CPQ Documentation Management

CPQ Documentation Management

While only 17% of larger firms with $5 million in revenue annually do not use documentation software, this number goes up to 33% of firms with revenue between $7.5K and $1.5 million dollars, and up to 68% for smaller firms with revenue less than $ 200,000 annually. We tend to see a pattern for success here; companies which adopt Documentation Management see 23% more growth than others which don’t.

This represents a huge opportunity. In this article, we’ll talk about CPQ documentation management in greater detail.

CPQ documentation management is the use of your Configure, Price, and Quote (CPQ) software to set policies and rules as to how documents are created, maintained and retired within an organization. This software helps companies automate the lifecycle of the quoting and proposal processes. This starts at the moment when a customer supplies their needs to the company and ends with sending a detailed quote to the customer or prospect

You can do the following with CPQ Documentation Management

  • Close more deals with CPQ: You can close more deals by using CPQ software to automate documentation management. This prevents delays from manual errors, approval backlogs, and out-of-date product and pricing information.
  • Increase deal size with CPQ: You can use CPQ documentation management to increase deal size with cross-selling and up-sell recommendations. You can also configure products that precisely align with the preferences of prospects and customers.
  • Manage your CPQ process with a virtual assistant: You can treat CPQ documentation as a virtual assistant, to create optimal deals, configure solutions, prepare quotes, update contracts, manage discounting and pricing, and manage many other user functions.

There are certain inherent advantages to CPQ documentation management. Some of these are

  1. Stop wasting time looking for documents: Nobody wants to look for multiple documents in overflowing file cabinets. With CPQ documentation management, authorized employees can easily locate and retrieve electronic documents with minimum fuss and frustration.
  2. Integrate with existing business applications: You can integrate your CPQ software with already existing business applications, such as your CRM software to achieve optimal use.
  3. Unification of all business departments and units onto one platform: You can integrate all departments ranging from Sales to Accounting onto one platform and encourage efficiency and employee buy-in with this process. You can maximize potential by extending your CPQ documentation management system to product managers, marketing teams, customer support teams, and senior management. This will ensure that all departments move swiftly with the same goals.
  4. Standardization of contract process: Most modern CPQ documentation management solutions and systems have the ability to generate documents from quotes. With CPQ software, you can drive the use of standardized contracts that are appropriate for the products and services on the quote. You can guide the salesperson to the right contracts with the appropriate terms, thereby increasing efficiency and lowering risk.
  5. Provision of a central repository for documents: All documents are maintained in a central repository. This ensures that contract versions are automatically tracked and maintained so that everyone involved in review and approval is working on the right documents. With a central repository, you can look for an automated way to keep an audit trail for changes along with the documents.
  6. Manage secure accessibility: By encrypting documents and assigning security levels to stored documents, you can ensure that those accessing confidential documents are those that are authorized to access those documents.
  7. Better management of multiple versions of a document: With CPQ documentation management software, you will always know that the version you are working on is the most recent version, thereby eliminating confusion and duplicate work.
  8. Document routing capability: You can route documents to select individuals for comment or approval without wasting paper and more importantly time.
  9. Enable document security: With CPQ documentation management, your documents are safe from damage.
  10. Enhance employee efficiency: With everyone being increasingly busy they want to save time without cutting corners or compromising on quality. CPQ documentation management can help your company do just that. Your employees can save time looking for lost files or searching through stacks of documents, thereby being able to spend more time with clients.

Now you know a bit more about CPQ documentation management and the huge opportunity it represents. At standav, we use CPQ software to manage our documents, to streamline our business, sales processes and to ensure better client service and integration of all our business departments. Here’s to efficient documentation management using CPQ software!

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