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What is Configure Price Quote Software: A Complete CPQ Overview

What is Configure Price Quote Software: A Complete CPQ Overview

Many sales organizations are facing a common problem in producing accurate and professional sales quotes for prospects quickly while eliminating errors and inefficiencies. CPQ is a growing software category that tacks this challenge head-on. While there are several available packages on the market or you could even custom built your own CPQ, Salesforce CPQ is the easiest to configure declaratively. That’s why I like it so much.

To start, let’s look at what the CPQ stands for Configure Price Quote

1. Configure:

Every business’s offerings are different and vary in complexity. When selling a bundle, you may not forget to add a specific option for a specific country, you have to keep in mind that you can’t sell product Y together with product X, oh… and this specific customer has an agreement to get 10% reduction in all products of a specific category!

Memorizing all those exceptions, rules and dependencies between product options, you almost have to be a genius to create a quote!

Salesforce CPQ can enable your sales team to configure your offerings, following your business rules and meeting your customers’ needs. It will guide your sales reps through the quote creation process and all it takes is some time to configure those products correctly!

2. Price:

Few businesses sell their products at full list price to all customers in all situations. Perhaps you offer special pricing, bundled pricing or volume pricing. And maybe your sales reps like to apply extra discounts to “sweeten the deal”. Keeping track of current pricing, discount rules, and bundled pricing can give you a headache. You might want to implement some advanced approval flow to keep discounting in check because it can be disastrous to the bottom line when discounts are applied incorrectly or inconsistently. And it can be embarrassing when you misquote prices to a customer, it can even cause you to lose the deal.

I help customers manage pricing and discounts for all their products and services by implementing Salesforce CPQ. It enables your sales team to generate quotes with consistent pricing, including available discounts, quickly and accurately. Advanced pricing rules can be set to handle volume discounts, percent-of-total subscriptions, pre-negotiated contract pricing and channel or partner pricing. Using Salesforce CPQ you can be sure that your pricing is accurate and optimized. And if exceptions should be made, you can enable advanced approval flows to make sure you can close that deal anyway giving an exceptional discount.

3. Quote:

You can’t close a deal until you present a quote or proposal. Sales reps spend a lot of time and effort to earn the opportunity to present a quote to a customer, so they need to create the quote correctly and quickly. And it needs to represent the business in a carefully crafted, professional manner. Once again, Salesforce CPQ provides the solution.

With just a few clicks, a sales rep can create a quote, send it in an e-mail, and even include an e-signature to close the deal. Salesforce CPQ automatically pulls in the configured products and pricing, tying the whole process together and ensuring consistency.

To create such a dynamic quote template the package offers me an out-of-the-box making my life as an implementation consultant and admin very easy. I just have to type some text, select it to change colors or make it bold, add a few images and add in some specific tags and voilà, sales reps have a new quote template including product names, prices, discounts, terms & conditions at a click of a button. I can assure you, it’s things like these that make your life another smidge easier.

If you worked with Salesforce development for a couple of years like I have, you just know you can trust the stability of the platform and the whole team behind it! They’re always looking to improve its features based on the needs of their customers and partners.

From CPQ (Configure Price Quote) to full-fledged QTC (Quote-to-Cash) solution:

CPQ is just fitted perfectly with their Quote-to-Cash strategy and further development and integration within the Salesforce platform are ongoing.

Now I even have more features in my toolbox to help customers because I can help them all the way through their contracting, billing and collections processes.

What is Quote-to-Cash and how can it help your business?

Quote-to-Cash is the integration and automated management of end-to-end business processes on the sales side containing the following processes: Product (or Service) Configuration, Pricing, Quote creation, Contract lifecycle and order management, Invoicing, Dunning and Bill & Collect.

The next step to a better sales cycle is finding opportunities to increase speed, accuracy, and productivity within that process. Figure out where improvements can be made by mapping out your QTC!

Quote-to-Cash is the last mile of your sales cycle, starting the moment, a customer asks for a quote. It begins with a configuration of the quote, includes pricing and development of terms and conditions, and continues through the creation and delivery of a proposal.

Map today’s Quote-to-Cash process in order to find an opportunity for improvement. Begin as though a customer asked for a completely new quote. Consider completing this mapping activity for a typical quote as well as a few one-offs (custom quotes, competitor-driven quotes, etc.). Don’t forget to include service offerings in your map, as those can often complicate a quote.

Start mapping your Quote-to-Cash process by covering the basic steps: select, configure, price, quote, propose, contract, order, renew, bill, collect, recognize, and analyze. You can fill in the details and expand the map as you go. Work with your sales, sales operations, legal, and finance departments to understand the granular steps involved in each stage of the process. By following a real deal through the cycle and consulting with your colleagues who have experience with each stage, you will get a good picture of what goes into your Quote-to-Cash process.

For everything you look and identify who, what, where, why, and time.

Conclusion:

These are just some of the many ways that efficient billing and invoicing software can greatly improve the efficiency of your business, which can, in turn, create substantial savings in administrative costs, as well as improving cash flow.

Habilelabs is providing quality custom web application development and mobile application development services, Contact us if you have something amazing to build.

Share with me what do you think about CPQ software in comment box and what is your experience of using it.

 

What others say about us

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"iSEEit has been closely working with Habilelabs team ever since our company needed to step up development efforts. Being a rapidly evolving software company, we have come across a multitude of challenges over time but Habilelabs has proactively solved issues impacting the business and handled the continuous releases of the applications without downtime. We are very satisfied and happy to have found Habilelabs as our offshore development partner as they have developed a good understanding of our own vision and work flows."

Rizan Flenner

"Amazing and skilled team we been learning from each other for quite some time, and still working together.
Always available and ready to make great results, or to improve unexpected problems."

Daniel White

https://www.siquo.com/

"I am very pleased with the work Habilelabs provides. Every time we have worked, projects were delivered on time. They provide great support and I would totally recommend Habilelabs to anyone that wants to get a project done on time and professionally."

Xenophon Kanarios

http://tableluv.gr/

"Habilelabs is an excellent and affordable programming team that delivers fast results."

Paiusa

Stephen Blaney

http://www.paiusa.com/

"Good mindset, good technical competence and skills, always fix problems when needed."

Arash Fard-Rahmani

"We have been extremely satisfied with the project that has been delivered by Habilelabs. They are very professional with great commitments. Quality of communication and problem solving skills were perfect."

Safak Korkut

"Very much satisfied the work. Team quickly understood the requirements and completed work on time. Would definitely recommend him. We will like to hire them again."

Stanislav M.

"Habilelabs is the definition of professional and friendly. They knew exactly what they are doing and never shy to share their knowledge. We will definitely consider hiring them for future projects! Great Work!."

Eben B.

"Great work, will hire team Habilelabs again. I appreciate the extra effort. Excellent work as always."

Saasmath

"Very fast and professional Team. They knows exactly what needs to be developed to achieve the project goal. We will hire them again"

Mediaroot

"Very good work, Little expencive for us but prefere to work with them because I'm sure the work will be done 100%"

ProwebMedia

"Team habilelabs is a pleasure to work with and we will work with them again. They are professional, easy to communicate with, and completes tasks on time and on budget."

"Really impressed with the high quality work and professionalism!"

Vaibhav Samadhiya

"We worked Habilelabs team and they are very professional, motivated and experienced developer. I would love to work with them in the future again!"

Mahdishahadat

"We had a great collaboration with Habilelabs. They are very communicative, extremely competent and responsive. We are looking forward to continuing our collaboration with Habilelabs. I recommend them with full confidence."

Safkutkorfak

"I'm very impressed with work quality. Habilelabs shows outstanding performance and knowledge in area needed for our project. I'm fully satisfied with Habilelabs's service. Will look for more opportunities to work with them"

AdramMedia

"Team habilelabs are truly great developers to work with, and ensure that the work is completed to the highest of standards. Real pleasure to work with would highly recommend for Node.js / React.js work."

Liamsm

"Habilelabs is a fabulous company. Excellent in quality and always available for communication. We hired Habilelabs team for doing the frontend of my application and they gave me some good tips about backend APIs as well, which tells a lot about their overall expertise. Really appreciate their sincerity, timely delivery and professionalism. Will definitely hire them again in future."

Atul Shrivastava

"very good very profasional, They did good job on time +++"

Moshe Levy

"Love the Company Habilelabs . Knew thier stuff and really came through for me."

Zehash

"5 stars work, very good communication, timely delivery."

Anthony Hu

"iSEEit has been closely working with Habilelabs team ever since our company needed to step up development efforts. Being a rapidly evolving software company, we have come across a multitude of challenges over time but Habilelabs has proactively solved issues impacting the business and handled the continuous releases of the applications without downtime. We are very satisfied and happy to have found Habilelabs as our offshore development partner as they have developed a good understanding of our own vision and work flows."

iSEEit

Rizan Flenner

"Amazing and skilled team we been learning from each other for quite some time, and still working together.
Always available and ready to make great results, or to improve unexpected problems."

Siquo

Daniel White

https://www.siquo.com/

"I am very pleased with the work Habilelabs provides. Every time we have worked, projects were delivered on time. They provide great support and I would totally recommend Habilelabs to anyone that wants to get a project done on time and professionally."

Tableluv

Xenophon Kanarios

http://tableluv.gr/

"Habilelabs is an excellent and affordable programming team that delivers fast results."

Paiusa

Stephen Blaney

http://www.paiusa.com/

"Good mindset, good technical competence and skills, always fix problems when needed."

Denthub

Arash Fard-Rahmani

"We have been extremely satisfied with the project that has been delivered by Habilelabs. They are very professional with great commitments. Quality of communication and problem solving skills were perfect."

Safak Korkut

"Very much satisfied the work. Team quickly understood the requirements and completed work on time. Would definitely recommend him. We will like to hire them again"

Stanislav M.

"Habilelabs is the definition of professional and friendly. They knew exactly what they are doing and never shy to share their knowledge. We will definitely consider hiring them for future projects! Great Work!"

Eben B.

"Great work, will hire team Habilelabs again. I appreciate the extra effort. Excellent work as always."

Saasmath

"Very fast and professional Team. They knows exactly what needs to be developed to achieve the project goal. We will hire them again"

Mediaroot

"Very good work, Little expencive for us but prefere to work with them because I'm sure the work will be done 100%"

ProwebMedia

"Team habilelabs is a pleasure to work with and we will work with them again. They are professional, easy to communicate with, and completes tasks on time and on budget."

KCRW

"Really impressed with the high quality work and professionalism!"

Vaibhav Samadhiya

"We worked Habilelabs team and they are very professional, motivated and experienced developer. I would love to work with them in the future again!"

Mahdishahadat

"We had a great collaboration with Habilelabs. They are very communicative, extremely competent and responsive. We are looking forward to continuing our collaboration with Habilelabs. I recommend them with full confidence."

Safkutkorfak

"I'm very impressed with work quality. Habilelabs shows outstanding performance and knowledge in area needed for our project. I'm fully satisfied with Habilelabs's service. Will look for more opportunities to work with them"

AdramMedia

"Team habilelabs are truly great developers to work with, and ensure that the work is completed to the highest of standards. Real pleasure to work with would highly recommend for Node.js / React.js work."

Liamsm

"Habilelabs is a fabulous company. Excellent in quality and always available for communication. We hired Habilelabs team for doing the frontend of my application and they gave me some good tips about backend APIs as well, which tells a lot about their overall expertise. Really appreciate their sincerity, timely delivery and professionalism. Will definitely hire them again in future."

Atul Shrivastava

"very good very profasional, They did good job on time +++"

Moshe Levy

"Love the Company Habilelabs . Knew thier stuff and really came through for me."

Zehash

"5 stars work, very good communication, timely delivery."

Anthony Hu