A new report from Experlogix, a global leader in CPQ (Configure, Price, Quote) and document automation solutions, reveals four key trends for business technology in 2023, with the desire for accessible and secure software topping the list.
The report explores the pressures companies face as they grow their businesses while supporting hybrid workplaces. The findings also identify the factors that business leaders consider most important for their future technology purchases.
“Our goal was to find out from business leaders how CPQ and document automation technology is impacting their workflows and what challenges are causing the most friction right now,” said Bill Fox, CEO of Experlogix. “The big takeaways for me are the high demand for solutions that non-technical users can leverage, and how employees feel better about their work when they are adequately supported to use the tools at their disposal.”
Read More: How Price Optimization Can Simplify the Complex in Enterprise Sales
Key CPQ and document automation trends from the report include:
- Accessibility and security will be the top tech concerns in 2023. Respondents said implementing low-code or no-code solutions (78 percent) as well as ensuring data security (74 percent) will be critical to scaling business.
- Investment all the way down. The two most common barriers to user adoption of CPQ and document automation technology were employee training and leadership support.
- A cause for optimism. Medium-sized businesses (49 percent) are the most optimistic amid macroeconomic disruption and place the most value on improving the employee experience as a strategy for customer success and retention.
- It’s the little things. A majority of business leaders said CPQ and document automation tools have a demonstrable impact on business success by enabling teams to work faster and more confidently. The technology resulted in significant improvements in customer interactions, employee experience, and profitability.
The report also discusses the critical challenges addressed when companies of any size optimize CPQ and document automating technology investments for success.
Top challenges CPQ addresses:
- Processing customer quotes at speed
- Improving adoption and utilization of existing solutions
- Ensuring customer quotes align with actual production capabilities
Top challenges document automation addresses:
- Aligning sales and production
- Improving adoption and utilization of existing solutions
- Improving internal and external communication
Read More: SalesTechStar Interview with Scott Little, Chief Revenue Officer at WalkMe