How CPQ benefits the tech industry
In the tech marketplace, innovation and new developments happen at a rapid pace. The market is crowded with companies constantly vying for the latest improvements and breakthroughs. So how can these companies gain traction and pull ahead of the others? For tech companies to succeed in such a crowded market, they need to direct their focus to operational fixes that streamline their business processes and eliminate bottlenecks. Tech companies should seek to understand CPQ benefits and implement a solution that will provide a shorter, streamlined, and more accurate sales cycle.
High-tech companies are constantly working to improve their products, but the impact this has on creating quick quotes and proposals is a negative one. Sales reps from companies that use CPQ software send out almost 50% more quotes, proposals, and RFPs per month than reps from companies that don’t.
There are many advantages to implementing CPQ software for high-tech companies, a few of them are:
CPQ Benefits: Accelerated sales cycle
High-tech companies are in a state of constant change. It’s vital that sales teams and partners have the latest product information and pricing to provide quick and accurate quotes to their customers. CPQ software enables all sales-related information to be funneled into one place ensuring sales teams are able to provide fast and accurate quotes.
CPQ Benefits: Reduced errors
While CPQ software accelerates the sales cycle for users, it also ensures that sales teams are on the same page with pricing, discounts, and bundling options. When decisions are made that affect these quoting components, the changes are easily deployed to the entire organization through the CPQ software, virtually eliminating sales team misalignment.
CPQ Benefits: Improved sales performance
Another huge benefit of CPQ software is that your sales team has everything they need to get a deal closed. CPQ leverages guided selling to support sales reps through the quoting process, ensuring that the right product and price are being quoted. It also allows sales reps to see which cross- or up-sell options should be suggested.
Closing the gap
Consider CPQ’s role in the overall sales cycle. Not only will it be a comprehensive sales tool, but it will also work alongside a whole suite of other technology solutions to guide sales reps through the sales cycle from beginning to end. Its unique position can bring visibility to an area that might not be clear to the sales rep.
Integrating CPQ with your accounting system (ERP) can streamline order management and invoicing. Your operations and accounting teams can gain visibility into the quotes created by the sales team.
A lot of high-tech companies use spreadsheets and other documents to handle configure, price, and quote functions. While these tools may be familiar and convenient, they are not reliable platforms on which to build product configurations and generate accurate quotes and proposals for prospects and customers. A CPQ solution speeds up sales while making the sales process easier and better for customers.
CPQ software provides high-tech companies with a quoting solution that adapts as quickly as their market is evolving. CPQ gives these companies the agility to change product and configuration options, as well as pricing quotes when needed so they can stay ahead of their ever-evolving market.
If you’re looking at implementing CPQ software within your company, let Concentrix Catalyst ensure that it’s set up correctly and able to arm your sales team with the data necessary to improve their processes. Get our Salesforce secrets for the tech industry.
About the author
Stephanie Gaughen is a senior Pardot consultant at Concentrix Catalyst. She holds a master’s degree in media and communications. She has a passion for entrepreneurship, technology innovation, and next-generation marketing.Tags: Configure Price Quote, cpq, Process Improvement, sales process, Salesforce