Unleash the power of CPQ software: Top benefits for each industry

Advanced CPQ software is a game-changer if it has industry-specific capabilities and helps your business streamline sales and easily personalize the configuration, price, and quote of products/services. In this blog post, let’s delve deeper to understand what key benefits an advanced CPQ Product can offer your business and how CPQ software features can help diverse industries thrive in the dynamic market.

Top CPQ benefits of an advanced CPQ software:

1. Shorter Sales Cycle: With automated complex product configurations, pricing calculations, and quote generations adhering to predefined rules, the CPQ software can enable sales reps to send accurate and personalized quotes in minutes. Thus, advanced CPQ implementation can accelerate sales, drastically reducing manual errors and quote generation time, resulting in a shorter sales cycle and instilling trust and confidence in customers with a better Customer Experience.
2. Improved Sales efficiency and team productivity: An advanced CPQ software solution can save time, effort, and costs by streamlining workflows, simplifying complex sales processes and automating repetitive manual tasks. With more straightforward sales processes, the sales reps get more time to focus on nurturing customer relationships and take advantage of cross-sell and upsell opportunities besides closing deals in less time.
3. Real-time Collaboration: Advanced CPQ software can centralize the data across the IT systems. Furthermore, the sales teams can access all the sales data on one dashboard with all the necessary data and insights on products, pricing, quotes, and customers. Sales managers can use the insights on quote-to-close ratios, revenue forecasts, win rates, and other key metrics to identify areas of improvement, and opportunities, optimize sales processes, and propel business growth. Additionally, the sales teams can become extra productive besides being highly collaborative with other stakeholders and teams, leading to faster decision-making and streamlined workflows.
4. Hyper-personalized selling: The Advanced CPQ software enables sales reps to customize products/services according to customer specifications. The CPQ solution’s intuitive interface guides the customers with better product recommendations during the product configuration process to ensure the user selects the right combination of products/services aligning with predefined product rules and constraints besides delivering the customized product to a customer.
5. Dynamic Pricing Strategies: The sales teams can use advanced CPQ billing software features to implement dynamic pricing strategies for rule-based, volume-based, contract-based pricing and other pricing strategies. Moreover, businesses use dynamic pricing options to maximize revenue and optimize product/service configuration, price, and quote.
6. Customer loyalty and Satisfaction: With timely, accurate quotes and customized products/services using configuration and pricing software, you can enhance Customer Loyalty and deliver a great Customer Experience.

CPQ solution for diverse industries

Advanced CPQ Software like 100% Salesforce native, Dextara CPQ can cater needs of diverse industries:

1. CPQ for Manufacturing industry: Dextara CPQ Software enables the manufacturing industries to use its advanced features to define engineering rules to customize configurable products (based on BOM structures and manufacturing constraints), handle complex pricing methods, and generate error-free quotes effortlessly.
2. CPQ for Tech Industry: Dextara CPQ integration with CRM and ERP systems will enable tech firms to handle data better and automate workflows. Also, to use Dextara CPQ software features to define product configuration, pricing, and quoting rules based on software licensing models, recurring period-based/one-time/lifetime subscription packages, and other constraints to deliver better Customer Experience with faster and better quote generation.
3. CPQ for Healthcare Industry: Data security is a priority for any industry, and keeping sensitive patient data as per Healthcare Data Security Standards like HL7 is critical. Dextara CPQ software is highly secure, customizable, scalable, and usable CPQ software suitable for the healthcare industry for configuring medical devices, and medical equipment, giving doctor recommendations after/before doctor consultations, and for accurate billing based on patient profiles, insurance policy benefits, and other factors to serve patients better.
4. CPQ for Finance Industry: The advanced capabilities of Dextara CPQ software offer financial services companies to configure complex financial products and manage intricate pricing structures, aligning with compliance regulations. Using Rules validation steps in advanced CPQ software, you can prevent fraud by enforcing a strict and well-streamlined quote-to-cash process, ensuring compliant pricing via an automated pricing process with a log of all auditable quoting activity. The rule-based pricing, auditable workflows, proposal and contract management features can aid financial services in quoting accurately, optimizing pricing strategies, and enriching customer satisfaction via faster customer onboarding and error-free billable opportunities.
5. CPQ for Automotive Industry: Dextara CPQ software enables automotive manufacturers to manufacture vehicles according to customer preferences, manage complex pricing structures and rebates, and generate accurate quotes on time. Furthermore, the automotive industry can predefine vehicle manufacturing rules before and give recommendations to customers with 3D visualization while adding specifications to personalize the vehicle besides sending quotes, including Total Cost of Ownership (TCO), heavy vehicle manufacturing costs, and Engineer-to-Order Requests (ETO) faster without errors.
6. CPQ for Service-based Industry: Professional services, Consulting, and Managed Services companies can use Dextara CPQ to personalize the service offerings, manage resource allocations, contract agreements, and streamline the pricing and quoting process accordingly to their customers.

The benefits of leveraging CPQ software are innumerable, and advanced CPQ implementation, such as Dextara CPQ can help diversified industries maximize productivity, accelerate sales, streamline sales processes, and strengthen customer relationships with its personalization capabilities. Read our recent Report on Digital transformation and CPQ software to find out the necessity of advanced CPQ software for Sales transformation. If you’re looking for CPQ consulting services, choose us! With years of expertise in Salesforce CPQ implementation, we’ve developed Dextara CPQ exclusively to fill the business needs of diversified industries. Our CPQ experts can help you implement Dextara CPQ in 2 weeks. Connect with our CPQ consultants at sales@dextara.com to get a free demo.