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What is Salesforce CPQ?

What is CPQ?

CPQ or Configure, Price, Quote Software by Salesforce, is a sales tool for corporations to supply correct pricing with any given product configuration. Corporations utilize CPQ to get correct and fast quotes for orders. CPQ applications usually work with CRM platforms, ERP programs, and different business technology, which helps guarantee integrated knowledge with accuracy. Quotes created with CPQ software are machine-driven, pre-programmed set of rules, making specific error-free ratings that take into consideration the quantities, discounts, customizations, optional features of the product, multiple revenue types, and incompatibilities.

Why CPQ software?

1. Optimizes time management for Sales reps

Sales reps spend only 34% of their time in sales, and research shows that a huge part of their non-selling time is spent generating proposals, quotes and gaining approvals. Once CPQ is deployed and used correctly, users have reported:

  • 10 times quicker quote generation
  • 95% reduction in approval time
  • 2 times faster moving from quote to cash
  • 30% speedier ramp for brand new reps

2. Eliminates a variety of sales hurdles

Even when you see the advantages of a CPQ program, you will think your current method still fits the bill. However, even though your current sales quote generation appears to be enough, you must be on the lookout for these 6 signs that you need in CPQ:

  • You’re using quote configurators.
  • Revenue growth is outpacing your ability to set off.
  • You’re building a continual revenue stream.
  • It would help if you had possible ways to implement many advanced business solutions, like software with in-built AI.
  • You’re sending inaccurate sales quotes to prospects.
  • You manually review all of your sales quotes.

3. Improves the accuracy of sales quote method

  • 35% decrease within the variety of selections with configuration errors.
  • 38% decrease within the type of quotes with pricing errors.
  • 29% increase in forecast accuracy. 

What is CPQ in Salesforce?

Salesforce CPQ is a configure price quote solution that is native to the Salesforce platform. It delivers automated sales quoting with out-of-the-box capabilities like guided commercialism and Pricing and Discount schedules. However, it’s not restricted to the current definition because it brings a lot of practicality and adaptability to your sales team despite its complicated method. It streamlines the whole quoting procedure, aligns all of your separate internal groups, and saves time while building correct and timely quotes, all without leaving Salesforce.

How Does Salesforce CPQ Work?

Consider an SMB product company that has an out of the doors sales team that collects the necessities from the purchasers, an enclosed sales team that receives the data from the outdoors sales team. They then coordinate with the design and engineering team to piece the custom product and build a correct quote within the given timeframe. Let’s look at the Salesforce CPQ functionality through the whole method. 

Why LMTEQ?

Our Salesforce CPQ consultants can work with you closely and usher in a positive distinction within the following areas – 

  • Reduced-order errors
  • Reduced time for collection of complicated contracts
  • Freed up quality time of Sales Representatives
  • Steady revenue growth
  • Increased data visibility and accuracy
  • Enhanced client expertise
  • Increased deal values

Configure Price Quote (CPQ) is a tremendous sales tool that helps corporations form precise and organized sales quotes for purchasers – we are speaking about complicated sales transactions here. Salesforce CPQ’s functionality provides sales reps and leaders full access to the information they have to make the most detailed quote much quicker. The CPQ tools are a sure-shot solution to most of your challenges related to client relationship management.