#cpq software solution

Top CPQ solutions can become the powerhouse of any business. The advanced functionality of CPQ software, such as automating quotes and proposal process, help sales representatives to respond quickly. 

Manufacturers that produce high-value products must overcome obstacles while creating estimates for complicated items for various customers. This situation occurs more frequently. Sales professionals in specific industry verticals need deep product knowledge to develop an appropriate evaluation for the goods. Manually generating the quotes is a tedious and erroneous process. 

Adopting modern solutions, such as  KBMax Configurator Solutions, solves all the problems of manufacturers. This tool can quickly create quotations, offers and seal deals that will revolutionize the game. It further boosts efficiency by adding visibility to all processes and removing manual tasks that help sales reps eliminate various sales hurdles.

In this blog, we will discuss the benefits of integrating CPQ solutions in business and how they can increase the output of the salespeople in your company. 

So, let’s begin.

5 Benefits Of Integrating Top CPQ Solutions In Your Business

1. Focused On Selling

The responsibility of a sales representative to handle other business activities distracts them from achieving their sales goals. Sometimes, they also miss their remunerative deals. With the top CPQ Solutions, the sales team can focus more on selling. Configurator Solutions help manufacturers in every step of their daily operations. From monitoring leads to customer relationships, KBMax salesforce will do everything for your team, which saves time. They can use this time to close more deals.

2. Get More Lucrative Deals

The goal of every business is to make a valuable deal that Configurator Solutions can fulfill. It helps the sales team get a more lucrative deal by providing better functionality.  KBMax CPQ software solutions enable you to evaluate sales funnels and deal profitably, allowing you to offer lucrative bids with simplified procedures. Many businesses are using CPQ services to generate precise reports to increase their sales deals. 

3. Customized Quoting

One of the main advantages of the top CPQ solutions is that they can assist companies in ensuring appropriate pricing for their products and services.  This tool can maximize productivity and conserve time. Furthermore, the sales team can establish pricing guidelines and discount schemes using Salesforce CPQ, ensuring their prices are correct and consistent across all sales channels.

For instance, if you are selling a complicated product with many hidden features, your sales configurator software will assist you in developing a proposal that clearly explains the product's characteristics and advantages to the customer. Your sales team can boost the possibility of a sale by making proposals specifically addressing the consumer's demands.

4.Eliminates Errors

Product configurations can be affected by changing rules, and keeping up with them can be difficult. However, integrating Configurator Solutions helps sales teams get it right the first time—and every time after that—by consistently following policies and procedures regarding products, pricing, discounts, and offers. Additionally, by lowering their exposure to lawsuits and financial penalties in the event of a dispute, sales leaders can be more productive thanks to transparency into current policies and practices.

5. Boosts Efficiency 

CPQ software solution aids sales teams in maximizing time spent in person.  It provides representatives with the tools to produce customized offers and proposals for the client. With the help of mobility, machine intelligence capabilities, and new adaptive intelligence applications, the sales team can easily understand and predict customer behavior, identify opportunities for cross-selling and upselling, automate tedious operations, and boosts forecasting precision. Moreover, sales representatives can concentrate on client interaction and development since they are not confined to their workstations.  

Conclusion:

Configure Price Quote Solutions is the one-such solution for the complex product producer. It helps you increase the accuracy of their product forecasts by giving them real-time information about your sales funnel. Moreover, It helps sales teams to develop targeted sales strategies, which help them to get a better deal while managing other business activities efficiently. 

The global B2B ecommerce market is expected to grow at a CAGR of 19.7% between 2022 and 2030. That’s almost a 150% increase in less than a decade. As your competitor soars, are you prepared to retain your competitive advantage?

It turns out many B2B businesses aren’t prepared enough. 53% of B2B buyers have switched suppliers over the past 12 months, and 52% of firms experience frustration buying from a B2B brand online, according to a 2021 report by Wunderman Thompson.

Modern B2B ecommerce businesses have a tricky question to answer. With buyers only offering 5% of their time to sales reps, what’s the best way to enrich the buyer’s CX and make it frustration-free? A configure, price, quote (CPQ) system could be just what you need. Let’s find out why.

What is a CPQ tool?

CPQ (configure, price, quote) software benefits manufacturers on the front and back end. It transforms your customer experience while significantly improving efficiency and profitability.

According to the latest research from Epicor, implementing CPQ software increases conversion rates by 40% and accelerates sales cycle speed by 38%. These improvements alone can put you ahead of the competition.

Below are the three core functionalities CPQ vendors provide:

1. Configure

CPQ software guides users (sales reps or end customers) through the process of configuring products. It auto-generates 3D renderings of configurations, making it easier for sales reps to communicate design specifications to buyers.

You can also integrate a CPQ tool into your website to enable buyers to self-serve. Virtually 100% of B2B buyers want a self-serve option, and CPQ can be a perfect tool to fulfill your buyer’s expectations.

You’re probably wondering how CPQ ensures technical accuracy when buyers select a configuration independently. It’s all thanks to the internal rules engine (Epicor CPQ’s rules engine is no-code). Designs are validated automatically based on a predefined set of rules, making configuration mistakes impossible.

When buyers select unviable configurations or design products with out-of-stock parts, they’re automatically guided to a better alternative.

2. Price

Mispricing is generally a result of human error. CPQ takes humans out of the equation, providing accurate pricing 100% of the time. Pricing rules coded into CPQ ensure you never underprice your product, safeguarding your margin and reputation. Multiple factors, including inventory levels, fluctuating costs, and current demand, can all be factored in.

3.Quote

Manually generating quotes can be a massive resource hog. Sales reps spend less than 36% of their time selling because of manual processes, but CPQ systems can help them focus more on their role’s strategic aspects.

Once the CPQ system receives an order from the buyer, it automatically generates a price and a quote. The buyer can examine both immediately and place an order if they’re ready. Meanwhile, sales reps can continue optimizing the sales experiences and strategizing sales campaigns.

Why Use Advanced CPQ Software?

Advanced CPQ software solutions give you an edge over your competitors.

Many businesses use traditional CPQ systems that do the bare minimum—help reps select configurations, calculate prices and prepare quotes (essentially the above features). Today, this is table stakes. You need additional CPQ functionality to stay ahead of the curve.

Here are the key benefits of using an advanced CPQ system over a traditional solution like Salesforce CPQ.

Improve Customer Experience with Visualization

As a B2B manufacturer, you know that customer experience is just as important as product quality and price. A Gartner report reveals that more than two-thirds of marketers responsible for the customer journey said their companies compete primarily on CX.

Delivering a top-notch CX to buyers who prefer to self-serve is tricky, but advanced CPQ systems equip you with the right tools. Embedding a CPQ tool on your website allows buyers to use its visual configurator to configure complex products without the aid of a sales rep.

The best systems come with a 3D, AR, or VR visual configurator, providing fully immersive buying experiences. The buyer can visually examine the design using the configurator, making them feel more confident about their choice. Without a visual analysis, buyers can only guess how the final product will look when it arrives at their warehouse.

Another factor that improves customer experience is speed. With visual CPQ, buyers can select configurations and obtain a price and quote within minutes—no need to place requests and wait for sales to revert with a concrete proposal. Everything is instantaneous.

Remove Bottlenecks to Accelerate Sales Cycles

A faster sales cycle can boost your profitability. The more you sell, the more you earn.

The problem? Internal processes are often inefficient, and no matter how hard you try, there are always bottlenecks stalling progress.

CPQ systems help eliminate this problem by automating a large portion of your internal processes, making them more streamlined.

For example, when a buyer initiates an order via your website, the configuration details are automatically sent to your internal systems like your CRM and ERP.

The CPQ system also auto-generates CAD drawings, CNC cut sheets, and other production documentation so the engineering team can focus on other strategic tasks.

As a result, you’ll be able to deliver products to buyers faster and complete more orders during a given period. The benefits ultimately trickle down to your bottom line, improving your company’s profitability. That’s why configure, price, quote (CPQ) software can generate ROI of up to 622%.

Reduce Costs at Every Stage

Since CPQ systems can automate processes, they remove the frequency at which errors occur. Fewer errors translate to savings because you won’t waste raw material and wages on defective products and will save on the opportunity cost.

Throw in the efficiencies introduced by the CPQ system in the form of automated documentation and streamlined approvals. Add the guaranteed error-free pricing. And you’ve got a good amount of savings, thanks to the CPQ tool.

Reduced costs and higher margins give you an edge over your competitors. You’ll be able to sell more, earn more, and reinvest more into the customer experience you provide.

Final Thoughts: Beat Competitors With Configure, Price, Quote (CPQ) Software

CPQ Software