Top Ways A CPQ Tool Can Boost Your Business Efficiency

Previously it was observed that sales representatives spend the maximum of their time creating quotations, proposals, and obtaining approvals, compared to the very least of their time making sales.

Isn't that shocking? If sales reps continue to spend nearly two-thirds of their time on non-selling activities in today's age of fast-forward digitization fueled by the CPQ tool, it will undoubtedly hinder business productivity and result in missed opportunities. 

Progressive businesses use a solution like the CPQ tool to increase business productivity and revenue by including sales representatives in actual sales operations. CPQ, which serves mainly as a sales utility tool, aids sales representatives in producing estimates for orders fast.

The CPQ tool with CRM programs, ERP programs, and other external systems guarantees accurate data integration. Businesses may automatically use the CPQ cloud to produce quotations based on a preprogrammed set of rules. The error-free quotations consider customer quantities, discounts, product modifications, add-on features, different income streams, and incompatibilities.

5 Ways CPQ configuration is helping enterprises

Here are five ways CPQ configuration can help an enterprise drive high efficiency by closing more deals with a shortened sales cycle:

• Greater accuracy 

By combining numerous sales cycle components, such as sales, service, renewals, finance, and legal, the CPQ tool increases efficiency. This guarantees that sales representatives won't deal with setups that aren't financially or legally feasible. This allows sales representatives to provide estimates more accurately and saves time over manual quoting. Also, the automated feature will make sure that mistakes may be prevented before they happen, giving you contented clients and content salespeople. Although sales representatives will utilize the CPQ primarily, you may customize the product to benefit the whole company. You may get precise demand and product trends using CPQ analytics.

• Standardized procedures that foster collaboration and cost savings 

An organization has several siloed organizations, including sales, service, finance, legal, and many others. CPQ works with all parties and enables constant contact throughout a sales cycle. To streamline and standardize the process, Configurator Solutions interacts with your current business technology and siloed organizations from order generation to quotation sending, invoice sending, payment receiving, auditing, and order fulfillment. Sales and operations are connected through CPQ, which integrates well with ERP systems. High operating expenses may be reduced using CPQ cloud and ERP.

• Increased sales effectiveness and time savings 

A sales representative, as previously noted, spends around 34% of his time on actual sales-related tasks. Longer sales cycles, less efficiency, and decreased sales are just a few of the problems this causes. Sales representatives may spend more time prospecting, meeting prospects, cold calling, etc., using a simplified approach instead of conducting non-selling tasks. Thus, CPQ configuration can precisely arrange items, apply price discounts, and have preprogrammed approvals to speed up the process when it's time to finalize the contract and start the transaction. This will increase productivity and help you save a tonne of time.

• Unfortunately, every company must do audits 

Keeping track of who approved which price choice and when Configurator Solutions makes auditing simple. At the press of a mouse, you can record all discount requests, assign approvals to particular people, and time-stamp everything. Information is easily shared with anybody who has access since it is safely kept on the cloud.

• Faster market entry 

Various factors influence a new product introduction, but one of the most important is rollout time. It's crucial to enter the market initially. By making it simple to add goods to your catalog and provide technical, marketing, and price information, CPQ speeds up this procedure. This may be changed on the spot and quickly made available to your sales staff.

An added benefit is that you don't have to memorize many product details. Instead, your team may use procedures guided by experts to assist in directing each sales discussion. This enables them to begin selling straight immediately while maintaining their attention on selling rather than administrative tasks and procedures.

We have successfully installed CPQ cloud solutions in several businesses as experts in the Salesforce platform. KBMax's Salesforce-certified developers will work quickly and assist you in increasing your business revenue. You can check KBMax CPQ Reviews in various renowned review platforms given clients' Set up a meeting right now.