Modern day CPQ systems are a smart way of accelerating the quoting process and generating accurate pricing even for the most complex configurations. However, optimizing CPQ for continued performance is crucial. For this reason, businesses must invest in CPQ managed services. This is especially true for complex B2B sales where quoting can be elaborate and time-consuming. Managed services for CPQ software enhance efficiency and accuracy while optimizing every aspect of the quotation process.
In this blog, we will explore the benefits of using CPQ managed services to maximize the full potential of their CPQ system while minimizing the burden of maintenance.
Why Are CPQ Managed Services Essential?
CPQ managed services involve outsourcing the management, maintenance, and optimization of a CPQ system to a team of dedicated experts. These services are designed to help businesses maximize their CPQ solutions, which boosts productivity, accelerates sales cycle, and enhances customer engagement. By leveraging third-party experts like Managed Service Providers (MSPs), companies can focus on their core business activities and be assured their CPQ systems are efficient, up-to-date and tailored to their specific needs.
The strategic integration of CPQ managed services offers numerous advantages. Firstly, it reduces the burden on your in-house IT staff, who may not possess the specialized skills and knowledge required to manage complex CPQ systems. This is particularly beneficial for businesses looking to scale without increasing their operational overhead. MSPs maintain a resource pool of highly skilled and certified professionals who are up to date with the latest trends and technologies such as security services, network services, and Data & IT infrastructure services to provide a competitive edge in the market.
The high demand for optimized CPQ and other business transformation solutions is fueling the global market size of Managed Services – expected to be USD The global managed services market size was valued at $283.90 billion in 2023 & is projected to grow from $316.87 billion in 2024 to $839.83 billion by 2032 from USD 316.87 billion in 2024.
Impact on Sales Efficiency and Customer Experience
An optimally running CPQ solution ensures your sales team can generate quotes for different pricing models and customizations instantly. This results in faster deal closure, higher win rates, and happy customers.
Per this article, sales representatives spend only 34% of their time doing the actual sales whereas, most of their time is spent on non-selling activities like creating quotes, making proposals, and seeking approvals.
The article further states that when a CPQ solution is deployed, you can
Another report suggests that, on average, CPQ tools reduce pricing errors by 38%. The same report adds that a CPQ solution benefits users by streamlining processes and reducing the time taken to retrieve product information from various sources, calculate pricing, and obtain approvals by 50%.
Key Benefits of CPQ Managed Services
CPQ managed services provide necessary advantages for businesses looking to enhance the efficiency and accuracy of their quoting processes. Listing a few:
Customization and Scalability
As your business expands, your CPQ needs may change. Managed services offer the flexibility to customize and scale your CPQ system to match the changing needs of the business. Whether you are looking to integrate new product lines or adjust pricing strategies, CPQ managed services help organizations seamlessly adapt to the changes.
Proactive Monitoring & Minimal Disruption
CPQ Managed services include proactive monitoring of the system, identifying and resolving any issue(s), and addressing potential problems even before they impact everyday operations. This proactive approach minimizes disruptions and keeps your quoting process running efficiently.
Improved Accuracy and Compliance
Maintain the integrity of your CPQ system with managed services and ensure the pricing rules, discount structures, and compliance requirements are consistently applied.
Data-Driven
Insights
Managed services can also provide valuable insights into your sales process by analyzing data from your CPQ system. These insights help identify areas for improvement, streamline workflows, and optimize pricing strategies.
Choosing the Right CPQ Managed Service Provider
Choosing the right CPQ MSP can be a game changer for any company. Therefore, look for a provider who has a proven track record, understands your industry-specific requirements, and is trusted by the customers. The right MSP can enhance the effectiveness of your CPQ system and help you gain operational and organizational goals easily.
Forsys, as an end-to-end service and solution provider, is recognized by its customers for its CPQ managed services. Some of the case studies include:
Key Takeaways
The role of CPQ managed service providers will continue to be prominent as the marketplace evolves. Companies are fast recognizing the importance of MSPs and are leveraging their expertise to fully optimize their CPQ and other software solutions. Companies will not only gain competitive advantage in terms of operational efficiency, customer satisfaction, and overall business performance but also in shaping the future of their business.
In summary, CPQ managed services are required to keep your sales tool fully optimized, reduce errors, cut down delays, accelerate win rates, and result in happy customers. For more details, you can talk to our experts.