With manual configuration processes, the sales team depends on engineers to review and approve every single configuration for viability and pricing. CPQ solutions free up product
managers and engineers from this process entirely, so they can spend more time making better products.
CPQ software can also help with product management and engineering by analyzing CPQ data to decide where to spend money on the research and development of new products and product improvements. By looking at which combinations of product options are popular and which are not, your engineering department can better understand what customers want and
Product managers can also use these data points to determine how to extend or expand the reach of the company into new regions or niches. If a product manager can see the opportunity to retool or expand a product line to reach a new market, they can widen the customer base and drive new revenue.
Your company is probably already using an ERP or CRM system. The right CPQ solution can seamlessly integrate with your existing business systems and enhance their capabilities. CPQs
data-tracking capabilities can help you identify your best-selling products and ensure they are properly stocked and shipped for your suppliers.
For those companies that produce their own parts and supplies in-house, this same data can be used to analyze what’s needed in advance of orders so there’s less “lag time” between the order and the actual production of the configured items.
Implementing CPQ at your company has an impact far beyond sales. Expect improvements to marketing, finance, operations, and engineering, as well as a treasure trove of data to drive new revenue.