CPQ Platforms: How They Enable Sales
CPQ (Configure, price, quote) platforms have been there for decades, but the latest innovations in CPQ software are seen as the newest wave in sales. Let us dig in here to find out more.
CPQ Platforms – What are they?
CPQ tools help brands to generate quotes quickly and accurately for orders. These applications work in tandem with CRM, ERP programs, and other business tech ensuring data integration and accuracy. All the quotes produced with the help of a CPQ software are determined based on the preprogrammed set of rules, which ensures error-less pricing considering product quantities, discounts, customizations, options features of products, multiple revenue types, and incompatibilities.
Before we divert our discussion towards the top CPQ tools available, consider the following insights.
It has been observed that an average sales rep spends around 34% of their time in actual selling, and the non-selling time is spent in generating quotes, proposals, and getting approvals. If enabled properly, a CPQ software helps a sales rep to:
- Generate quotes 10 times faster than usual.
- The approval time is reduced by 95%.
- Quicken the movement of a quote to cash by two times.
- Improve ramp for new reps by 30%.
The kind of functionality and potential for ROI showcases, a CPQ software is considered a perfect investment these days. It has been claimed that CPQ adoption will continue to grow as companies are seeing real benefits when the same is used in conjunction with ERP and CRM systems.
Let us now walk you through the top CPQ software you should keep an eye on in 2022 and beyond:
1. Salesforce CPQ
Salesforce CPQ helps enterprises automate quoting, contracting, and ordering processes with their customers. Salesforce CPQ works best for most of the marketing teams because it can be integrated seamlessly with Salesforce CRM. The integration makes it possible to handle all the customer data at a unified location.
The clients of Salesforce CPQ like its flexibility. It is the best for marketing teams who like to have access to all their customer data.
2. HubSpot Sales Hub
HubSpot Sales Hub is a platform to monitor sales analytics and customer data with advanced CPQ functionality. The tool offers sales reps unique insights and enablement materials to offer an exceptional customer experience.
HubSpot offers unmatched products. Its clients love the customization options and the interactive ways to input customers’ data. The tool helps users to keep track of dozens of leads at one time.
We have added Dealhub.io to our list because it is a zero-code platform offering sales teams a connected revenue workflow. Dealhub.io offers CPQ capabilities, eSign document generation, contract management, subscription management, digital sales proposals, and more.
The clients of Dealhub.io appreciate the support of its backend team. The team is always on its toes to help users leverage the tool to its maximum potential. Their team has extensive knowledge about the product, which makes a huge difference.
PandaDoc is another interesting quote management and proposal software empowering enterprises through a comprehensive CPQ process. The overall purpose of the software is to improve deal workflows, support companies to get insights from their sales process, and allow for a positive customer experience.
PandaDoc helps in creating quotes quickly. It offers a template editor with lots of flexibility. It comes in handy with an embedded calculator as well.
5. Oracle CPQ
Do you want to go through a step-by-step guide to configure your purchase orders? If yes, Oracle CPQ is the right choice for you. The platform was designed to connect the front and back office, and besides, it can also be integrated with other customer experience platforms.
The major advantage of using Oracle CPQ is its ease of use. While a transition to a new platform becomes a headache, the adoption of Oracle CPQ is easy and seamless.
6. Paperless Parts
The platform was designed and created with a mission to help shops, contract manufacturers, and finishing companies to improve their business by offering them the most secure, advanced, cloud-based quoting and estimating system available. The tool supports major businesses like CNC lathe, sheet metal fabrication, CNC milling Swiss screw machining, and more.
Paperless Parts offers features beyond a standard CPQ tool. Besides quoting, it helps businesses in sales, pricing, and revenue generation. One can integrate Panda Doc with an existing CRM and ERP system.
CPQ can create quick and accurate quotes by centralizing all the necessary pricing information. That way, the pricing data is streamlined so the companies can save time and generate more sales.