What Is CPQ and What Does It Stand For?

by RenaissanceTech | Mar 7, 2022 | CPQ Software, Order Accuracy & Error Reduction, Sales Quoting Process

When people investigate guided selling, they often ask, “What is CPQ software?” and wonder how it will impact their operations. The experts at RenaissanceTech are here to give you a better understanding of the platform and how it can help your manufacturing business reach its goals. Check out our full guide below.

What Does CPQ Mean? – Configure, Price, Quote

The abbreviation “CPQ” stands for “Configure, Price, Quote.” CPQ allows you to create a structured, scalable sales process through guided selling and configuration. This tool is used by manufacturers to quickly and accurately turn complex products into quotes and orders, streamlining their operations. In order to truly understand what CPQ is, however, each aspect needs to be examined.

Configure

Your complex products will be easier to design with a real-time product configurator. Perhaps there are a lot of moving pieces and parts on your product, or there are a million combinations, or your customers require customization and special pricing, or maybe all those things are true for your business!

With customized products like yours, your first step should be to configure your product by asking a series of logic-based questions. Because the configure price quote pricing tool uses logic, it will remove noncompatible options as you select answers. This eliminates the chance for errors and unsupported combinations

Pricing

Manufacturers and service businesses rarely stick to a rigid pricing structure. Perhaps you offer bundles and volume pricing, or any other type of special pricing. CPQ guided selling gives you the ability to keep pricing clearly defined for everyone inside and outside of your organization, while still having the ability to customize pricing for certain dealers and customers.

It’s important to your bottom line that discounts are applied correctly and consistently throughout your business. With a CPQ system, prices are automatically calculated while you are configuring the product. Any special deals, discounts, promotional codes, and product bundles can be added at any time.

Quote

Once you’ve configured your product and you have an accurate price for it, you can finally turn it into a formal document. The quote can be emailed immediately or created as a PDF document, and this document can include product specifications, warranty information, drawings, detailed pricing, and terms.

Sales representatives can generate a quote, send it in an email, and send a follow up, with just a few clicks. Configure price quote guided selling software streamlines the quoting process for both manufacturers and dealers.

Integration

Lastly, there’s one more key feature of CPQ that’s not in the acronym, but it is equally as important – integration with ERP and CRM.

The same CPQ solution that services your dealers and outside sales reps is also the same configurator that runs within your ERP and CRM. This alleviates having to maintain more than one CPQ pricing tool and your product changes will take place across the whole system.

After you create your quote it is quickly turned into an order when integrated with your ERP system. Starting with the quote, your order can be completely fulfilled by passing BOMs and routings to the shop floor. This is why it is important that ERP integration is an option with the CPQ system you choose.

So Why Is CPQ Important? Here Are Just 4 Examples

By incorporating CPQ guided selling into your processes, you will be able to accomplish the following:

Efficiency – Help your sales reps and dealer network quote and close deals faster by eliminating disparate systems and removing siloed information. Automate approvals and create or maintain your workflows. Even the most complex quotes are easily managed with CPQ guided selling.
Control – Use a guided sales CPQ pricing tool to control what’s being offered and what’s being sold, while eliminating pricing, costing, and inventory errors. Your sales reps can become product experts in minutes by capitalizing on guided selling tools that only allow for approved configurations.
Innovation – Using our guided sales CPQ means that you can create product specs with a simple click. This allows your engineers, dealers, and sales teams to get creative and innovative, producing new product lines that differ from what is already available on the market. You can also use a configure price quote pricing tool to wow your customers with precisely customized deliverables, ensuring they are produced exactly as they were ordered.
Competitive edge – Companies learning what CPQ is and how it will benefit them should know they can get to market faster than competitors while launching new revenue models and upsell opportunities quickly. Today’s customers demand more flexibility in what they buy and how they buy it. Enabling a scalable technology platform will support your company now and in the future with advanced guided sales CPQ platforms available via Infor CPQ.

Further Configure Price Quote Guided Selling Advantages

With an advanced CPQ guided selling platform, your dealers and sales network can configure the right product offerings and generate an appropriate pricing and discount structure to meet the goals of your company. You can also fully customize quotes quickly while seamlessly integrating with your existing enterprise software, resulting in more sales and satisfied customers.

Using a guided sales CPQ can also provide you with the following:

Higher customer satisfaction

A central data catalog

Insights from reporting

Lower costs and fewer errors

Shorter sales cycles

Brand consistency

Better sales pipeline visibility

Best yet, the benefits don’t stop there. There is an abundance of featured add-ons that can be used to create an even better user experience. Below, you will find our most in-demand product extensions for CPQ products:

Stitch images for CPQ configurator

Requested ship date blocking for sales portal

Order status for sales portal

Multi-line configuration for Infor sales portal/Infor CPQ

CPQ Designed for You

Your products and systems are unique and complex, so you need a provider who is willing to customize the software to fit the needs of your organization. That’s what our CPQ company stands for, a tailored solution designed for each client.

RenaissanceTech has over 200 successful CPQ implementations across a wide variety of industries, and the founders of RenaissanceTech worked on the initial development of the Infor CPQ solution. Let our CPQ team boost your operations with our expertise.

Want to Know More About Our Guided Sales CPQ?

Now that you understand what CPQ is, let us help to create a streamlined vision for your sales team, giving them the resources they need to secure more orders.

We can use our expertise to help your company grow with our customizable CPQ software that is tailored to your unique needs. Request more information today!

Contact The Experts At RenaissanceTech Today!

Make It Look Easy

by RenaissanceTech | Feb 17, 2022 | Infor CPQ, Marketing, Sales Quoting Process

How To Simplify The Sales Process & Close More Deals in 2022

If you’re trying to find new ways to make the sales process less bloated, there’s a great chance you’ve been in the industry for a while! Software options have become more sophisticated. Demands have rapidly changed. Your target demographics (and how you reach them) have evolved.

Let’s dig into some tangible and intangible ways to simplify the sales process, increase ROI and minimize costly screw-ups!

The Who: Create Customer Profiles For Target Audiences

We get it - the past few years have thrown sales through a loop. Many companies started going after any business they could get, while others restricted their scope to make more money off fewer leads. It’s time to physically get back to the drawing board!

Take time to clearly define who you’re going after - and who you don’t want to go after. Who are these perfect people? Where do they shop? Not just where do they shop, but where do they make their actual buying decisions? Is it in-store, in the car with their family or in the trenches of Reddit forums?

Creating well-defined buyer personas not only helps you meet customers where they’re at but you can also use that information to build robust digital marketing campaigns with almost no wasted dollars by dialing in that demographic data!

The Why: Add Some Empathy To Your Approach

It’s not about the product - it’s about what the product does for the buyer. Establish a playbook of primary talking points to quickly earn that invaluable trust based on consumer needs. Learn the pain points of your target audience by looking at Google News and exploring forums. (Sometimes, you can just let Google fill in the blanks for you!)

Here are a variety of phrases you can search to generate topics of interest:

Problems with [product]

Alternatives to [product]

Negatives of [product]

Does [product] ______

Why won’t [product] _____

[product] vs _____

Once you get a solid list going, rank these pain points, challenges and insecurities as they pertain to each target demo. Assign 2-3 of them to each and avoid bringing up the other headaches if possible. Your service or product probably tackles those challenges, but you don’t need to create unnecessary land mines or time sinkholes during your pitch!

Remember: people really like talking about themselves and their company, so ask questions - even if you already know the answers. “What solutions do your competitors use?” “I know you’re looking for this product, but what are you really looking for out of this product?” “What just really sucks for you on a daily basis?”

Taking a little extra time to be real with a hot lead can make you more money than spending not enough time on three cool leads.

The When: Make Scheduling Demos & Appointments As Easy As Possible

It’s hard to get everyone to agree on much, but there are two things we all really enjoy: simplicity and options. Your sales team can piggyback on this desire for convenience by offering a variety of different contact points for customers.

Your website, specifically, should have a clearly-labeled online scheduling link, at least one general Contact Us form and a phone number someone can use at any given time to ask questions. Some folks feel comfortable scheduling a demo right now, while others may want to send in a form while they’re on the go and respond at a time when they’re able to make a decision. Other people just want to see the options laid out in front of them!

It’s comforting to know that the choice for communication is yours and you can make it when you want to.

The How (& How Much): Use An Accurate CPQ Software To Wow Buyers

We’ve mentioned simplicity, accessibility and empathy - but there is one tangible solution that can wrap up everything while making everyone happier: Infor CPQ.

As the best configure price quote solution on the market, Infor minimizes the time it takes to create accurate quotes and generates true-to-life, customized product models that will help your customer truly visualize what they’re getting.

By experiencing the visualization in front of them, the customer can envision how the product will fit in their daily life. There’s no guessing. This is what they get and here’s how much they get it for!

Looking To Capture The Power of Infor?

We invite you to take a spin on an example configurator here or to get in touch with us directly to discuss the needs of your customers and your sales team.

Mastering CPQ Implementation: A Step-by-Step Guide for Success

by RenaissanceTech | Feb 8, 2022 | Services

Essential Steps to a Successful Implementation:

Configure Price Quote (CPQ) is an incredibly valuable tool for increasing sales and quoting efficiency, increasing average sales size, and reducing errors. But how does one master the implementation process? When you determine CPQ is right for your business, the next thought is how to navigate an implementation.

Let’s walk through a short “CPQ how to” implementation guide.

How to complete cpq implementation, CPQ implementation, Sales process optimization, Quote to cash process, Guided selling, Data management, CPQ goals, CPQ features, Change management, CPQ team selection, Post-implementation support

First: Define your Goals

What are the ultimate goals to be achieved with your CPQ? You will want to determine which goals are right for your business and ultimately your bottom line.

Standardize the sales and quoting process? Saving time and money
Allow for a dealer portal? Expedite dealer orders, happy customers are return customers
Roll out new products faster? Quick go-to-market is critical in fast paced manufacturing environment

What are your ultimate sales & manufacturing goals? Understand your process needs and set measurable goals for your CPQ.

Next: Focus on the Critical.

CPQ is full of feature-rich tools but, chunking down to the most important process efficiencies is important for your first step into a CPQ product.

Below are some examples:

Choose out of the box features
Guided selling
Order management

Choose the right project Team:

Ensure you have the right CPQ implementation team by your side. Do your research. Know the CPQ provider or partner's history, what is their experience with CPQ? What’s their area of expertise? Having the right team will help make your implementation even more successful. RenaissanceTech, a Gold Infor CPQ partner has experience on more than 200 successful CPQ implementations, in a variety of verticals.

CPQ Implementation experts, How to complete cpq implementation, CPQ implementation, Sales process optimization, Quote to cash process, Guided selling, Data management, CPQ goals, CPQ features, Change management, CPQ team selection, Post-implementation support

Evaluate your Quote to Cash process:

Because that’s why we are here after all. That’s the principle of CPQ, optimizing your quote to cash process. Your business is unique, you will want to evaluate your unique sales process and determine which best practices to adopt during the implementation.

Data Management!

With the right data being delivered to your team they can be more productive. CPQ will help centralize this date by integrating it with your existing CRM and ERP. Ask your RenaissanceTech implementation team for best practices for data management and integration into your existing CRM and ERP.

Shift the Thinking:

Prepare your team for change. The “But, we’ve always done it this way.” The mentality will inevitably happen. Having a change management team will set the tone for a smoother transition. Having the right implementation training and support available will also ensure the transition becomes a welcome one. RenaissanceTech has a comprehensive training and support structure for all CPQ implementation.

Post-implementation Support:

Talk with your implementation partner about ongoing support, advanced CPQ training and what they offer. Establishing a rapport and open clear communication with your CPQ partner will only enhance the CPQ implementation.

Contact Us for further tips regarding your CPQ and Implementation goals.

How to Open a Virtual Showroom Floor

by RenaissanceTech | Dec 20, 2021 | CPQ Software, Sales Quoting Process

Using 3D Modeling To Meet New Consumer Habits & Demands

Recent events have caused a significant upward trend of consumers buying items online. Whether it be for common convenience or health and safety, more people are switching their shopping bags for slippers. With more consumers turning to online shopping, manufacturers are finding it difficult to change along with these trends. Those that sell more on display - through large distributors & retail stores - particularly struggle with this online shift.

Questions You'll Likely Face When Transitioning To Virtual Sales:

How do you transition products that are mainly sold in stores to online?

How can you capture everyone who’s interested, like you would on the show room floor?

How do you open a virtual display room for potential customers to truly see your products?

3D vizualizations of model bed for virtual show room floor

CPQ Software Will Be Vital To Your New Online Operation

Although this may take some time, transitioning your sales strategy and ordering process to incorporate eCommerce online, is simple. First, start with establishing a product configurator or Configure Price Quote (CPQ) application that quickly incorporates pricing and all product specifications for creating your item. A CPQ system with a fully optimized ERP integration is the best combination for a solid foundation of organizing and allowing customers to view and even order your products online. Once you have an organized configurator and pricing structure established, you want to start thinking about how to accurately show your products on your personal and dealers websites.

3D Product Visualization: Seeing Is Believing - & Believing Is Buying

The next best thing to seeing something in person is a stunning 3D model of what you plan to buy. 3D visuals are no longer a new/innovative feature and a standard need for any manufacturer that typically displays their products in-store. These visuals are shown online and do not limit or take away from sales in person. These models expand the capability of sales to occur confidently between customers who prefer to shop online. There are several different virtual image shops available like Threekit or Cylindo.

You do not need to partner with a 3D model shop immediately when transitioning to online sales, your choice may vary depending on suggested integrations from your configurator software. Some manufacturers may not require a 3D product rendering for their customers, this is an optional feature. It’s best to decide if an eye-catching visual would be helpful for your sales team and talk to your configuration consultant.

Harnessing The Benefits of A Virtual Showroom

Based on the stage of your company’s digital transformation, starting online sales will be a massive transition. Once you have an internal configurator for your product established, create an external shop for eCommerce that is integrated with these elements. SWIFTSELL is a high-quality shop front with a standard integration for the solutions listed above. These virtual shop displays can show pricing to potential customers on your site and present accurate 3D models based on preferred displays. Having a virtual display room and shop floor available for customers increases buyers’ trust and interest in your products. When the internal configurator, optional 3D models, and virtual shop floor application are established, they create a simple way to gauge interest from customers and close more deals or sell your products straight from your website.

Looking For More Information On How To Open Up A Virtual Shop Floor?

Get In Touch With RenaissanceTech Today

International Infor CPQ Assistance at RenaissanceTech

by RenaissanceTech | Aug 23, 2021 | Infor CPQ, Services

With the rise of the remote workplace, we have adapted our business to be virtual friendly. The more services that we can perform online, the less we are required to travel. This allows us to eliminate the time and money associated with traveling and enables us to reduce consulting costs and spend more time tending to our clients. With that being said, if travel is necessary and safe for our clients, we will undoubtably make the trip.

This has led us to the realization that we can offer all our services globally. With the introduction of our remote training sessions, our consultants can teach your employees how to use our software over a video call. This leads to greater accessibility for international and domestic clients. Additionally, our Infor CPQ software supports many different languages including Dutch, German, French, English, Spanish, Japanese, and Simplified Chinese. On top of that, Infor CPQ allows for the seamless conversion of currency using exchange rate multipliers. This makes it easier to perform quotes for clients in other regions of the world.

With the expansion of our capabilities, we are excited to widen our customer base and serve clients globally. Whether they are a domestic or international client, our goal is to make sure that they are taken care of while exceeding their expectations. At RenaissanceTech, we treat every client the same no matter the size of their business or the industry they work in. We are currently assisting clients in the UK, Australia, NZ, and Canada. Anyone looking for Infor CPQ expert help, can contact us, no matter their country.

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