What is CPQ?
CPQ stand for Configure, Price, and Quote. It is a software that helps sales teams generate quotes for products and services. It automates the process of pricing and creating proposals.
How does it work?
Sales teams spend a lot of time, research, and effort in sharing the pricing of their products with potential customers, especially when the pricing is dynamic- meaning it might vary from customer to customer based on their use case, environment, and setup.
CPQ software automatically calculates prices based on discounts, custom pricing, currency conversions, and other pricing rules.
How does it help organizations?
It can help sales professionals create customized quotations or pricing documents and share them with potential customers with minimal effort and in no time. They can thus concentrate on their core task of speaking to more customers & getting more closures and revenue for the organization.
It also helps the development teams configure products based on the customer requirements.
Moreover, it also helps reduce the duration of a sales cycle, meaning the opportunities close quicker and helps increase average deal size, thereby adding to revenue.
It also helps boost ROI and improve the efficiency and accuracy of sales processes by removing bias & human errors.
Does it integrate with ERPs?
The best part is that CPQ solutions easily integrate with CRMs like HubSpot & others. It also integrates with the latest ERPs like SAP S/4HANA and others.
Is there a scope of CPQ in Healthcare?
There is a massive scope of the CPQ in the healthcare industry, particularly for medical device manufacturers and healthcare providers, as it helps manage complex pricing structures, customize solutions based on patient needs, and streamline the sales process while adhering to regulatory requirements, thus making it a valuable tool for efficiently handling complicated sales processes in healthcare.
IMA360 is a CPQ software that helps prepare customized quotations, eases the calculation of sales commissions, and helps evaluate which discounts, promotions, chargebacks, rebates, and offers provide the best ROI.
It analyzes current sales figures, pricing, the overall demand of your product’s category, and the competition’s pricing strategy. Its predictive intelligence helps formulate a robust pricing and revenue optimization strategy for the future. We are offering a tailored pilot as per our prospect’s needs. Reach out to us here to learn more.
