Salesforce CPQ: Important Features for Your Organization

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  • April 12th, 2021
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Salespeople mostly spend their time doing not so important tasks such as writing proposals, generating quotes quickly, rather than spending time in closing deals. Your organization can close deals for quicker revenue generation with more automated sales and less manual work with Salesforce. Salesforce CPQ (Configure, Price and Quote) addresses the pain points of the sales process of your organization and creates quotes faster than before.

As per Salesforce, CPQ takes 29 % less time to generate quotes and a 29 % increase in upselling. Not only that Salesforce CPQ when implemented for your organization results in a 95 % reduction in approval time and delivers 10X speedy quote generation. 

 

What is Salesforce CPQ?

Salesforce CPQ (Configure, Price and Quote) helps to make the quote-to-cash process fast, efficient and accurate, connecting everything, from everywhere, with a single platform. CPQ makes your organization more efficient by streamlining the sales quote management process. CPQ creates accurate quotes in less time to increase sales. Work smarter and efficiently by staying profitable, and ahead of the competitors, with the power of Salesforce CPQ. You can get information, right on your mobile devices, with CPQ with highly accurate predictions.  

Salesforce CPQ helps to remove various sales bottlenecks such as sending inaccurate quotes to prospects, a manual review process of your sales quotes, using a legacy configurator and the need to implement AI-enabled software.  

 

What are the features of Salesforce CPQ?

  • Configure Products
  • Avail Discounts
  • Automate Contracts and Renewals
  • Get Insights from Analytics
  • Automate the Complete Customer Lifecycle

Configure Products

Sometimes your sales team needs to create bundles of products to make selling easier with bundles of products, tweaking them whenever necessary. It has configuration capabilities to decide on pricing. It also allows the sales reps to configure the bundles to sell the right product combination and customize the configurations as per your liking. Some of the bundles are configured frequently and others not that much. The admins have the option to make a choice on how and when to configure the bundles. This type of product bundle configurations enable your sales reps to quickly and accurately generate quotes and with precise discounts and pricing and then automatically direct the approvals, as and when required. Salesforce CPQ can create an accurate quote document with the right collaterals by default and then offer a seamless buying experience to partners.  

 

Avail Discounts

Sales reps need to apply discounts to negotiate a deal. There are various ways to apply product discounts and manage quotes. Salesforce CPQ not only supports basic discounting but offers much more such as a predefined discount for any use case. Salesforce CPQ offers an easy discounting process by simplifying and automating. The sales team may reward a customer who has bought a large volume of items and offer them a volume-based discount and thereby increase the sales.  

Because of the automatic discounting, the sales reps can save their valuable time that they spend in searching through out-of-date discounting data. Moreover, the sales reps have the discretion to apply discounts for the right approval process for product options and quote levels as well. CPQ not only tracks the different types of discounts such as partner or discounting discounts to ensure not to lose the pricing details.  

 

Create Contracts and Quote Renewals

Salesforce automates the process of creating contracts and then quoting renewals and makes the process seamless for your sales team. Sometimes, the sales team offers subscription-based services or products and this ends after a certain duration of time. Salesforce CPQ automatically creates a subscription contract, lasting for the period of the subscription, for the closed/won quote and opportunity. On completion of the contract, the opportunity for renewal sales occurs and Salesforce CPQ automatically creates renewal quotes and opportunities, within a specific time as per your needs. It also defines replacement products, not to include the obsolete products into renewal opportunities.  

 

Get Insights from Analytics

Salesforce CPQ Analytics on quoting, pricing and subscription. It can help you with increasing the speed of the sales cycle by identifying the impediments to the quoting process. It offers real-time insights on KPIs such as churn and MRR for the continuous growth of your organization. It offers analytics on discounting trends for various geographies, products and sales teams with the power of AI. The AI-based insights and predictions suggest cross-selling and upselling. This can save the time of the sales reps for more meaningful activities such as selling.  

 

Automate the Complete Customer Lifecycle

Salesforce CPQ enables automated order management and automated payments. CPQ can segregate quotes into multiple orders, based on two parameters, location and time. CPQ also helps to save time by streamlining electronic payments and reducing the burden of manual processing time. It also automates invoicing to ensure on-time cash collection for recurring, one-time invoices. It can simplify the ERP integration process and this is beneficial for your business to connect sales and operations. 

 

Conclusion

Salesforce CPQ offers complete quotes to cash solutions for various industries. CPQ offers various benefits such as product configurations, apply discounts, and get insight based on analytics. It saves the precious time of your sales reps with accurate and faster quotes and automates the sales process for a successful sales team and that increases the bottom line of your organization.  

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