How Is CPQ Software Transforming The Project Estimation Process?

In business, you know your client’s work is never over; it just starts right after the client has agreed to buy your services. Truth be told, the one-size-fits-all business quote no longer exists! Competition in Business to Business (B2B) sales has demanded highly specialized, and that’s how customers are now getting bespoken products and services crafted specifically for them. But are these tailored services beneficial for you as a seller when it comes to pricing and making a quote? Probably not; it takes lots of calculations, and still, there are chances of human error. That’s when CPQ software comes into play.

Understanding CPQ Software

It is no secret that CPQ Software (cost price and quote) is not more than a fad, businesses are now using it and flourishing. Eliminating human errors, bringing up best estimates and also more like a bidding software, CPQ tool is a total game changer! Understanding customers’ needs has always been a significant challenge for sales teams. Big and small businesses rely on CPQ software for quote-to-cash problems and enable efficiency by streamlining the processes.

This software was introduced to gain better customer insights, and almost after a decade, its configurations were combined with Customer relationship management. As its name says, the software mainly focuses on forging sales quotes; we can also call it a sales optimization tool.

What demands CPQ software?

In the project estimation process, project managers must accurately estimate critical elements, such as cost and scope, while working on projects. The precision in estimates always allows Project managers to deliver better projections to clients. Moreover, it allows them to budget the invoices and resources needed to conquer the project more accurately. Obviously, it is unattainable to plot a project unless you have exact estimates in your hand. Also, if you are clueless about the time and resources the project will take for the project that you are working on, you’ll never be able to complete the project.

Honestly, if you know real project management, you probably know the constraints while working on it. There are three major ones out of those constraints, known as triple constraints of project management.

Time for the project: Time entangles the duration required to meet a project’s successful completion. This constraint always remains one of the major milestones; the deadlines for every stage of the project, and the final product delivery dates and whatnot.

Cost for the project: The project’s budget, which incorporates all of the financial resources required to complete the project on time, that too within the fixed scope. The cost constraint includes cost of materials, labor, dealers, quality control, and much more.

Scope of the project: As the name reflects, the scope of a project creates limits across what a project is meant to offer. It illustrates specific goals, outputs, functions, features, and the tasks needed to complete the project.

Advantages of CPQ software

Produces accurate estimates

In business, the bid must be commercially appealing and competitive for clients; what day? It should reflect the accuracy of the pricing price of the project and ensure that all targets are being covered. As a matter of fact, creating a compelling estimate is tiresome; you have to consider multiple factors simultaneously. CPQ software efficiently allows model resourcing, pricing, discounts, and other expenses to deliver the best estimates for you and your client.

Speed, efficiency, and usability

Using CPQ software, estimates can be produced automatically with the help of templates, enabling a fast start to the estimating process. It lets you get the work done based on the best approaches and personalized features. Also, this tool records previous estimates to ensure that experience and past projects are always retained in the business. As estimates can be created more rapidly using the essence of past projects, there is less chance for human errors and elisions.

Coordinate knowledge and demand

Frankly, estimating is not merely about finances; you must also ensure the availability of your business resources to win the project successfully. And therefore, CPQ software puts roles & commitments, bill rates, and costs together to assemble the best estimating conclusions. This gives complete visibility into the client’s needs and allows you to plan accordingly to make the projects successful.

Final Words

To complete your projects with time and efficiency, you need the best bidding Software, and QDV can be the one. It features bidding software and all estimating tools and techniques, fastening your sales cycle with optimization to streamline your business.

By |2022-10-31T04:26:34+00:00October 31st, 2022|CPQ Software|0 Comments

8 Reasons Why Your Business Needs CPQ Software

Every week, we are seeing so many blogs and articles on CPQ software and its importance. Seems like the salespeople and project managers are still confused about whether they feel the need to have cost estimation software for their business.

A configure price quote software is a sales and quoting software that provides solutions to help businesses and organizations generate quotes with high accuracy that is based on specific configurations. With the help of this software, the sales team can automate their rules on the product as well as it’s pricing.

Reasons For Having CPQ

It Helps You Build A Clear Thinking

When we talk about automation processes, we are also talking about an error-free process which is a time saver. Now you don’t have to search for the right product spreadsheet or feel worried about being involved with outdated pricing.

This software manages everything on its own so you don’t have to live under the pressure of losing anything.

It Decreases Your Risk Factor

When you quote or calculate incompatible products with outdated prices, it could be an embarrassing situation for you and your sales team. Sometimes you may accidentally give away a lot of margins and that could cost your company a lot of money penalty.

But using cost estimating software, you can save yourself from such problems.

Generate More Revenue With Speed!

The cost estimating software keeps you up to date with the latest price catalog so that you don’t have to wait when the deal goes to your vendor. CPQ helps you in generating more revenue without lagging behind your business competitors.

Better Cost Estimation About Products

The integration of CPQ when used for billing can produce astonishing results. It makes the whole process so easy that you don’t have to re-enter the data or have to worry about typos such as compliance integration with ASC606.

Supports Your Product Analytics

You get better visibility through the software analytics and you can merge quotes to cash in a single platform of data. The best part is that it is end-to-end data encrypted so you don’t have to worry about loose ends.

Cloud Based Feature & Portable To Use

Have you ever heard about any sales rep that is managed without the use of a smartphone or any portable device? We don’t. Sales reps are needed to be empowered to sell from anywhere, without a time limit.

That’s the feature of using CPQ software. You can access the data from anywhere without having to bind yourself to a particular place or office.

Speeds Up Process With Your Contracts

The cost estimation software increases the entire process of contracts. Until the contract is signed, no party gets paid. And, the process of automatic subscription is also facilitated by adding the services of renewals so you don’t have to wait for it to happen.

It renews automatically. The more people are drawing over the AI features, using software to monitor costs and quote pricing is becoming more and more important.

Powers Your E-Commerce

With businesses getting online, the features such as eCommerce have become self-service because of automation processes. Modern buyers now know about buying online and for the adaptive change, your marketplace must also need to be ready.

The CPQ empowers eCommerce systems to make such things happen without extra effort.

Wrapping it Up

Therefore, these were some reasons that we felt to share with you about why your business needs CPQ software. If you are looking for buying a configure price quote software, look no further than Quick Devis.

We provide advanced estimating tools such as automation which includes dynamic costing and pricing. Such features allow you to have accurate management of costs with amazing flexibility to commute selling prices.

If you like reading this post and are interested in knowing more about us, feel free to contact us anytime.

By |2022-08-26T05:03:24+00:00August 26th, 2022|CPQ Software|0 Comments

CPQ Software and How They Have Transformed Sales Optimization

Configure, price, quote (CPQ) software have been around for over a decade, but it’s only recent innovation in CPQ that has catapulted this software to the top. It has caused a revolution in sales optimization letting businesses make the best of an opportunity. A CPQ software is designed to assist companies to automate quoting and proposal process lifecycle. The lifecycle starts from the time a customer provides their needs and ends with a detailed quote to the customer or lead. Generally, the sales department in a company uses this software to speed up the sales process as it improves accurate quoting and customer relations. 

CPQ software lets companies pinpoint what a customer needs and give them custom quotes according to their particular needs. Since there are too many factors to consider, a manual project cost estimation is a confusing and challenging task. That’s why CPQ software eases this hardship from the sales team and helps them build an accurate quote quickly.

CPQ Software Transforming Sales Optimization

 

Even if a business is using traditional means for sales and working fine, a CPQ software can help you counter these situations that might be creeping in:

  • Your revenue growth is slowly outrunning your capacity to work
  • You’re working towards a recurring revenue stream.
  • You have to evaluate your complete sales quotes manually.
  • You’ve made and sent incorrect sales quotes to leads.
  • You’re on a lookout for better business solutions that can make operation easier.

CPQ tools eliminate all these sales hurdles and help you streamline your business. The process allows you to focus on other ideas to grow your business further.

 

CPQ’s Main Advantages

Picture this: Your sales rep has a prospect on the line. The sales rep needs to offer configurations, prices or customer options but has to go looking through spreadsheets after spreadsheets to ascertain the correct price ruling to make a quote. Sounds time-consuming, doesn’t it? Meanwhile, a project cost estimation software like QDV can solve this problem for you. QDV lets your sales rep avoid this struggle by following prerequisite conditions. The tool is among the most revered once among significant industries.

QDV is a powerful and versatile estimating tool that is serving commercial contractors and small businesses around the world. It allows you to collect data related to business expenses and store them in a single database. Through the process, it ensures information reliability and easy access for a staff member at all times.

This software can be used to specify all kinds of scenarios, price, discounts and configurations. So, it turns product configurations and other items effortless depending on company abilities. Now, a CPQ can show sales reps how to create a precise quote using templates within a short period. Furthermore, since the CPQ is connected to the mainframe of the company; the quote is sent to the right people for approval.

 

Using CPQ software like QDV, companies can double profits through preprogrammed processes like:

  • Support for multi-currency
  • Steady control on pricing and discount
  • Steady recurring billing
  • Connected approval network and workflow

Bottomline

A CPQ tool or project cost estimation software like QDV is a massive help in sales optimization and streamlining business. The new-age CPQ software has started integrating artificial intelligence, making them even more effective in business processes.

By |2020-07-28T13:42:25+00:00July 20th, 2020|CPQ Software|1 Comment
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