Not Your Dad’s CPQ: Modern Document Generation Integrated with your Sales CRM
Finding the right sales tools can be challenging due to the vast array of options available in the market, varying business requirements, and the need to align tools with existing processes and systems. One tool that is very nearly a must-have for every sales team using a modern CRM platform is a Configure, Price, Quote (CPQ) system.
By integrating a modern CPQ or document generation tool with your sales CRM, businesses can achieve a seamless and efficient sales workflow, ultimately leading to increased productivity and revenue generation.
In this article, we will explore what the modern CPQ looks like how your dad’s CPQ doesn’t compare to modern platforms.
What is a CPQ?
A Configure, Price, Quote (CPQ) system is a sales tool designed to simplify and automate the sales process, specifically when it comes to determining pricing and generating accurate quotes for prospective customers. A CPQ solution offers a user interface to run the quoting process, empowering sales teams to quickly and accurately create quotes based on customer needs and preferences.
These days, CPQ platforms tend to go far beyond just quote generation by integrating with accounting systems, processing payments, offering secure eSignature, and offering other document generation functionality well beyond your standard “quote”. Think pitch decks, Statement of Work, Non-Disclosure Agreements, Master Service Agreement collaborations, redlining functionality, and more.
Yesterday’s CPQ vs. Modern Platforms
Your dad's CPQ system may have had a product library and been able to generate quotes and order forms. Often the CPQ wasn’t integrated with the CRM or account platforms, and often were only used by trained billing team members.
Businesses are more agile today and need more than a clunky product library and quote tool.
With modern CPQ solutions, sales reps are the direct users. They will experience a much simpler quoting process, an intuitive user interface, seamless integrations with tools they already use, and signature automations.
Upgrading from ‘Your Dad's CPQ’ to a modern platform can revolutionize your sales workflows, sell products faster, and provide a competitive edge in today's fast-paced business environment.
Key Benefits of a Modern Platform
User Experience and Interface:
Older CPQ tools typically have complex and outdated user interfaces, making them less intuitive and more challenging to navigate. In years past, companies needed a billing or contracts staffer to generate quotes for sales reps during the sale process. It wasn’t fast.
In contrast, modern platforms like PandaDoc offers a user-friendly interface with a clean design and intuitive workflows. Its user-centric approach enables sales teams to quickly adopt and utilize the tool effectively, reducing training time and improving overall user experience.
Integration Capabilities:
Older CPQ tools may have limited integration capabilities, making it difficult to seamlessly connect with accounting, payment, or other sales and CRM systems. PandaDoc, on the other hand, offers robust integrations with popular CRM platforms such as Salesforce, HubSpot, and Microsoft Dynamics.
This integration enables a data mapping options for seamless flow of information between systems, eliminating manual data entry, and ensuring consistency and accuracy across the sales process.
Sales reps can even generate documents within their CRM. They don’t even need to login to a separate system on another browser tab. This is wildly helpful with larger teams and fast sales workflows.
Document Collaboration and Tracking:
PandaDoc excels in its document collaboration and tracking capabilities, which older CPQ tools may lack. With newer CPQ platforms, sales reps can collaborate in real-time on documents. This makes it easier to gather feedback, make revisions, and finalize documents.
For example, PandaDoc provides detailed document tracking and analytics, allowing sales reps to see when recipients open, view, and interact with the documents, providing valuable insights for follow-ups and engagement.
Automation and Workflow:
Newer CPQ tools offer advanced automation and workflow capabilities, enhancing sales efficiency and reducing manual errors. PandaDoc enables the creation of templates and reusable content blocks mapped to CRM data. Documents can be generated and automated by deal stages and other workflows saving time and ensuring consistency in document generation. It also allows for automation of repetitive tasks such as data population, approvals, document expiration dates, signature reminders, and more.
Analytics and Insights:
New CPQ platforms provide robust analytics and reporting features that empower managers and leadership with valuable insights into document engagement, sales cycle steps, and conversion rates. This level of analytics helps identify bottlenecks, optimize sales workflows, and make data-driven decisions.
Older CPQ tools may offer limited or less sophisticated analytics capabilities, if any reporting at all.
Document Management and Storage:
Mot modern CPQ platforms offer a centralized document management system and document version tracking that provides easy organization, retrieval, and storage of documents.
Sales operations can quickly access and locate quotes, proposals, and contracts. Tools like PandaDoc can also auto-populate PDF files in the CRM or other integrated platforms. No more searching for documents in cloud drives, desktops, or chasing people down for email attachments.
Older CPQ tools may lack comprehensive document management features, leading to scattered and disorganized files, which can hinder productivity and efficiency.
In Summary
Newer CPQ tools like PandaDoc offer a range of advanced features, seamless integrations, and a user-friendly interface that surpasses the limitations of older CPQ tools. With its focus on user experience, automation, collaboration, and analytics, PandaDoc provides businesses with a powerful solution for accelerating sales cycles, improving productivity, and enhancing the overall sales process.
Op Methods is a Certified PandaDoc Partner
We have helped scope, install, template, integrate, and train new users how to use best in breed CPQ platforms. If you’re ready to get our quote and eSignature process out of shared docs and spreadsheets, and integrated to your CRM — Contact us today!
