The flux of the manufacturing industry is too immense for traditional IT systems to handle seamlessly. And point solutions fall hopelessly short of offering any durable respite.
IT architecture businesses usually suffer the insufficiency of coordinating prowess. The ensuing need for integration is met by CPQ technology, which can upgrade a business’s operational capabilities!
CPQ -( Configure, Price, Quote) – technology helps B2B, especially in the manufacturing sector, get rid of the labyrinth of inefficiencies, inactivities, and inconsistencies.
And CPQ trends 2020 will help businesses get the most maximum out of it!
CPQ and the Manufacturing Industry.
Given the magnitude, and scalability of B2B, and, of course, its multichannel consumer activities, and the constant flux it is in, especially in terms of hiring-and-firing employees, adding-and-deleting product catalogs, and more, etc, manufacturers find in Configure, Price, Quote (CPQ) technology a viable and robust way infrastructure to gear to take gear up manufacturing operations to any scale.
A core utilization of CPQ in the manufacturing sector is its capability to:, a) streamline workflow, b) reduce errors, c) save time, d) improve ROI, and e) change the organizational structure of B2B organization.
Simplified selling is a mere speck in the sea of organizational impact brought about by CPQ technology.
And in the coming years, its impact will be more strongly felt as more B2C transformations find their way into the B2B realm.
Back to CPQ trends 2020:! Incorporating CPQ trends will give your business a competitive edge!
1. Eliminate Organizational Silos
Use-and-throw solutions to eliminate organizational silos have been in vogue for a long time. Organizational silos need a permanent solution, and CPQ offers that.
Even though businesses deploy CRM and ERP, lack of connection between systems ruins efforts to eliminate organizational silos.
CPQ efficiently eliminates organizational silos by forging seamless connectivity between CRM and ERP systems. The fact thatHow businesses use CPQ technology to eliminate organizational silos is likely to dominate CPQ trends in 2020.
CPQ helps businesses achieve digital transformation, leverage automation, visualization, and price optimization into the organization setup.
CPQ connects various systems and offers businesses with a well-calibrated, strategically-robust viewing experience of its products, pricing, services, and sales governance.
2. End-User Self-Service for B2B Transactions
Not only sellers but also recognize also buyers recognize the complexity of B2B transactions – buyers do, too -, but that doesn’t subside consumers’ demand for a buying experience similar to B2C.
That’s to say, end-users want to create their own product configurations, and the same is the case with self-service quotes.
Today’s tech-savvy customers believe in self-service more than they do in sales representatives for the order placement.
That, however, doesn’t eliminate complexity from the process and one way or another, it does crop up and discourages end-users or consumers.
When that happens, CPQ, coupled with visualization and AI capabilities, removes deadlock and sets things straight, and consumers can resume their purchase process without further disruptions.
And when orders repeat, CPQ offers a personalized self-service guide to consumers based on their previous purchase history.
3. Creating Quick Quotes and Proposals
When it comes to quotes and proposals, consumers demand quick results. It’s always important a matter for them to be able to create quotes and proposals very quickly, that too with no least errors and disparities in order.
CPQ does exactly that;, it empowers consumers to configure, price and quote seamlessly online. Besides, it also offers product updates in real-time.
4. Effective Sales Tools
CPQ increases sales. And, therefore, revenue, by some estimates by 20 percent. How this happens it does that is simple to understand.
Faster configuration, streamlined workflow, and sped-ed up purchase processes and produce better results.
The faster customers get products, the better it’s for more loyal the customer customers’ loyalty toward business.
The accuracy CPQ brings in price calculation makes discounts irrelevant to the sales process, therefore empowering once empowers businesses to sell their products optimally, without losing revenue.
Businesses often have more than one system in place that confuses consumers and sales teams equally. With CPQ in place, there’s no need to use any other sales tool.
The edge it has gives over other tools is that product configuration with CPQ is pretty fast and offers great flexibility.
5. CPQ Analytics
Data doesn’t mean anything if the tools to retrieve it and, flush it into valuable business insights, are missing.
CPQ solves that problem by offering an API for analytics. That saves time and money and provides insights on customers and products in real-time.
In the absence of CPQ, businesses need manpower to get the job done, which consumes more time, more money, and doesn’t yield efficient or error-free results.
CPQ quantifies customers’ purchase behavior and turns it into insights that help you sell better.
CPQ is not a mere sales tool; it’s the complete package for the digital transformation of businesses. It empowers sales teams to connect with customers more personally and closes sales faster.
Its capability to serve end-users as a self-service tool is remarkable in itself.
Besides self-service and analytics, CPQ turns cross-system integration into reality. It connects all systems together in order to all systems it connects together, helps produce better results in terms of sales and revenue, also in terms of how products are sold, and how services are offered to customers.
CPQ trends in 2020 help businesses make use of CPQ technology to the best of their interests and leverage it for the betterment of any business’s operational capabilities.