According to Aberdeen, 24% of typical B2B sales opportunities leak into subsequent selling cycles, primarily due to unwanted friction in the process of developing fast, accurate, customer-friendly quotes. How do you know if your sales team is being affected by unnecessary friction in their sales cycle? Better yet, how can you ensure that your sales team is as effective as they can be?
The impact of Configure price quote (CPQ) software plays a major role in improving sales cycles for best-in-class companies. CPQ solutions allow businesses to automate, simplify, and streamline complex sales processes by assigning an interface and rules engine to product data.
CPQ offers the ability to:
- Automate pricing guardrails and triggers to make the sales process more accurate and less burdensome.
- Generate complex quotes in a timely manner to reduce friction in the sales cycle.
- Focus energy on competing on value instead of price
- Get quotes right the first time by avoiding mistakes made by sales reps
Aberdeen reports that “CPQ users are nearly twice as effective at avoiding "no- decision" sales losses, because the proposals and pricing that reps offer their buyers have been error-reduced, and more quickly generated.” CPQ provides a 6.7% average year-over-year improvement in the average sales cycle, vs. 0.4% and 15.8% worsening of cycles for Industry average companies. Additionally, companies using CPQ see up to a 90% reduction in errors produced in the quoting process.
CPQ isn’t only beneficial for sales teams - CPQ reduces burden on finance and legal departments as well. Maintaining accurate product data in a centralized location allows for greater compliancy across the entire organization. Generating documents with that data becomes reliable and less cumbersome.
CPQ solutions, like EndeavorCPQ, are flexible enough to work with any CRM or ERP platform while also promoting business continuity through the use of modern technology that is built to scale. EndeavorCPQ improves the value of your CRM system through a comprehensive set of configuration and pricing tools to keep you a step ahead of your competitors. Endeavor is endorsed by and/or partnered with every industry-leading CRM company and can integrate with almost any sales CRM system, including Salesforce, SugarCRM, Microsoft Dynamics, Infor, Oracle, and even some custom solutions.
To learn more, contact us.