An Introduction To Configure Price Quote CPQ Software

1. An Introduction To Configure Price Quote CPQ Software (In Under 5 Minutes) ======================================================================== If you sell complex, customizable products in 2022, your organization needs configure, price, quote software—it’s as simple as that. CPQ solutions provide a host of internal and external benefits. For manufacturers, CPQ software eliminates costly errors and automates previously manual processes, boosting efficiency and accuracy. Meanwhile, customers can use CPQ solutions to self-learn and self-serve. They can handle the entire buying process themselves without needing to liaise with a sales rep and wait for their response. This article provides an introduction to CPQ software, covering: •What Is CPQ Software, and How Does It Work? •The Benefits of CPQ Software Solutions •What To Look For in an Advanced CPQ Software What Is CPQ Software, and How Does It Work? CPQ software automates product configuration, pricing, and quoting, providing both manufacturers and their customers with clarity. It speeds up the buying journey, automates previously manual tasks, and helps organizations maximize efficiency. Thus, it’s no surprise that the industry will be worth an estimated $3.9BN by 2026. The best CPQ software boasts no-code rules engines, meaning anyone (regardless of their technical knowledge) can establish specific rules to dictate how their organization’s products are configured, priced, and quoted. Once they’ve established these rules, they can then modify the tool’s visual product configurator logic. This means they can dictate which customizations are available for which products and at which price points. The final step is to build a configurator—an interactive visual interface that reps and customers use to modify products on-screen—on top of these rules. Configurators have largely replaced manual pen-and-paper processes. They allow manufacturers to automatically discern whether certain customizations are possible without needing sales reps to manually work this out for themselves by delving through dense spreadsheets containing thousands of SKUs. Once manufacturers establish and configure their precise rules, the configurator will automatically take care of the rest. Customers can then play around with advanced product visualizations in 2D, 3D, or AR, customize products as they wish (well, provided the customizations are possible), and instantly see their changes reflected in the price. In other words, they can self-serve without requiring any external assistance. The Benefits of CPQ Software Solutions Okay, enough of the technical nitty-gritty—let’s explore why CPQs are so important for both manufacturers and their customers alike. Benefits for Customers

2. Customer expectations are increasing rapidly. Today’s customers have access to a global marketplace— they can purchase products online from the other side of the world just as easily as if they were to purchase from a local vendor. Given this abundance of choice, they’ll only work with companies that provide stellar customer experiences (CX) from start to finish. Consider that 89% of companies compete primarily based on CX. Hence, those that fail to deliver will quickly lose out to their more CX-focused competitors. Let’s explain how CPQ software boosts manufacturers’ CX. CPQ Software Accelerates the Buying Journey CPQ software provides clarity throughout increasingly fragmented B2B buying journeys. Gartner reports that today, most B2B buying journeys involve anywhere from six to 10 decision-makers. They each have their own priorities, goals, and opinions—and they want to remove any unnecessary complexity or delays from the process. According to Gartner, “All of this looping around and bouncing from one job to another means that buyers value suppliers that make it easier for them to navigate the purchase process.” By providing instant pricing updates and advanced product visualizations, CPQ software eliminates confusion and means customers don’t have to liaise with sales reps to finalize a purchase. Therefore, it significantly helps to speed up the buying journey. CPQ Solutions Provide a Visually-Appealing CX B2B decision-makers want to ensure they purchase the right products. If they purchase something that’s not quite right, this might result in money going down the drain, delays to mission-critical projects, or scrutiny from their boss. This is where visualizations can help. CPQ software powers 2D, 3D, or AR visualizations, meaning buyers can interact with their products as if they were right there in front of them. They don’t have to simply hope the product is what they’re looking for—they can play around with it on-screen and see precisely what it looks like before they convert. This enhances their CX while also largely eliminating buyers’ remorse. Benefits for Manufacturers Not only do CPQ solutions power an enhanced CX, but they also improve manufacturing operations, making the entire organization more efficient and more accurate. Let’s explore how they do this. CPQ Solutions Automate Manual Processes Traditionally, manufacturing sales teams have been forced to liaise between their customers and their back office, relaying whether customizations are possible (and, if so, how much they will cost). Sales reps spend their days poring over complex spreadsheets. Human error creeps in, leading to mistakes and unhappy customers. This clearly isn’t a good use of the sales team’s time.

3. Fortunately, CPQ software is the ideal solution. It allows buyers to self-serve, identifying whether customizations are possible and seeing instant pricing updates without having to contact a sales rep. And that’s not all. CPQ solutions automate a host of additional processes, such as sending critical manufacturing data over to the shop floor. As soon as a customer converts, CPQ software instantly begins to generate CAD files, BOMs, cut sheets, inventory statuses, and shipping and assembly documentation. In other words, it automatically kickstarts the manufacturing process, ensuring nothing falls through the cracks, and there are no unnecessary delays. As Moriah Hillbrand, Business Analyst at Tuff Shed, comments, “From a production standpoint, KBMax [Epicor CPQ] allows us to be completely aligned as a company and confident in our product output. It has truly been a game changer for us.” CPQ Software Unites Manufacturers’ Tech Stacks Today’s manufacturing organizations use a myriad of tools: CAD, ERP, CRM, eCommerce tools, and others. So, the thought of adding another tool into the mix might fill some manufacturers with dread. Fortunately, however, the best CPQ software integrates with the rest of a manufacturer’s tech stack, creating a single source of truth that enhances rather than diminishes efficiency and visibility. Critical data flows seamlessly from one tool to another. For instance, CPQ ERP integrations create a single source of truth for critical data, including parts, bills of material, routings, and so on. And by integrating CPQ software with a CRM, manufacturers can see which products customers have purchased in the past to provide personalized recommendations.. What To Look For in Advanced CPQ Software Right, we’ve explained how CPQ software works and outlined the benefits it offers—but what should you look for when purchasing advanced CPQ software? First, ensure it can embed visual product configurators into your customer-facing website. This is a huge benefit, powering dynamic selling capabilities that can shorten lead time, improve design accuracy and enhance the overall buying experience. Second, your CPQ software should possess a comprehensive rules engine. Take Epicor CPQ, for example, which uses advanced product logic to establish automated workflows. Best of all, it’s no-code, meaning anybody can use it without needing technical expertise or prior training. Third, pick a CPQ provider that prioritizes integrations. This will make connecting your tech stack and gaining maximum efficiency as easy as possible. Employees won’t have to waste precious time digging around for disparate data stored here, there, and everywhere. And fourth, look for advanced CPQ software that has received positive reviews from customers, like Epicor CPQ. To quote Jeff Smith, Engineering & Design CAD Specialist at Timberlane, Inc., “Learn and use this solution (Epicor CPQ). It will turn your company around.”