{"id":436,"date":"2022-02-10T20:40:15","date_gmt":"2022-02-10T15:10:15","guid":{"rendered":"https:\/\/forsysinc.com\/blog\/?p=436"},"modified":"2024-07-17T11:37:02","modified_gmt":"2024-07-17T06:07:02","slug":"how-salesforce-cpq-can-help-businesses-accelerate-revenue-growth-during-pandemic","status":"publish","type":"post","link":"https:\/\/www.forsysinc.com\/blog\/how-salesforce-cpq-can-help-businesses-accelerate-revenue-growth-during-pandemic\/","title":{"rendered":"Salesforce CPQ: Powering Business Growth Through Challenging Times & Beyond"},"content":{"rendered":"\t\t
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Let’s face it: unpredictability is the new normal for businesses. From fast-changing market demands to global pandemics and supply chain chaos, businesses are consistently navigating uncertainties and fierce competition.\u00a0 While there\u2019s a glimmer of hope with the <\/span>World Bank <\/span><\/a>predicting a steady global economic growth for 2024, challenges are far from over.\u00a0\u00a0<\/span><\/p>\n

The cross-currents of the pandemic, conflicts, inflation, and monetary tightening have made thriving tough. Over the last few years, the very nature of buying and selling has undergone major upheaval and compelled organizations to find their footing again. The intense pressure to fast track growth and revenue has put the businesses in a tight spot, leading the decision makers to lean more on <\/span>technology and digital capabilities. According to the <\/span>EY CEO Outlook Survey January 2023<\/span><\/a>, almost 74% of private business CEOs are planning to bolster their digital and technology competencies of their companies, and 63% of the non-private businesses plan to boost their technology spend.\u00a0<\/span><\/p>\n

This answers the question that technology innovation is here for the long haul and digital innovation such as business process automation will continue to progress ahead and dethrone manual processes.\u00a0\u00a0\u00a0<\/span><\/p>\n

But now, let\u2019s address the elephant in the room – where to start? <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Enter Configure, Price, Quote (CPQ) Software <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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It is an<\/span> advanced sales tool that allows organizations to fully automate multiple business-critical processes, including selecting and configuring products, pricing and discounting them, collecting approval (s) from different stakeholders when pricing falls outside of guardrails, and automatically generating a quote for the customer.\u00a0<\/span><\/p>\n

Additionally, it complements and works in tandem with other business tools to ensure integrated and accurate data. CPQ comes with robust functionality and offers ROI by enabling businesses to: <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"40\"<\/figure>

reduce the lead-to-quote cycle time by 40%<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"50\"<\/figure>

cut 50% of the manual processes<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"60\"<\/figure>

improve quote accuracy by 60%<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"15\"<\/figure>

boost revenue by 15%

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\"approx-80\"<\/figure>

enhance customer satisfaction scores by ~80%<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Note:<\/span> Above stats collated from <\/span>Forsys customer success story <\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Curious how it\u2019s more than just a sales platform? With Salesforce CPQ, you get an all-in-one solution that streamlines business process automation from start to finish. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Why is Salesforce CPQ Necessary? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Speaking from our experience as a CPQ solutioning expert by enabling enterprises of different sizes across industries to optimize their mission-critical processes across the entire revenue lifecycle, Forsys\u2019 Salesforce CPQ customers have witnessed faster sales processes and achieved <\/span>90% process automation<\/span><\/a>.<\/span><\/p>

Its ability to optimize and automate the entire quote-to-cash lifecycle all on one platform, from configuring quotes to streamlining approvals, managing invoices to revenue recognition, and automating contracts to renewals, has added to its popularity among users and subsequent recognition by Gartner as the <\/span>market leader for 7 years in a row<\/span><\/a>. Considering that the<\/span> sales team leverages 10 tools to close deals<\/span><\/a>, the business case for CPQ is strong due to its all-around capabilities.\u00a0\u00a0\u00a0<\/span><\/p>

As a <\/span>recognized & preferred Salesforce consulting partner<\/a>, Forsys<\/span> has empowered businesses from a broad spectrum of industry verticals – <\/span>Hi-Tech, Manufacturing, Healthcare, Retail, BFSI, EdTech, Government, etc – facing issues to:<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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configure products<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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avail discounts<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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create contracts & renew quotes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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derive insights from analytics<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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automate the E2E customer lifecycle<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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streamline complex approval processes<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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switch to subscription business model<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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upsell & cross sell<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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connect the front & back offices<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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Salesforce CPQ goes above & beyond sales. It streamlines operations, bolsters financial accuracy, and strengthens customer relationships, while optimizing the supply chain and supporting product management. Plus, it makes compliance easier, enables collaboration between teams, while maintaining business agility and driving growth.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What makes Salesforce CPQ stand out? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\"settings<\/figure>
Configurations <\/div><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In Salesforce CPQ, the configuration functionality involves the selection and combination of options to build a customer-specified product. <\/span><\/p>\n

With the<\/span> probability of selling to an existing customer standing at 60-70%,<\/span><\/a> more businesses are now shifting their focus to upselling services and cross-selling new product lines by<\/span> launching more products <\/span><\/a>to accelerate their revenue growth. <\/span><\/p>\n

Here are the three features that help upsell and cross-sell:<\/span><\/p>\n