If a company’s sales representatives spend more time on non-sales activities, such as creating sales proposals, revenue growth may slow down. However, it is possible to optimize these processes with CPQ software.
CPQ is an industry term for any company’s sales department. Configure, Price, Quote (CPQ) is an automated software service or solution that enables your team to accurately customize, generate, and quote prices for products or services from anywhere. This sales tool will help offer accurate pricing for all categories of products that customers are looking for.
Creating and approving a quote based on various characteristics is a rather tedious affair, involving time-consuming and risky errors. In addition, sales companies deal with multiple customers at the same time, so manual tools such as Excel are not suitable for accurate and fast proposal generation. CPQ programs, on the other hand, work more efficiently. Your sales representative only needs to select a customer type, name, and other characteristics to get a customized quote eliminating human error. Because the program is digital and centralized, managers can review and approve proposals instantly to save time.
Benefits of Using CPQ Software
When it comes to saving time, this factor is extremely important for business professionals who focus on making a profit and shaping the sales system. Therefore, the use of software to create quotations and formulate prices for products is becoming increasingly popular among entrepreneurs and representatives of large businesses. However, the benefits of using CPQ do not stop there:
- The tools come with numerous special fields that can be customized by customer groups to provide special discounts, additional services, and support.
- The sales department doesn’t have to waste time searching for information about the company’s products. All data is available digitally in the CPQ app.
- You can effortlessly update the price database based on individual configurations.
- Spreadsheets or other documents do not have enough protection against human error because someone can make changes by mistake. Which can lead to a loss of revenue. With CPQ software, you can guarantee the security of business data anytime, and anywhere.
- CPQ tools can easily integrate with the business platforms used by different departments in the company. In this way, all departments can collaborate effectively instead of working in isolation.
The possibility to integrate CPQ tools with various solutions will enable the company to reach a new qualitative level, be as responsive as possible, and increase profits. An example of successful integration is the use of CPQ tools in Pandadoc.
How Pandadoc Operates with CPQ
At the moment, many platforms have been developed for users. They offer a CPQ solution for companies of all levels. CPQ in Pandadoc occupies a special place among such developments.
This feature makes it possible to work with various CRM platforms and quickly make changes to a variety of documents. This will allow employees to form commercial proposals as quickly as possible, as well as promptly provide reports to the management without wasting extra time.
Having taken advantage of features offered by PandaDoc, it is also possible for users to access the analytics of existing documents and make changes to them if it is necessary. Accesses are managed by a responsible person. This is an excellent way to improve security and reduce the risk of errors to a minimum level.
The level of functionality implemented by PandaDoc allows business owners to use tools that are important and beneficial, especially for the sales department. Here are some examples:
- payment processing;
- collecting electronic signatures;
- form generation;
- generating and editing commercial offers;
- joint work with reports and other documents.
A significant advantage is the possibility to synchronize PandaDoc with CPQ tools. In such a way, you won’t waste any extra time in case you need to change prices for some goods. You can do this in CPQ, and the necessary figures will be inserted into the required documents directly from there.
Here is another important factor. Receiving payments will also not cause any problems. PandaDoc is compatible with the most popular payment systems like Stripe, Square, and PayPal. Needless to say that the possibility to use an electronic signature for transactions will greatly simplify the conclusion of contracts. The complex use of CPQ and other PandaDoc tools will definitely bring your business to a new level and enable you to keep up with the times.