When configuring complex and customized products, every variable can impact the final price. Traditionally, sales reps have to calculate prices by hand. Rules-based CPQ programs update prices for every change automatically, reducing the chance of human error. Pricing even updates in real time, so it’s easy for customers to assess how each configuration will impact their budget.
Since configurations are selected in a program and prices are automatically calculated, CPQ solutions eliminate most of the time-consuming work that goes into generating a quote. Stakeholders in other departments can even access the platform and leave feedback on specific orders without the need to schedule a meeting. All of this time-saving automation reduces quote time from days to just hours.
Filling your sales pipeline with worthy prospects is one of the hardest goals to achieve, but if you can’t respond to them in a timely manner, you might be leaving money on the table. With manual processes, fluid equipment sales reps face long timeframes to close each deal. CPQ helps generate quotes in record time so you can respond to more leads at a faster rate. This accelerated timeline reduces churn rate and helps close more deals.
CPQ software doesn’t just improve productivity within the sales department, it can impact operations throughout the organization. Other departments, like accounting, customer support, and legal, already use technology to automate their own processes. CPQ software makes sales data more readily available and exportable to other stakeholders throughout the company.
For example, when a quote is approved, sales can automatically route the information to accounting to generate an invoice and submit the signed contract to legal. CPQ essentially eliminates data silos that might happen in sales departments without proper technology.