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Why You Need to Choose the Right CPQ Solution

When configure, price, quote (CPQ) software entered the market in the ’90s, it changed manufacturing sales as we know it. Now, any company that isn’t using one of these platforms risks getting left behind in the digital transformation. Maybe you’ve already heard about how your competitors adopted CPQ technology and are now reaping benefits in their revenue and closure rate. If you’re evaluating CPQ solutions for your own company, how do you ensure you choose the right one? Let’s take a look at how important this decision is and what can happen if you don’t choose wisely.

The Impact of Choosing the Wrong CPQ

The benefits of CPQ solutions are so broad they can reset benchmarks for productivity at your company. Still, with so many solutions on the market, you need to carefully evaluate your options to find the best match for your needs. Most CPQ solutions are optimized for a certain business category, and some may not be able to handle the nuances of your industry. Making the wrong choice could lead to:
  • Wasted Time and Money
In addition to the high price of licensing enterprise business software, every day you spend on the wrong CPQ solution is money wasted on lost expansion and opportunity. Imagine spending months training your team on how to use one system, only to realize after the fact that it can’t fulfill your needs.
  • Lost Employee Morale
Many employees are already resistant to adopting new technology — especially changes as foundational as a new CPQ. If you choose the wrong solution, it could sour your team’s attitude toward potential benefits and make them lose faith in leadership. This will further complicate matters when you do find the right CPQ system, as staff will be reluctant to support and use it. It’s essential to have buy-in at every level of the business when adopting and implementing a successful CPQ solution.
  • Lost Productivity
Implementing a new CPQ solution is a time-consuming process that can’t be done overnight. In fact, it’s a red flag if a provider makes such a lofty promise. It takes time and teamwork to plan, train, and execute such a monumental implementation — as well as incredible resources from IT and the workers directly affected by a switch. This process will impact each department’s overall productivity, so it’s important to pick the right solution from the start so this doesn’t impact revenue.

Break Through Competition With the Right CPQ Solution

A CPQ solution can transform your entire company, but not all CPQ solutions are created equal. Invest time into choosing the right solution to reap the maximum benefit of the technology. Do research, look at reviews, and know exactly what you want to achieve with a CPQ solution. The right one will enable:
  • Lightning fast turnaround time for quotes.
The amount of time that could be saved will vary by system and company, but the right CPQ can help you shorten your time to quote from a day to just a few minutes.
  • Supercharged productivity.
As you move quotes through the process quicker, your entire engineering and production teams will be free to work more efficiently, unbothered by questions from sales. CPQ doesn’t just supercharge your sales process — it indirectly improves productivity for every member of your company.
  • A higher bottom line.
When you have the right CPQ solution for your company, you have more resources to tackle additional sales opportunities while improving overall margins. Not only can you generate more revenue, but you can derive more profit from each sale.

Implementing a CPQ solution is critical to keeping up with competition in the digital transformation, but it’s just as important to choose the correct one. For help assessing your company’s needs and understanding the marketplace, contact the team at Revalize to learn more about your options.

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