To run a successful B2B business, you need to perfect the quote generation process of large-scale orders across a vast distribution network reasonably quickly.
In the recent past, sales executives used to interact with key decision-makers in customers’ companies to understand their requirements. This interaction was then followed by forwarding the customers’ requirements to the finance team, who would take factors such as quantity, discounts, and customer history from their record history to check how they can customize the pricing for the said B2B customer. Finally, once the finance team crunched the numbers, your sales team could return with a firm quote to the customers.
What’s wrong with it?
Though there is nothing wrong with it, this process takes several days to complete, and when you are dealing with different departments to get a quoted price, the customer might find a competitor to get a better deal. As a result, you must start the process again to save the customer from switching.
Imagine if this was a significant business order that could be crucial to your company’s success. Unfortunately, it is easy for customers to change their minds about certain specifications in their order. If that happens, your inefficient quote process wouldn’t be able to deliver a new quotation on time.
So, how does one avoid re-running the process repeatedly and meet a customer’s demands to create an appropriate product mix? Of course, you can always use shared spreadsheets among the key stakeholders, but that would only mean bringing old-school toys into a modern-day playground. This is why you should think beyond!
Enter CPQ!
CPQ stands for Configure, Price, Quote, and it assists the sales team by defining three aspects of a transaction:
- Configure: The products that a customer wishes to buy from your company
- Price: The amount of money it is going to cost them
- Quote: Sharing the details of the proposal in a quote
CPQ software is a sales tool that allows the sales team to generate quotes accurately and quickly. CPQ tools work in tandem with a variety of ERP programs, CRM platforms, and other business applications. Quotes generated using a CPQ platform are error-free and automatically take into account factors such as discounts, quantities, customized requirements, revenue types, optional features of products, and incompatibilities.
Several studies have shown that companies using CPQ tools dramatically decrease their quote generation time. On top of that, they experience over 95% reduction in approval time and twice as fast quote-to-cash processes.
A wide range of CPQ tools are available in the market and companies can evaluate their requirements to choose the best fit for their respective business. In this post, we will look at the market’s two most popular CPQ software—Salesforce CPQ and Vlocity CPQ—and identify the differences. Without further ado, let’s dive into the details of these CPQ tools to help you understand them better.
What is Vlocity CPQ
Vlocity CPQ is a powerful tool that can revolutionize the way your company manages its quotes, pricing, and contracts. With Vlocity CPQ, you can streamline your sales process, improve accuracy in your quotes, and ultimately increase your overall revenue.
One of the key benefits of Vlocity CPQ is its ability to automate complex pricing calculations. This means that you no longer have to rely on manual calculations or complex spreadsheets to determine the right price for your products or services. Vlocity CPQ takes into account various factors such as discounts, promotions, and market conditions to ensure that your prices are competitive and profitable.
Vlocity CPQ also enables you to create professional and customized quotes with just a few clicks. You can easily add and remove products or services, apply discounts or special offers, and provide detailed descriptions and pricing information. This not only saves time but also ensures that your sales team is equipped with the tools they need to close deals quickly and effectively.
Another great feature of Vlocity CPQ is its integration capabilities. It seamlessly integrates with other systems such as CRM and ERP, allowing for a unified view of your customer data and sales pipeline. This integration eliminates data silos and enables your teams to collaborate more effectively, resulting in better customer service and increased customer satisfaction.
In conclusion, Vlocity CPQ is a game-changer for companies looking to streamline their sales process and increase revenue. Its automation capabilities, quote customization, and integration features make it a valuable tool for any business. So why wait? Take your sales to the next level with Vlocity CPQ.
Vlocity CPQ vs Salesforce CPQ: Key Differences Explained
Vlocity CPQ offers industry-specific solutions, tailored for verticals like telecommunications, healthcare, and insurance, providing specialized features for complex product configurations. Salesforce CPQ, on the other hand, is a more generalized tool used across multiple industries, offering flexible product configurations, guided selling, and seamless integration with Salesforce CRM. Vlocity CPQ is ideal for companies needing highly customized processes, while Salesforce CPQ is better suited for businesses seeking a robust, general-purpose solution.
Streamlining Sales Processes with Salesforce CPQ
In the intricate world of modern business, optimizing the quoting and proposal process stands as a critical juncture. Salesforce CPQ emerges as a robust and dynamic instrument, fostering this optimization through its Configure, Price, Quote (CPQ) methodology. This sophisticated software solution empowers sales teams with an agile mechanism to swiftly and meticulously generate quotes for potential clientele.
The heart of Salesforce CPQ lies in its capacity to effortlessly configure products and establish pricing rules, culminating in the generation of impeccably polished quotes, all achieved within a few seamless clicks. The convoluted realm of manual calculations becomes obsolete, supplanted by a system that curtails the margin for errors and enforces unwavering accuracy and consistency across all quotes.
Delving deeper, the allure of Salesforce CPQ extends to its repertoire of advanced functionalities. Among these, the beacon of guided selling beckons, proffering sales representatives the dexterity to offer tailored product recommendations, artfully aligned with the discerning needs of each customer. A harmonious synchronization with other pivotal Salesforce tools, notably the Salesforce CRM, further enriches the sales panorama, stitching together a seamless tapestry that envelops the entire sales process, from its initial spark to its triumphant conclusion.
It’s imperative to fathom that integrating Salesforce CPQ into your business’s operational fabric can yield an array of palpable benefits. The augmentation of sales efficiency, a stark reduction in the margin of quoting errors, and the ultimate propulsion of revenue growth collectively glisten as the fruits of this endeavor. For any enterprise yearning to streamline their sales orchestration and extend a superlative buying experience to their esteemed patrons, Salesforce CPQ emerges as an invaluable lighthouse guiding the way.
Difference Between Vlocity CPQ & Salesforce CPQ
Salesforce CPQ
Among the two, Salesforce CPQ is a generic full-blown CPQ application used across multiple industries. It sits on the Salesforce platform and supports core custom objects like Quotes. Let’s look at the key features of Salesforce CPQ:
- It is easy to use with guided flows
- You can consolidate different applications seamlessly
- It helps reduce the overall costs for businesses dealing with B2B clients
- You get access to a user-friendly UI
Salesforce CPQ is a customer-centric tool with excellent performance. It is easy to install and can be easily configured with different integrations. The only downside some users experience is an occasional slow response, but it can be easily rectified if a team of experts configures the tool.
Salesforce CPQ is native to Salesforce and easy to customize and edit, just like a wide range of objects in the Salesforce platform. For companies already using Salesforce, opting for Salesforce CPQ is a no-brainer as they are already familiar with the platform and wouldn’t have to spend time on an additional learning curve to understand the new functionalities.
Vlocity CPQ
On the other hand, Vlocity is an industry-specific platform that provides tailor-made CPQ solutions for every industry. It is a time-efficient system that leverages robust cloud applications. Vlocity CPQ helps businesses with:
- Managing the costs of their products
- Driving forward with better processes
- Increasing revenue by adding agility to business processes
- Choosing a wide breadth of services focusing on bringing more customers
In a nutshell, Vlocity CPQ provides you with a product roadmap and future vision with financially viable solutions. It is easy to integrate with your systems, and the post-sales services have been reported as adequate so far.
Apart from the generic points mentioned above, some industry-specific features of Vlocity CPQ include:
- Ability to create Digital Commerce APIs and Headless CPQ Cart for B2B and B2C companies to manage pricing rules.
- Seamless integration with Order Management systems across different industries.
- Enabling customers to modify assets and amend their long-running B2B orders after they have been submitted.
- Allowing customers to modify their plans to medium or large or based on platforms like mobile+internet without interrupting their services.
- Generating quotes for B2B customers from multiple sites at the same time, without handling multiple screens and records.
Now that you clearly understand how Salesforce CPQ and Vlocity work, it is time to opt for a platform that best fits your business.
Next Steps
Integrate Salesforce CPQ with your existing systems in a matter of days and not weeks with an extended Salesforce development team. Experts at Growth Natives thoroughly audit your current Salesforce instance to identify the system’s shortcomings and deliver tailor-made solutions that can transform your business into a revenue-generating powerhouse.
To know more about our services, email us at info@growthnatives.com. You can also learn more about our Salesforce and marketing automation services by visiting our website.