3 Industries That Can Benefit From a Salesforce CPQ Solution


By Hector Villasenor

Guest Blog: Hector Villasenor, Director of CPQ at Canpango

Salesforce’s Configure Price Quote (CPQ) sales tool has become one of the most predominant solutions in the cloud solution ecosystem through its big gains in market share in recent months. And with good reason. Salesforce CPQ solution is a good fit for all organizations ranging from small businesses to large enterprises. Its native design gives users the ability to generate complex quotes quickly and accurately, all while remaining in Sales Cloud (the backbone of a CRM that’s been effectively tailored to increase lead conversions and closed-won opps). Not to mention, Salesforce CPQ supports a variety of industry models — Manufacturing, Software & IT and Insurance are just a few sectors where Salesforce CPQ can be customized to let a sales team convert more opportunities faster and strengthen customer touch points in the process.

Here are three ways to create an industry-specific CPQ solutions:

 

MANUFACTURING

Key Challenges:

  • Lack of product logic functionality within legacy systems  (e.g. inclusion and exclusion of different product parts)
  • Managing vast number and variety of SKUs to run logistics side of the business
  • Duplicative data entry
  • Cumbersome manual (and in a lot of cases, redundant) workflows
  • Complex product configuration
  • Lack of visibility into real-time revenue reporting and accurate forecasting

Salesforce CPQ Solution:

The dynamic product configuration capability provides a way for manufacturers to overcome these challenges.

 

SOFTWARE & TECHNOLOGY

Key Challenges: 

  • Partially-automated processes for license/subscription model
  • Leakage of recurring revenue leakage (contract-based or asset-based renewal model)

Salesforce CPQ Solution:

Includes features that notify and prompt the appropriate Account Manager depending on the model and circumstance. Functions, such as the  “Renewal Quoted,” “Renew Contracts” or “Renew Assets” generate a new contract or purchase order. It’s that easy to increase revenue with minimal time investment from the Sales team.

 

INSURANCE

Key Challenges: 

  • Calculating and underwriting insurance plan premiums
  • Manual data entry for quoting
  • Lack of intelligent selling guides/tools

Salesforce CPQ Solution: 

Capture necessary criteria to quickly and accurately develop and communicate a premium plan through a guided selling feature that associates custom fields (known as configuration attributes) to plans, and captures and filters customer data to generate a specific premium.

 

CPQ fully automates the preliminary customer data collection that most sales reps hate owning. For example, in the health insurance world, the guided selling tool will prompt a window pop-up for customers to run through a series of mandatory questions like: “Do you smoke? Do you exercise? How old are you? What is your annual income?” in order to build a quote. These answers provide sales reps with the foundational information needed to determine the right insurance plan. Deploying a Salesforce CPQ solution in any of these industry arenas creates a win-win situation for worker experience (WX) and customer experience (CX).

The power of Salesforce CPQ can be harnessed by virtually any organization that has a sales team. Need more information on how a CPQ solution can help your business grow? Contact one of Canpango’s consulting experts today.

 

ABOUT THE AUTHOR
Hector is an experienced Senior Salesforce and Configure Price Quote (CPQ) Consultant having spent 8+ years in the information technology services space. Applying his web development skills and strong software acumen, Hector offers his clients and internal team members with progressive ways to help organizations overcome complex business challenges through dynamic CPQ solution design and implementation strategies.

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