The difference between traditional pricing estimation methods and the latest CPQ (Configure, Price, Quote) solutions.
Introduction Estimating may seem simple, but in reality, it is not. What should be a straightforward request can quickly escalate into complex situations involving back-and-forth emails, pricing inconsistencies, and delays in approvals. Transactions are delayed, errors occur, and customer patience wears thin. Many companies do not realize how much their outdated pricing estimation processes hinder them until they lose business to faster and more agile competitors. If your sales team is constantly chasing approvals and correcting pricing mistakes, it is time to reevaluate how you create price estimates. This blog will clarify the differences between traditional pricing estimation methods and modern CPQ (Configure, Price, Quote) solutions, helping you compare tools that can lead your business to faster, more accurate, and scalable growth.
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Problems with Traditional Quoting Methods Imagine the following scenario: A sales representative receives a request for a custom quote from a high-value prospect. The representative opens an Excel sheet, manually sets the prices, and sends an email to their manager for approval. Several hours pass. The manager requests revisions, leading to further email exchanges and additional delays. Meanwhile, the prospect, expecting a quick response, turns to competitors who can provide accurate quotes immediately. This is the reality of quoting using traditional methods that companies rely on. Excel sheets filled with complex formulas and manual adjustments Repeated email exchanges among sales, finance, and management for approval ERP-based quoting systems lacking flexibility for customized pricing While traditional quoting processes may have been effective in the past, they are becoming outdated. As product configurations become more complex and pricing structures evolve, it is clear that such outdated methods will soon reach their limits.
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CPQ Tool: A Smart Alternative to Traditional Pricing Estimates When traditional pricing methods become a hindrance, Configure, Price, Quote (CPQ) software offers a solution. Designed to eliminate manual processes, sales teams can create accurate estimates in seconds rather than hours or days.
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Overview of CPQ CPQ software automates and optimizes the pricing and quoting process through the following functions: - Configuration: Ensures that only valid product combinations are eligible for pricing quotes. - Pricing: Applies real-time rules, discounts, and margin management. - Quoting: Instantly generates professional and error-free quotes. Functions of CPQ within Your Sales Toolset Unlike standalone Excel sheets or inflexible ERP-based pricing tools, CPQ seamlessly integrates with systems such as: - CRM systems: Captures customer data and sets individual prices. - ERP systems: Synchronizes with inventory, manufacturing costs, and financial information. - E-commerce platforms: Enables self-service quoting for customers. By replacing outdated quoting methods with CPQ tools, companies can enhance speed, accuracy, and efficiency, empowering sales teams to close more deals.
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CPQ Tools vs. Traditional Quoting: Key Differences That Impact Sales Success When it comes to closing deals more quickly, ensuring pricing accuracy, and scaling sales operations, the right quoting method makes all the difference. While traditional methods have been the industry standard for years, they struggle to address the complexities of the modern sales cycle. In this section, we will compare CPQ tools with traditional methods and explain why the switch is essential.
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Speed: How quickly can we present a quote? Due to customers' expectations for immediate responses, the sales cycle has been shortened. Delays in quoting give competitors the opportunity to provide better service and win contracts. If the quoting process takes several hours or days, potential customers will likely turn to other companies.
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Inference: CPQ software automates and accelerates the entire quoting process. This allows sales teams to present quotes in minutes instead of hours. Impact on Sales: Quick quotes lead to improved deal closure rates. Sales representatives can spend more time closing deals rather than adjusting prices. Competitive advantage through rapid response. You can read the continuation of this blog at the link below. https://www.cincom.co.jp/blog/cpq-traditional-quoting
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Cincom Systems Japan was established in 1976 as the Japanese subsidiary of Cincom Systems, Inc., headquartered in Cincinnati, Ohio, USA. It offers a wide range of products and services in Japan, from software for mainframes and object-oriented development tools like Cincom Smalltalk (including the MCFrame development environment) to healthcare solutions such as specific health guidance support systems and digital transformation (DX). 【Company Information】 Company Name: Cincom Systems Japan, Inc. Location: 7th Floor, Toranomon 40MT Building, 5-13-1 Toranomon, Minato-ku, Tokyo 105-0001 Representative: President Donald E. Bick, Jr. Established: August 1976 URL: https://www.cincom.co.jp Business Description: Development, sales, and support of software packages.
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