Configure Price Quote: Advances in Window Treatment Software
If you have your finger on the pulse of sales technology trends, you will have seen a lot of recent attention by analysts, sales leaders and growing businesses focused on sales efficiency and effectiveness.
So what have they found:
In the search for finding ways to streamline sales processes, companies are taking a closer look at systems that can improve their salesforce by decrease sales cycle times, increase productivity, better facilitate channel management, reduce order errors, and scale businesses internally, nationally or globally.
Companies are looking for a magic quadrant system that integrates with what the company already has in place, or can be incorporated as an all in one system across the business.
Configure, price, quote (CPQ) technology has emerged as one of the most effective ways for companies to realise remarkable results in the above initiatives.
Why is this critical:
In the competitive landscape CPQ is becoming increasingly critical for companies seeking growth. If you too are looking for improved business growth and success, you don’t have time not to read the following research. Companies in the window furnishing industry are actively looking for window blind software or window treatment software to benefit their business.
What is CPQ?
There is no need to go searching on a wiki elsewhere. Right here on this page you will read the most comprehensive guide to how CPQ greatly benefits your business and is a no brainer for ROI.
CPQ defines the process leading up to generating a sales proposal. It is particularly significant for companies with complicated product offerings and service combinations. CPQ software combines the three complicated processes of product configuration, pricing and quoting and streamlines them in a single solution.
How does it Benefit Your Business?
Are you up to your neck in SKUs and finding it difficult to stay ahead of new product lines, discontinued lines, complicated pricing housed in a variety of constantly changing spreadsheets? If so, your business has outgrown convention methods of configuring, pricing and quoting and will find it almost impossible to grow the way you’d like to without implementing software to help boost efficiency and accuracy.
The benefit of CPQ software to an organization is that it greatly assists companies configure complicated products, intelligently prices products (including correct application of discounting and bundling rules), and create fast, accurate quotes. CPQ software ideally bridges the gap between front and back end systems, and takes companies from lead to order, or all the way from lead to cash in a streamlined, automated and highly efficient way.
“In 2014, comprehensive, integrated automation of CPQ processes helped companies grow sales by 10% more than their current growth rate.” Reference
Insyte Drives a Contemporary Multi-Channel Strategy
As an all-in-one solution Insyte becomes a tool for everyone in your company as well as your wholesale and distribution customers integrating and automating data through every channel.
- Real-time, up-to-date product information visibility to every approved user inside your company, including approved partners and This means your channels are always operating off the same, current information.
- Full control over which partners, groups, or channels can gain role-based access to pricing or product information, discount rules and portals, channel exclusive discounts, and location-based pricing.
- Consistency so customers can find the same product everywhere you offer it, and for a price you control, so you get maximum value out of all of your channels.
How Does CPQ Technology define the Sales Cycle?
According to the world’s leading information technology research and advisory company Gartner, Inc. (NYSE: IT), Leading companies realise that the sales experience is what creates customer preference. They are looking for a technology that can automate the entire lead-to-order or cash process.
CPQ is an integrated system that contains three parts:
sales configuration, pricing and quoting
Lets explore how each of these steps brings efficiency and effectiveness to every step of the sales cycle.
Connecting Products to your Customers with Sales Configuration
Leading analysts estimate that the average sales rep only spends 10% of their time selling and over 50% of their time completing administrative tasks, travel and preparation in order to meet sales targets.
If everyone in your company did their job only 10% of the time, you probably wouldn’t be in business for long.
Tying up a skilled and highly valued sales reps with administrative tasks that can be efficiently and effectively managed with CPQ technology, not only dampens morale and productivity, but leaves your company at risk of loosing you’re A player sales reps to your competitors. While there are always things that take sales reps and customer service away from dealing with customers, you can take steps to eliminate unnecessary administrative tasks with Insyte.
Insyte allows for sales configuration (or guided selling), which walks your sales consultants and customers through pre-specified product configurations as they select the attributes of the products they require. This process stops reps from selling product combinations that can’t be built, prevents misquoting, and prevents misinformation such as providing inaccurate manufacturing time frames to the customer.
Quoting and ordering in Insyte ensures automatic compliance with product, pricing, and business rules, meaning sales reps can put together a quote or order quickly, with no second-guessing.
Insyte Makes Your Reps More Efficient
According to Ventana Research: Only 14 percent of sales organizations are operating at peak levels of efficiency and effectiveness, due to a range of issues across the sales team, its processes and the information, applications and technology, which they need to operate across all levels of the organization.
While their research found that most organizations agree on the common goals of sales—increasing revenue (72%), improving efficiency of sales (57%) and growing business in net new customers (56%)—more than two-thirds still use spreadsheets universally or regularly, though they admit that reliance on spreadsheets makes it difficult to manage sales efficiently.
Many organizations (41%) will get new applications to assist them in sales and CRM.
More and more growing businesses are adopting configure price quote (CPQ) software in order to take their sales processes to the next level. Reference
With CPQ technology built right into Insyte, your company has at its disposal the ultimate sales efficiency tool. Insyte eliminates manual quoting and ordering processes, makes tasks such as product training and onboarding easy, and puts more hours back into your customers or reps’ days by eliminating administrative tasks. When reps spend less time performing administrative tasks they can get back to what they do best—servicing your customers.
Reduce Mistakes by Reps
To understand the power of Insyte Product configurator, you have to understand what makes selling complex products difficult. Sales reps spend a large portion of their time completing administrative tasks associated with selling, familiarising themselves with dense product specifications catalogues and constantly oboarding new and changing products. On top of that, there is often a range of different types of customers to deal with in manufacturing, retail, wholesale, and commercial window furnishing businesses.
Selling or buying gets tough when your products include:
- Product Dependencies
- Compliance Issues
- Third-Party Components
- Status-Specific Pricing
- Discounting Offers
- Multiple Delivery Options
As you can imagine, when sales consultants are trying to manage thousands of customer orders, and hundreds of different product lines that all change periodically, there are real pain points around configuration—especially if you’re managing your product, pricing, bundling and price channel rules manually.
With Insyte, the complexity of your business is taken care of. It doesn’t matter how complex your product configurations are, or how often things change, it is very easy to update and communicate your business rules to reps and customers across your business and ensure changes are automatically reflected in new proposals, quotes and orders.
Configuration ensures your sales staff complies with your business rules 100% of the time whilst creating quotes and orders faster and more accurately.
Insyte’s Intelligent Pricing Captures Maximum Value
For many sales reps and their customers, pricing and pricing approval is often the biggest pain point in the quoting process. Fortunately, with Insyte, calculating the right price for any solution combination is easy, automatic and instant.
In the Insyte world, “pricing” refers to the rules that tell sales how they can discount a deal, and what approvals should kick in when reps offer special pricing. These rules are an essential part of controlling your margins—without guardrails in place, your deals are at risk for rogue discounting, or inconsistent pricing across channels, which can lead to mistakes and margin deficit.
“Pricing is the MOST immediate way you can impact revenue and margins. If you are selling without a pricing strategy, you are undoubtedly leaving money on the table.”
Pricing is your Strategic Advantage
The perfect price for a product is influenced by a variety of factors including; market demand, competitive pressures, business strategy, timing, and costs. These constantly changing variables make pricing a challenge. Insyte gives you the flexibility you need to make frequent, controlled, changes to your pricing strategy in order for you to stay ahead of the market.
A one-size-fits-all approach to pricing rarely works—particularly in the window furnishing industry. At its core, pricing strategy is about making informed, data-driven decisions to effectively manage behaviour, whether it’s the market’s behaviour, the customer’s behaviour or your own sales rep’s behaviour.
Intelligent product pricing including smart discounting can be achieved when based on data related to market conditions, prospect and buyer demographics, close rates, geography-based factors, and pricing history. Insyte provides this data in real time meaning you can avoid making mistakes that cut into your margins.
Case Study Examples:
A smaller customers of yours spend more when they perceive a lower per-unit cost. As a result you decide to target smaller customers with volume pricing.
A commercial blind retailer spends more on certain fabrics if that fabric range is discounted, react by offering discounted fabrics to commercial retailers.
In these scenarios, you are encouraging your buyers to do the things that make sense for your business. If your business is leveraging the Insyte solution, your business can employ these strategies too.
How to Make Quoting Easy with Insyte
For many organizations quoting is a pain point of frustration and conflict. With centralised and up-to-date product information along with enforceable pricing and discounting rules, quoting is easy. Effective quoting is a needle mover for any business. When done right, quotes can speed your sales cycles, and leave a great impression on your customers.
The Importance of Quoting
If you think that sending products and pricing catalogues to your clients via email is “good enough,” then you don’t appreciate the opportunity that polished accurate and promptly delivered quotes present. If a customer asks you for a quote, and you can deliver an accurate and professional document within their time frame, you’ve just indicated that you are easy to do business with. That’s the kind of first impression that closes a deal.
On top of that, whoever delivers the quote first, often gains the advantage in the negotiation process. If you can get a quote out first and get down to negotiating the deal, you get the upper hand as you force your competition to play “catch-up.”
The Quoting Battle
Quoting negatively affects your business when customers aren’t getting their quotes quickly or accurately.
Slow quotes are caused by a number of factors, especially poor product and pricing knowledge. Research indicates that a good goal is to deliver your quotes within the timeline expectations of the customer and before the competition.
Sales reps that need to be in front of their computers or in the office to put together a quote are not in a position to quote quickly, efficiently or accurately. Sales reps that have to chase up paper trails, manage manual processes on separate spread sheets or data systems are in danger of spending far too much time producing quotes that could well be inaccurate. No matter if a rep is about to get on a plane, or is on a tropical island with no cell signal, with Insyte they still have access to the information they need to create quotes quickly and accurately on the fly.
When the space is extremely competitive and all the players have strong products, it can be the little mistakes, or the quote not produced on time that is the difference between winning and losing. Even if errors aren’t a deal breaker and the customer still buys, errors in your quotes lead to a whole string of problems you don’t have the time to deal with such as incorrect products being ordered, incorrect pricing, returns, and ultimately lots of unhappy customers which may not return for future business.
With your business leveraged with best-in-class Insyte, these logistical challenges cease to be problems your business has to deal with. Quotes can be prepared anywhere, anytime, quickly and efficiently with Insyte mobile quoting solution and delivered instantly to your customers.
Integrating Sales Management with Order Management
Finally, one of the biggest hiccups in quoting is when a finalised quote is detached from the ordering process. What’s the value of having an accurate, speedy quotation process if this is not integrated with your order management system? Your business can run into bottlenecks if you have to copy all the quote information manually into a new system when its time to close the deal. The result of this is more errors, failure to deliver on time or failure to deliver the correct product—a pain point your business does not need.
Insyte bridges the gap between your front and back-end systems, elevates the accuracy of your quotes and orders, and keeps approving, bundling, and discounting up-to-date. Insyte picks up where other system leaves off by making all of the complex product, pricing, and business rules automatic and available in real-time to anyone authorised access in your business.