CPQ is a software which automates the process of configuration, pricing, and quoting. CPQ is crucial to the upscaling of businesses, as it offers a multitude of opportunities to sales teams and companies. The first example of this is the opportunity to cross and up-sell during configuration processes. This occurs through the software’s ability to highlight secondary products which may appeal to the customer at hand, offering such products within a discounted bundle. When these bundles are sold successfully, the average deal size and order value of a company increases. This factor provides many financial benefits, with these being accompanied by the software’s conservation of profit margins, which consequently limit rogue discounting.
Functions of CPQ software
CPQ software primarily centers on improving the time efficiency of a business, achieved through its streamlining of data and centralizing of pricing information. The software is also supplemented by a number of organizational tools. The first of these is approval workflows, which provide updates on pricing quotes ahead of them being sent. Furthermore all adjustments made to pricing are automatically updated, which means that sales teams can access the most up-to-date versions of product catalogs. Such adjustments are also reversible as a history of previous prices is stored by the software.
Benefits of CPQ
Alongside CPQ’s more efficient introductions to new products is its eradication of human error. The risk of quoting the wrong price to a customer is diminished, meaning that resources are optimized rather than wasted on incompatible sales. The automation of the CPQ process ensures that the current stock of a business is monitored, which allows for different prices and currencies to be demonstrated to buyers depending on their location. The final, and arguably most significant, benefit of CPQ software is its shortening of the sales cycle. The ability of businesses to operate at a faster rate, due to the software, means that lead conversion rates are increased thanks to heightened efficiency.
So, now that the benefits of CPQ have been established, what are its limitations and benefits when applied to a cellular device?
Limitations of CPQ mobile apps
There are a variety of CPQ applications available on the market. Some of these apps, such as the one offered by Salesforce, lack support for usage based pricing. Further limitations include the fact that price books, consumption schedules, and consumption rates are often unavailable. Vital functions such as the creation of quote documents may also not be supported when attempted on a mobile application. Therefore, the primary limitation of a mobile CPQ app is the fact that it is merely a simplified version of CPQ software, meaning that key functionalities may be unavailable. The limitations that have been highlighted should not be used to deem mobile CPQ as completely ineffective, and to strengthen this below is an outline of some of its main benefits.
In the modern day, flexibility for work is of growing importance. The current environment surrounding workforces across the globe means that people are working more often, and from a wider variety of locations. When CPQ software is used as a mobile application, extensive flexibility is enabled, meaning that workers and stakeholders can access all the information they need and at any time of day. To further efficiency, many CPQ apps are easily integratable with CRM (Customer Relationship Management) software, so that all requirements and deadlines can be met.
Streamlining the sales funnel and process
Through using CPQ on your mobile, tasks such as approvals can be completed with a single click. This means that the time efficiency which CPQ software is often praised for is taken a step further. Features such as e-signatures are also readily available, so that deals can be closed from any given location. CPQ apps also often tend to have an admin tool, enabling employees to configure product options and pricing remotely. This accessibility proves to be extremely fundamental for the fast completion of tasks. Finally, mobile CPQ’s simplification of standard CPQ tools can be advantageous. This is because use of the mobile app can be a great starting point for new additions to your sales team, giving them a chance to familiarize themselves with the basic foundations of CPQ before using more complicated versions.
CPQ software is a must-have for businesses who want to improve their time efficiency, which is important for the retention of customers. CPQ for mobile devices furthers this efficiency due to the flexibility it provides employees regarding where they complete their work from. This ability means that the sales funnel and process is streamlined. CPQ for mobile has received criticism for its limitations on functions such as the creation of quote documents. Yet, its “flaw” of being overly simplified can also be viewed positively. This is because its simplistic approach to CPQ is of great use to new team members who lack experience with the software, allowing them to gradually become accustomed to its functions.