Salesforce CPQ( Configure, Price, Quote )
CPQ stands for configure, price, and quote. Salesforce CPQ is Web-based CPQ Software (Configure Price Quote), billing software, and invoicing software that reduces errors, accelerates sales deals, and streamlines invoicing and subscription billing processes with easy-to-use software in the cloud that works on any device.Salesforce CPQ uses information pulled directly from the Opportunity record to build a quote. This includes Account, Contact, and deal information. It also includes the date when a deal will be closed.
With Salesforce CPQ, sales team can create quotes quickly, with minimal effort and minimal error.With it’s functionality and high potential for ROI, CPQ is on the horizon for many smaller companies as well. CPQ adoption will continue to grow as companies see the real
CPQ formalizes rules and pricing, allowing sales to deliver quotes quickly. Too often the sales process is slowed by sales’ ability to deliver accurate quotes. But most organizations don’t want to speed up the process if it means giving incorrect prices, unapproved discounts, or promising customers configurations that are unavailable. Hence, the review process becomes a bottleneck to closing sales.
Most companies struggle getting quotes to customers in a timely manner, but the streamlined quoting process is a result of the customized rules and pricing CPQ automation allows.
benefits in using it in conjunction with their CRM and ERP systems.
1.Configure
CPQ uses smart rules to make sure you and your reps sell related products together [1] and to prevent incompatible products from ending up on the same quote.
2.Price
We have to decide product price and discount we are offering. Rest all is done by CPQ. Advanced pricing options include volume discounts, percent-of-total subscriptions, pre-negotiated contract pricing, and channel and partner pricing.
2.Quote
We can generate a PDF with all quote details and send it to your customer with just one click. The quote is dynamic too, so if your quote requires special terms, they appear automatically. Add e-signature integration, and you’ll be closing deals faster than ever.
We can generate quote using out-of-the box Salesforce CPQ functionality. Quote contains below information:-
- It is a document that contains information about the products and services which we sell to our customer.
- It contains contact information of customer and our company
- A table of prices adding up to a grand total, dates and signatures.
- Adding CPQ to CRM increases profitability.
To ensure a smooth deployment of Salesforce CPQ, IT and SMEs should oversee the customization of the rules and options for configuring. Once deployed, CPQ should be implemented with plenty of training and support for the sales staff, who will learn to use CPQ for upselling and cross-selling. Implemented correctly, CPQ will help sales save time, increase quote accuracy, and land bigger deals.
CPQ isn’t just a sales solution and CPQ isn’t “a back office solution,” but a means for the entire company to streamline bulky sales processes into lean, productive systems. Adding Salesforce CPQ to existing Salesforce services defines sales as a process and helps teams focus on maximizing time and resources, making the sales process efficient and lean.Related Sources : https://www.salesforce.com/hub/sales/what-is-salesforce-cpq/