There are CPQ software tools that are used by self-service customers and sales representatives. With their help, accurate quotes for goods or services with multiple rate options are generated very quickly and efficiently. The developers of the software take into account a number of rules, and the users can set up several variables for profit generation. Advantages include a high rate of offers to regular customers. This is important for businesses where sales are combined with purchases.
During such a task, difficulties can arise, which are solved by using a customization workflow, for example, when all the nuances cannot be displayed with a pie chart. When implementing specialized software, you can feel the following benefits:
- the quality of service improves;
- the number of errors is reduced;
- production time is saved.
Most often a basic program is used, for example, when selling computers or food products. Additional settings are used for more complex products. They can be set up at the user’s discretion. Corporate software with the possibility of sorting queries is being developed. Customers with customization can choose only products and services that fit their prices.
Such words as configure, price, quote need to be defined, as they have long been used in business. Thanks to the introduction of innovative computing technologies, developers have given new life to old practices. The configuration of traded goods is changed with their help, as well as the rules of price setting when computers perform calculations. Such a solution is relevant if it is difficult to set the correct prices (taking into account the cost of production) manually.
Basic Features of CPQ Software
When selecting the right CPQ software, its functionality is taken into account. It is recommended to pick the one that automatically reads prices taking into account the purpose of goods. In this case, you do not have to search for them on the exchange or in price lists, thus wasting time. The software must meet three criteria.
- Possibility to choose the configuration according to the order of a particular user.
- Quick change of the quotation at the user’s request.
- Availability of templates for the digital generation of different documents, which include contracts and offers.
Companies need a CPQ tool because as sales grow, it’s difficult to keep track of the pricing process. Experts advise taking the time to set up a quote in situations where multiple products or services are offered. The program is most often installed alongside applications that track inventory and sales.
How CPQ Software Works in a B2B Environment
People do their best to find a CPQ solution that can be applied in a B2B environment. In this case, sales personnel use the software to create offers for real and potential customers. It is suitable for personalizing retail sales, for example, when selling coffee. There is an application that is used in the Starbucks coffee chain. Software engineers have created algorithms to determine the price, consisting of premiums to the basic variant.
Is It a Good Idea to Use PandaDoc?
You can implement ready-made solutions by making minor edits to them. For example, the PandaDoc software helps to improve the efficiency of business representatives. Powerful document solutions can help boost sales. There are more than 750 ready-made templates with easy customization that are used before negotiations and edited in real-time mode.
Another advantage is the possibility of getting information automatically with competent settings, thus, saving time (company employees will not enter data manually). Exact prices are added to interactive tables, and the size of discounts for wholesale buyers is set automatically. Other benefits include easy collaboration with partners, as you can read reviews and edit documents (they should be shared) at the same time. Customers and colleagues will sign them from anywhere in the world.
It’s easier for users to perform transaction analytics from offer development to closing the sale. Reports are created in real-time. Employees see how potential clients interact with the document and at what points they need to intervene to keep the deal on track. Thanks to the software, payments are made as fast as possible. The average time of funds transfer is reduced to two days, payment tools include not only credit or debit cards.
Conclusions on the Use of the CPQ Software
The software is needed to quickly evaluate services and products, as well as to implement customized settings. Production productivity increases with time savings, fewer errors, and improved customer service. In addition to implementing an off-the-shelf set of rules, developers allow restrictions to be made to eliminate unrealizable orders.
Enterprises that implement the software can use individual settings. Internal information exchange is ensured with their help. Logistics is performed without restrictions. When using a ready-made template, created documents look professional. At the time of filling, information personalized for a particular customer is simply entered.
Before uploading, you can see how the created file looks in the editor. It is easier to understand with the help of analytics, which moments lead to closing a deal. Information about the latter is transmitted in real time when money is transferred. The off-the-shelf software is developed, which stands out from counterparts with the security of use (e.g., PandaDoc).
