CPQ in salesforce :
Overview:
CPQ Salesforce or Configure, Price, Quote Software by Salesforce is a sales tool for companies to provide accurate pricing with any given product configuration scenario. CPQ applications consider optional features, customizations, quantities, and discounts, allowing sales reps to quote prices quickly and accurately. Salesforce CPQ allows the sales team easy-to-use software, available on any device due to its cloud-based platform. Hosted within the Sales Cloud platform giving a direct link with the CRM to make the most impactful sales decisions.
CPQ applications often work in tandem with CRM platforms, ERP programs, and other business technology, which ensures integrated data as well as accuracy. Quotes produced with CPQ software are automated according to a preprogrammed set of rules, ensuring error-free pricing that considers quantities, discounts, customizations, optional features of products, multiple revenue types, and incompatibilities.
Benefits of Using CPQ:
Here are the benefits of Salesforce CPQ that Sales teams can take advantage of to drive better productivity and efficiency.
- Shorten the sales cycle through guided selling: CPQ helps to generate a set of questions that allows the sales reps to key in customer data. Based on the responses, it enables them to prepare more accurate quotes with improved order accuracy.
- Proposal generation tools providing automated quoting: CPQ enables the creation of professionally branded proposals using highly customizable templates to slickly make the documents look the way needed.
- Increased Accuracy: Salesforce CPQ enables sales reps to quickly create quotes with high accuracy. CPQ generates an accurate quote document, includes the right collaterals by default, and then integrates with eSignature partners for a seamless buying experience.
- Enhanced Efficiency and Productivity: CPQ enables to drastically reduce errors and contract lead time and personalize the sales quotes in a more streamlined process. Quotes are performed in real-time with high accuracy, avoiding the need to go back and forth with clients to ensure that the sales process continues smoothly and builds the momentum that can be created in meetings.
- Maximize Sales with Intelligent Quotes: Salesforce CPQ facilitates process automation, right from invoice creation to the final process. The CPQ tool also allows enterprises to use additional intelligence to adjust pricing per external factors, like competitor pricing and others.
- Deal profitability analysis: Salesforce CPQ enables you to ensure that your Sales deals are profitable by helping you analyze sales pipelines and perform deal profitability analysis and more, so you can deliver only commercially viable and profitable quotes through streamlined processes.
- Increase deal values: The key goal of Salesforce CPQ software is to enable companies to increase their sales and profitability. Salesforce CPQ materializes this goal with its powerful features and unmatched performance.
- Contract negotiation: When sales reps create contracts, they can use quote line prices from the original quote on future quotes within the contract’s account. The contracted pricing process is useful when your sales reps have negotiated a price for a product and want to continue using the same price after creating a contract. Salesforce CPQ software uses negotiated prices on new quotes, renewal quotes & amendment quotes.
- Better Customer Service: With Salesforce CPQ, you can deliver personalized quotes to your clients enabling better customer service and experiences.
How does this CPQ Work?
CPQ software helps manage pricing for all your products and services. It enables your sales team to create quotes with consistent pricing, including available discounts, quickly and accurately. Using CPQ software you can be sure that your pricing is accurate and optimized. CPQ software can enable your sales team to configure your offerings, follow your business rules, and meet your customer’s needs.
Advanced pricing rules can be set to handle volume discounts, per cent-of-total subscriptions, pre-negotiated contract pricing, and channel and partner pricing. Using CPQ software you can be sure that your pricing is accurate and optimized.
CPQ software automatically pulls in the configured products and pricing, tying the whole process together and ensuring consistency to close the deal to do that Quote needs to be generated which helps to represent the business in a carefully crafted, professional manner.
Quotes produced with CPQ software are automated according to a preprogrammed set of rules, ensuring error-free pricing that considers quantities, discounts, customizations, optional features of products, multiple revenue types, and incompatibilities.
Quote:
A quote is a record showing proposed prices for any product or service. When we add a product into an opportunity, Salesforce will automatically link our quote with the product and allow us to generate and email the quote to the customer. We can have multiple quotes associated with a single opportunity, but only one of them can be synced with the opportunity record. Only the details associated with that quote and its line items are synchronized with the opportunity.
To generate Quote the sales team must add required Metrics and Ingests Logs wherein Storage is measured along with the Retention.
Metrics:
Metrics is an effective tool for monitoring, troubleshooting, and identifying the root causes of problems. They can help the organization to:
- Gain end-to-end visibility into application performance.
- Track key performance indicators (KPIs) over time.
- Determine if an outage has occurred and restore service.
- Determine why an event occurred and how it might be prevented in the future.
Ingest:
Ingestion is nothing, but the logs invested on each day it is calculated by taking the average of your daily ingestion rate in the current billing cycle. For example, if your contracted daily ingestion rate is 50GB, you will be charged for on-demand usage only if the average daily ingestion is more than 50GB at the end of your billing cycle.
Retention:
When the company logs the data of different types these data require a different type of retention period wherein retention is measured from the time that data was received and retention period is set when the Partition or Scheduled View is created and can be edited it can also be edited in future.
Storage:
Storage usage is calculated by taking the average of your total storage usage in the current billing cycle wherein storage exceeds depending on the account size and is calculated based on the logs ingested and Metrics along with the Retention.
