As economic uncertainty persists, organizations are looking for ways to navigate the challenging business climate and lean into proven profitability improvement measures. One strategy growing in favor for sales and executive teams is the ability to quickly generate accurate, optimized quotes across digital commerce sales channels.
Configure, price, quote (CPQ) solutions support sales teams in quoting complex products faster, and more accurately. According to Gartner, the CPQ application suite market grew by 14.1% to an estimated $1.52 billion. In November, Gartner released the 2022 Gartner® Magic Quadrant ™ for Configure, Price and Quote Application Suites and in it, they recognized Vendavo as a Visionary.
Vendavo Intelligent CPQ advances B2B enterprises in their journey towards commercial excellence by helping coordinate, control and streamline their quote-to-cash processes. Sales teams are empowered by the solution’s ability to deliver the right product, at the right price, for the right customer, at the right time and organizations realize improved customer experiences and win rates.
Price guidance capabilities
Vendavo Intelligent CPQ integrates with Vendavo deal price guidance capabilities. The visualizations for price agreements and quotes to show how discounted factors can impact net price are key and support strategic, automated quoting. Query-based guided selling removes complexity in the quotation workflows, reducing errors and omissions, and increasing sales team productivity.
Andrew Gilchrist, Product Director at discrete manufacturer, GAF explains that with CPQ, they “took a phased approach because we were systematized and put rules around something that had never been done by a system before; it had always been the tribal knowledge. We started out with our basket approach before taking a guided selling approach. We wanted to crawl, walk, then run, to make sure we could have the right rules and data to support the process.”
Improved customer experiences
When it comes to maximizing profitability, efficiencies always play an important role. Vendavo’s Intelligent CPQ customers also find they can enhance operations and productivity while delivering better overall customer experiences.
“We have reduced the time to quote from a 3-4 day behind-the-scenes process due to requiring supplier quote inquiries and tribal knowledge to being able to accurately quote live, in front of customers, in 1-2 hours,” says Mark Stover, Managing Partner, Silverpoint Homes. “The quote process now has a standard flow to logically guide customers through each available selection. Quote accuracy has improved significantly. Professional-looking system generated quotes clearly detail the options customers have selected to eliminate any ambiguity of their selections.”
Fast, accurate, professional quotes reflective of ‘the right price’ put customers at ease and support a smoother negotiation process – making way for a positive experience. “Customers have been very pleased with our live quote process,” Stover says. “It eliminates the opaque black-box feeling and long wait times of the previous quote method and they can instantly see what other options do to their pricing. When trust levels go up, sales levels go up.”
For support in navigating CPQ choices, download the 2022 Gartner Magic Quadrant for CPQ Application Suites here. To learn more about Vendavo Intelligent CPQ, watch a short demo here.