Why Quoting Process is Key to Your Company?

Pricefx designed the Quoting or CPQ (Configured Price Quotes) format to provide workflow and accelerate the quoting process empowering your sales team to quote and negotiate confidently with all the required information in one place.

A reliable CPQ tool is necessary to break the cycle of sales quote uncertainty by delivering stability and improvements in sales profitability and performance.

What are the Typical Challenges in the Quoting Process?

Many organizations encounter a multitude of challenges when it comes to generating quotes. These challenges include the loss of potential deals and revenue due to pricing inaccuracies, a lack of confidence in pricing data within the sales team, protracted cycle times and numerous internal handoffs resulting in diminished win rates, reliance on manual quoting processes and restricted systems integration, significant disparity in price realization across the sales team, absence of comprehensive deal profitability guidance for sales personnel, inconsistent deal profitability arising from rebates, terms, and freight, the absence of a reliable method for sales to effectively visualize and account for profit detractors on deals, and a deficiency in deal governance, particularly in terms of approval workflows

Typical Business Scenarios

The Quoting module offers a versatile solution for various scenarios, such as accelerating deals by simplifying the process to generate, negotiate, and sign professional quotes. It involves managing continually changing variables of goods to define pricing with greater accuracy and successfully handles a wide range of products and services through a centralized process that provides reliable information on goods. Additionally, it provides sales representatives with an accurate solution that increases revenue and improves profitability. The module also utilizes built-in analytics for smarter discounting, enabling businesses to stay ahead of the competition. Furthermore, it creates product quotes based on different factors, including costs associated with production, local economic factors, competition, and historical prices.

Quoting Key Functionality

Pricefx offers a powerful and flexible quoting tool that accurately and efficiently configure your products, solutions, and services, providing sales guidance on optimal pricing, reducing errors, deal cycle time, and totally integrated with leading CRM systems.

The Quoting functionality handles the sales quote process from the starting point where the user defines/selects the quote type, creates the quote, and submits it for approval.

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Quote Types

A quote type is a template that specifies the logic that calculates the quote results. Multiple quote types are possible based upon different: approval workflows, calculation algorithms, pricing values, target effective dates, and approved price lists.

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Quote Creation

The first step in the Quoting process is the creation, which can be selected based on the quote type or template previously defined.

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Price Records

When a quote is approved, a price record is created for each product against the corresponding customer accounts. They are displayed in the Price Records section:

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Mass Updates

The Quoting functionality provides a range of capabilities, including default quote calculations to update quotes with new changes, automatic quote input updates, mass submission of quotes, user-defined generic filters for quote updates (draft/approved), and background job scheduling for mass processing via Calculation Flow.

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Where to Start with Quoting?

Pricefx offers a CPQ Accelerator Package that supports the entire CPQ process, starting with the selection of customers and products, price and negotiates the deal, approval workflow, and lastly quote output/document.

The setup doesn’t require complex configuration, except for importing several data tables and the mapping of the transactional data to provide sales insights during the negotiation.

The Package provides several requirements:

• Quoting with pricing logic

• Analytical insights

• Approval workflow

• Quote output template