how to manufacture a product.
3. High Tech
High-tech organizations are particularly good candidates to use CPQ software because they work in a fast-changing industry that is known for its complex combinations of product and service offerings and its complicated pricing models.
In this industry, knowing for sure that you're offering a customer the right mix of products and services, and that you're asking the right amount in order to maximize revenue, can be especially difficult.
With CPQ software, high-tech sales staff can instantly know what products and services should be sold together, and how much the company should charge for them. They can also create quotes quickly for even the most complex implementations, allowing the company to strike while the iron is hot and get a quote in front of a customer while they're still interested.
Which CPQ software solutions are best for high tech?
- Model N: This solution has a specific CPQ for high tech that gives you increased visibility and control, increase market share, reduce price erosion, improve sales effectiveness and eliminate channel overpayments.