Implementation of CPQ (Configure, Price, Quote) is often a challenging, time-consuming process and it ultimately impacts the end outcome. Organizations, particularly those aiming to align their operations with revenue growth would undoubtedly benefit from using CPQ solutions since it is among the fastest-growing B2B market segment today.
As per the global market reports world study, CPQ market growth is assured to grow by $1.49 billion during 2021-2025. The sooner your company moves forward and meets its CPQ implementation goals, the higher your chances of accelerating your return on investment and business success.
To avoid common challenges i.e., delays in CPQ implementation, and reap the benefits that many CPQ users are experiencing. Here are the 6 most important actions to realize best Time to Value of a successful CPQ implementation.
Actions to realized best Time to Value while implementing CPQ
- Find the Right CPQ partner
Choose the right CPQ partner who has the experience in the most recent market trends and your specific industry and can deliver time-to-time actionable insights which will save your time, and money in the long run to avoid costly mistakes. Depending on the nature and complexity of the application, you may need to cooperate and coordinate with the implementation team for two weeks.
Yeah, you read that right, you can implement the CPQ solution within two weeks. Keep going; the surprise will come shortly.
- Create an implementation strategy for CPQ in advance
Without a prior plan of action, your CPQ implementation can experience challenges at the early stages or may fail completely. To get rid of such complications, it’s very important to plan and discuss not only the technical objectives but also the challenges faced by the sales, operation, and product team. The objectives to check out prior include the time spent on selling, quoting, order value changes based on the customer requirement, updated renewal dates, and much more.
- Outline the organization’s CPQ goals
Outline specific CPQ objectives, such as Revenue Growth, Reduced Error % in Quoting, Improvement in Customer Satisfaction, etc. and choose the best CPQ solution for your company. Additionally, be sure to involve all the department’s key players so that they can share their requirements to be included in the product. Understanding customer needs will help you identify the pricing and different product models which support effective selling.
- Create KPIs to measure your project success
It’s time to focus on the Key Performance Indicators (KPIs) to measure the success of your investment. Some of the KPIs include the number of tasks that can be automated in each period, decline in customer complaints, the length of the quote process, approval process, etc. Identify and baseline targets prior to deploying a CPQ system because each KPI is crucial for any project.
- Get your team on board and have the right people in place
Prior to and throughout the implementation of CPQ, gather the appropriate team members, make them work on similar goals, and explain them the future changes taking place in the organization. Staying focused on the outcomes and making wise decisions will be simpler if you do this. Hiring service specialists from the vendor of your choice will ensure you are making the most of the software and making important decisions since implementing CPQ requires the correct expertise and abilities.
- Manage Changes proactively, save implementation time and ensure effective Communication
Success does not depend just on error-free CPQ implementation but also on how fast your team gets adapted to the new changes happening. As CPQ implementation saves a lot of time and alters business workflows, take proactive measures on change management i.e., train the workforce by offering user manuals and training videos, establish effective communication between different departments in the organization and discuss the updated business objectives and vision.
Conclusion:
To conclude, successful CPQ implementation depends completely on the right strategies and having the right CPQ partner in place. The actions we have shared here will surely help you to realize best Time to Value while implementing CPQ.
Dextara engineered a native Salesforce CPQ product “Dextara CPQ” which helps you to reduce challenges and achieve successful implementation in just 2 weeks. Implementation time may extend based on customers’ customization needs. Also, Dextara’s professional support team will assist you in smooth implementation and CPQ launch.
Want to know more about Dextara CPQ, email our experts at sales@dextara.com.