Configure Price Quote (CPQ) software is currently one of the most popular applications for producing accurate price quotes. It offers real-time data that can be used to improve the sales process as a whole. One thing that’s so great about this product is that it constantly evolves to match the needs of the current business world.
Because CPQ is constantly evolving, it becomes the responsibility of the business to project where they will be next and how this will affect the company. You should definitely evaluate what’s coming this year, in five years, and even in 20 years. It’s important to know what the future of CPQ software looks like, so here are a few predictions for you to consider.
Pervasion of the Cloud
At one point, those in the CPQ business believed that the market for this software would be equally divided between on-site and cloud-based use. However, it’s quickly shifting in the direction of the cloud. Though the shift is happening much sooner than most predicted, it shouldn’t come as much of a surprise, since most software applications are turning toward the cloud for software integration.
“The cloud speeds up business processes,” says Paul Kriete of iQuoteXpress. “And the companies that are able to adjust more quickly to customer needs are usually the ones who will be leaders in their industry.” Blasser also points out how the business world is rapidly moving in the direction of the cloud. According to his research, 54 percent say they’re using the cloud because it increases business ability and scalability while 48 percent are doing so for financial purposes, both of which, apply in the situation of CPQ software.
The cloud sets itself apart as a more useful, convenient form of software management. For starters, accessibility greatly increases with cloud-based software. In addition, companies can automatically send updates through the cloud and keep software from becoming outdated. It’s also much more effective for data storage, since users would no longer need to store data on their computers.
The transition to cloud-based software has already begun. Companies are beginning to offer incentives to their existing on-premise customers to transition to the cloud-based software. They’ll offer discounts on the use of their cloud-based platform in order to get more people using it. Because of this method, it’s predicted that within a decade, all CPQ software will be entirely integrated into the cloud.
More Dynamic Selling
In sales, there’s one sales tactic that’s taking the world by force: dynamic selling. It involves the being interactive, involved, and flexible with sales in order to meet the needs of your sales environment - and it’s the style of selling that goes best with CPQ software in the future. Expert dynamic sales reps today are looking to use CPQ software to support their causes, which is setting the precedent for all those in the sales sector. Within the next decade, the use of CPQ software in the environment of sales is expected to be mainstream.
This all comes thanks to the release of more agile CPQ software that offers the same flexibility of dynamic sales. Sellers get the responses and data they’re looking for without compromising on productivity. It’s efficient, affordable, and totally effective.
The future is all about automated sales proposals and better deals. For those struggling to make it in the sales world, this is what they need to get their sales businesses off the ground running, and keep experienced sales representatives competitive.
Deeper Integration of Business Intelligence (BI) in Sales
Companies have been using Business Intelligence to better their business processes for centuries, but it has grown enormously since that time. Companies have moved away from collecting data through talking face-to-face and mail-in surveys and moved towards finding this information through internet applications like social media and app use. This business intelligence is now making a name for itself in sales, growing at an annual compounded rate of 8.7 percent through 2018, according to Gartner.
Companies are able to grow their intelligence and information gathered from existing customers and discover things the customers love, things they hate, problems that need to be solved, and more. Sales people can bring specific products and services to the attention of customers according to what they love, all thanks to CPQ software that can gather information and automate the processes of price configuration and more for consumer benefit.
Increased Investments
The proliferation of CPQ software is becoming more widespread than ever. It’s become a magnet of sorts for investors, attracting them to the software because of its unprecedented potential and many uses in the sales world. Investors are recognizing the benefits of such software that can cut through complex selling challenges and provide live streaming, making sales more visual and easy to comprehend.
Investors look for efficient investments that can bring in easy revenue. Through the improvements in configuration, pricing, guided selling, order management, price quoting, and other software capabilities, CPQ software has generated a sizeable interest from mergers acquisitions managers, and investors.
Use iQuoteXpress Software Today!
The future of CPQ software is rife with possibilities. Companies and individual sales reps alike are beginning to recognize the potential, and as a result, they’re seeking to make CPQ software an integral part of their business processes.
Those looking to stay ahead of the software curve and remain competitive should invest in CPQ software today. There are multiple, distinct software applications that can save you time and money through streamlining your efficiencies and increasing your revenue. We can be consistent with our detailed quotes and pricing product information, winning you more bids and putting your team at a higher-priority than others.
The best part is that if you’re interested in using our iQuoteXpress CPQ software, you can call today to learn more. Also, make sure to set up your free, no-obligation demo of our patented software. Don’t hesitate - contact us today!
