More and more is being asked of software for businesses, particularly as options for business-to-business sales of new and differing types (think subscription boxes) increases. In fact, configure, price, quote, known as CPQ, software continues to gather a bigger segment of the market.
But those sales also demand a level of complexity not previously seen, which means that data helps to drive objective determinations. And that data influences much more than sales: supply chains, forecasting, revenue collecting, and more. So if things are more complex, what do salespeople need? They need instant insights from data so that they can make the right decisions at the immediate time. That software can help to create standardization for discounts, link compensation to higher margins, and guide upsells as well. And those tools that are being developed for sales are only going to get more and more sophisticated. What else do you need to know about the future of CPQ software? This graphic explains it.
B2B sales across all industries are increasing in complexity and scope. It’s not just affecting SaaS software; many different types and sizes of companies are employing innovative sales strategies, such as subscription-based sales and customizable product packages.
The market statistics for configure, price, quote (CPQ) software bears this out: The segment is expected to maintain steady growth of 20% annually through 2020. Corporate buyers are demanding more out of their CPQ purchase, and developers are rising to the occasion by introducing new features and leveraging sophisticated AI technology to make their platforms more dynamic.
Better Integration of Data from Sales All the Way Through the Supply Chain
The greater the level of complexity in your sales process, the more you need to use high-level data to make objective determinations. The data needs to be standardized across company units so that everyone in the organization is able to draw inferences from the same starting point. People in every department need to have access to the same CPQ data points, the data must be formatted the same way, and everyone should be using the same tools to analyze it.
Sales data isn’t just important to the sales department. It has implications for the people who make pricing decisions, manage supply chain operations, forecast, collect revenue, perform customer service functions, and so on. CPQ platforms will continue to feature better integration of data points across ERP and CRM platforms as well, creating a virtual warehouse of standardized, high-quality data throughout the company.
Configure, price, quote solutions of the future will facilitate even more efficient workflows than are currently possible. Employees in non-sales departments won’t have to clean up sales data as often or delay decisions because of incomplete or inaccurate information. Optimization doesn’t happen in a bubble, and advanced CPQ platforms help teams achieve productivity gains across the board.