How CPQ Speeds Up Your Quoting Process

Technology should streamline work and make our lives easier, and while that’s true for most of the manufacturing industry, one department that hasn’t reaped this benefit is sales — particularly when it comes to quoting.

Configure, price, quote (CPQ) software enables efficiency for manufacturers that sell custom and configurable products. But how worthwhile is it to invest in the new technology? And how does it speed up quote times? Let’s take a look at quoting processes and some of the issues CPQ can solve.

Why Do You Need to Improve Your Quoting Process?

Configurable products are more in-demand now than ever before, creating a huge opportunity for manufacturers. Unfortunately, configurable products are also the most difficult to price and quote efficiently. Some of the biggest challenges include:
The days of hand-written quotes are long gone, with most manufacturers using spreadsheets or legacy configuration software. Unfortunately, this type of system uses technology that came out in the 1990s and hasn’t been truly updated since then. Managing quotes with any of these systems still requires back-and-forth between departments that dramatically slows down quote processing times.
Any time one employee has to wait on input from another in order to proceed, a project is placed on hold. This is a notorious problem for selling configurable parts, since every suggested modification to a product requires feedback from engineering. If one team member is busy on another project, their response could be delayed by a day or more, leaving their coworker (and the customer) waiting.
A high error rate is one of the biggest reasons for a long quote processing time, because each mistake requires additional communication and calculation to correct. In addition to slowing revenue, you could even lose business if customers stop trusting in your team. Word may spread about your error-prone process and snowball into a bad reputation.

How Can You Improve Your Quoting Process?

A couple decades ago, excel spreadsheets and legacy configuration software transformed the quoting process and helped sales teams in every industry improve their productivity. While their contribution was important to company growth, both technology and the marketplace have moved on. The latest generation of cloud-based CPQ software is an incredible advancement from hard-drive-based solutions, addressing all of the most challenging aspects of quoting.

Users can pre-set different variables for each item, enabling customers to configure their own products and generate their own prices. Free of siloed storage on individual computers, cloud-based CPQ creates one source of truth for the entire sales process, keeping all configurations, sales documents, and quotes in one central location, accessible from anywhere with Wi-Fi. With data more accessible and projects more visible, it’s also easier for stakeholders to collaborate and communicate.

Make Your Company’s Quote Process Your Competitive Edge

Streamlining your quoting process is a win-win situation for everyone. Sales will enjoy a smoother workflow during configuration, allowing them to focus on what they’re best at: supporting customers and building relationships. Meanwhile, customers benefit from a faster and more reliable quoting process, allowing them to get a jumpstart on their project. And with the ability to close more deals in less time, your company can expand their sales bandwidth and generate more revenue in less time.

If your company is still using outdated configurators or basic database software, then it’s time to modernize. Your business depends on quick turnarounds and customer satisfaction to continue succeeding in the marketplace. Not using a cloud-based CPQ can jeopardize both of these values.
Revalize CPQ helps sales teams produce accurate quotes in a fraction of the time it took conventional software. The purpose-built platform even accommodates the nuances and complex attributes of products in specific industries, including fluid handling equipment. Experience the difference with Revalize by scheduling a free product demo.