CRM is considered a lifeblood of the sales department. It is used for account management and relationship management with the client while the CPQ is used to configure the product, enable real time pricing, and promote up-selling and cross-selling opportunities. Most of the organizations have purchased both these software but have not integrated them. The integration of CPQ and CRM software would help companies to increase their operational efficiency, eliminate errors, and help them manage their risks.
Following are the five things that have to be considered when integrating CPQ and CRM software:
1. Improved efficiency and communication flow
By integrating CRM software with CPQ software, it becomes easy for various internal stakeholders to track the progress of deals and analyze deal performance. The data within an organization becomes transparent and the communication among the different departments also becomes easy with the help of this system. With the transparency of data and ease of communication, the organization can manage the business processes and track performance proactively.
2. Elimination of errors
The manual processes of calculations and payments would be replaced by implementing and integrating CPQ and CRM software which would eliminate errors and delays. Also, the data is separately entered in both software which results loss of precious time because of the task being repeated. By integrating CPQ and CRM software, not only the errors will be eliminated but the problem of entering data twice into both the software could be overcome. This would make the operations of the organization more efficient.
3. Continuous improvement
By integrating both CPQ and CRM software, all the employees within the organization could view the past contract details of their clients which can assist the organization in providing them with good service. An integrated solution will help in analyzing past performances and activities of the company which would be of great help while molding and structuring their strategies for the future. This would ensure that the company learns from its mistakes and does not make the same mistake again.
4. Increase in profit margin
In the yester years, companies used to make payments, configure the product, decide the quote and forward the quote to the client manually. But now, all these tasks are performed by computer software. With the manual processes, there is a risk of making incorrect payments and missing the deadlines - all of which would result in reduced profits and reputational risk for companies. By implementing both CPQ and CRM software, profit margins could be secured and increased because it will eliminate the possibility of incorrect payments.
5. Risk management and compliance
Complying with audit procedures and policies while providing documented proof for hundreds and thousands of transactions and agreements not only becomes hectic but will also exhaust a company’s resources. Yet, they need to be followed to ensure proper functioning of the business and are absolutely essential to the terms and conditions of the contract, regulatory principles and for financial reporting purposes. The integrated software complies with reporting standards and helps in mitigating risks.
It is, therefore, evident from the functions and operations of companies using CPQ and CRM software, that the integration of both results in data reliability and clarity, achieving objectives and goals without missing deadlines and also avoiding any possible human errors. Basically, it is the key for the development of an efficient and effective lifecycle which would lead towards attaining better future efficiency and competency levels of doing business.
If your business is planning to integrate the two software or deciding to purchase them, then you can contact CallidusCloud which has two decades of experience in providing its clients with unique customized services. You could also try their free 30 day trial software here.