When your business revolves around complex pricing and configurations, you need to incorporate the right tools to run your business efficiently. Instead of depending on manual methods, it is necessary to choose a software tool that makes your sales reps more productive and provides a better customer experience.

Want to simplify your complex quoting process and make your sales cycle more efficient? The answer lies in selecting appropriate CPQ software solutions.

The best CPQ tool in 2020 will have the following capabilities:

Order Capturing

With this feature, you get the flexibility to create and capture orders across multiple sales channels. Regardless of the customer touchpoint, you can quickly capture orders and integrate it with your fulfillment and billing application.

A single order page provides centralized access to product and pricing data. No matter what sales channel your customers choose they can easily place orders.

Configure Products Easily

Is the customer requesting a custom product configuration? Want to give a range of configuration options to your customers? A configure price quote software can help you in this regard.

CPQ tools are designed to handle complex configuration requirements. Whether your customers request a custom bundle or configuration, it can be done in a few minutes with this software application. The software tool handles the complex logic required for creating product configurations.

Calculates Pricing

No matter how complex the configuration is, the CPQ tool accurately determines its pricing. The software makes it easy for companies to calculate the prices of their complex products.

As a reseller of complex products, you no longer have to keep track of your complicated set of pricing rules while configuring/bundling a product. CPQ tools handle everything and make it easy to price a product.

Whether you are using volume or usage-based pricing, the CPQ software automatically applies the right pricing strategy while creating a quote. You can configure CPQ applications to apply discount or margin rule whenever the value of a quote has met the specified threshold.

Quote Effortlessly

Do you struggle to create a quote and reach out at a later time? This is an indication of an urgent need to revamp the quoting process. A CPQ system will enable you to quote a complex configuration without any delay.

By introducing automation into your sales process, you eliminate quote errors. Are your sales reps making mistakes while quoting in a hurry? Give them access to configure price quote software and rest assured issues like underquote or overquote will never arise.

Once the quote has been generated, the CPQ application allows you to send it in impressive formats (HTML, PDF, etc.), which can help to boost conversions. Also, you can easily share the quote via email.

Credit Approvals

CPQ tools allow you to check your customer's credit score. While accepting the quote there is a provision to enter credit information, which gives a snapshot of your customer's credit status.

Depending upon their credit status you can decide whether it is feasible to build a business relationship with the customer. You can decline or accept their quote requests based on their credit score.

Access to Purchase History

When you use CPQ software to create quotes you have complete access to their purchase history. This will enable you to identify new sales opportunities, which can help to increase business revenue in the long run.

Guided Selling

Guided selling feature literally guides you while you are configuring a complex product. It ensures that you don't make any configuration mistakes or add any incompatible products while making a configuration.

Integration

CPQ application supports seamless integrations with a wide range of software tools including CRM, ERP, eCommerce, etc. This will eliminate manual re-entry and ensure the automatic flow of data from one system to another. With a single mouse click, you can transfer data from CPQ to any other application.

Author's Bio: 

Arnaldo is an American writer for various digital news publications. After being in the eCommerce industry for more than 15 years, Arnaldo has a good understanding of what it takes to make an eCommerce business successful. He also likes to cover newsworthy events related to business management software, customer relationship management (CRM) and Quoting software.