17 Aug 5 Ways Salesforce CPQ Can Supercharge Digital Transformation
Businesses that use Quote-to-Cash solutions to drive digital transformation are in a prime position to help employees become more productive and efficient, keep customers happy, and increase their all-important ROI.
Here are five powerful ways you can use Salesforce’s CPQ platform to supercharge your digital transformation and become as productive as you can in a COVID-19 world.
1. Save time and increase efficiency by automating routine tasks
Salesforce CPQ helps you slash the amount of time your employees spend on routine pricing tasks, like configuring product bundles, and generating and approving quotes. It’s also a great tool for preparing and revising contracts and invoices, managing renewals, and ensuring accurate price ramps.
When you use Salesforce CPQ, many of the most routine and labour-intensive tasks become obsolete. The platform lets you automate all these tasks and offers simple, user-friendly interfaces that won’t have your people pulling out their hair in confusion.
Once your routine tasks are automated and your people have adjusted to the new way of doing things, there’ll be far less risk of human error and your employees will have time to do what they do best – sell more!
2. AI for smarter, more accurate pricing and sales monitoring
In the current climate, it’s never been more important to know that the quotes you’re sending out are 100% accurate. You also want to know you’re not only offering a good service/deal but achieving the best possible profit margins. Digital transformation gives you peace of mind.
Salesforce CPQ allows you to drastically reduce the need for clunky manual processes and reactive responses to monitoring market trends, internal sales data, competitor pricing, customer satisfaction and pricing adjustments.
It uses the latest in artificial intelligence to automatically set pricing, as well as monitor sales and customer satisfaction data in real time. It also uses sophisticated algorithms to make corresponding pricing adjustments.
Your team is then able to focus on creating rules and boundaries that help this dynamic pricing feature to generate even higher profit margins.
3. Create winning sales strategies that give you the edge
The success or failure of sales reps often comes down to how quickly they can get a handle on product catalogues and pricing structures. The trouble is, the amount of information they need to digest can become overwhelming; leading to errors, sub-par pricing and discounting, and fewer sales.
Salesforce CPQ offers a guided selling feature that automatically helps your reps put together the best product configurations and price quotes. It means your sales team will have consistent, high quality information and suggestions so they can close more deals.
Here’s how it works:
- A sales rep enters basic customer data into the system.
- Salesforce CPQ automatically narrows down the possible product configurations to more quickly put together a package.
- The platform automatically generates custom cross-selling and upselling offers.
4. Unify all your channel information for a better customer experience
To remain competitive in a fast-changing marketplace, particularly in the wake of COVID-19, businesses have incrementally added new sales channels – things like self-service web options, indirect partner sales, and so on. Often, these channels have not been effectively and comprehensively integrated into the business. And that leads to inconsistencies and pricing errors. Not optimal!
Salesforce CPQ unifies all of these sales channels under one centralised, channel-agnostic management platform. So, instead of developing a sales strategy around one channel at a time, you can develop a master strategy that encompasses all of your sales channels. Fewer balls in the air equals fewer errors and a much better customer experience.
5. Say farewell to the headache of disconnected pricing databases
Managing pricing information from the back end can be a nightmare. Traditionally, businesses have employed entire teams to manually ensure pricing information is consistent across all sales channels, as well as updated down to the system-of-record level. But Salesforce’s CPQ solution allows you to connect all of your pricing databases, so you can say goodbye to laborious, manual updating.
It gives you the power to create a single system of record from which all pricing databases are managed. When you make a pricing change, it automatically populates to all of the appropriate pricing databases. Easy.
Want to get to know Salesforce CPQ in more detail? Download our CPQ: A CFO’s new best friend ebook, it’s full of tips from Salesforce and tech company Revelian.
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