NetSuite CPQ is a powerful configure, price, quote solution that uplifts sales by optimizing your sales order process, generating accurate quotes, and keeping up with the ever-changing customer demands.
From dynamic 3D visualizations to automated pricing and ecommerce integration, you can empower your sales team, cut costs, and forge ahead of the competition.
Let’s explore the key features and benefits of NetSuite CPQ and how it can transform your sales process.
Revolutionizing Sales: The Benefits of NetSuite CPQ
NetSuite CPQ is a cutting-edge solution that brings a new level of reliability and accuracy to your sales process across all sales channels.
By automating key tasks with this NetSuite solution, you can configure, price, and quote complex products and services without worrying about manual errors and long sales cycles.
Let’s delve into the benefits of NetSuite CPQ and how it will revolutionize your business’s sales process.
Shorten the Sales Cycle
One of the most significant advantages of NetSuite CPQ is its ability to generate quotes, orders, and branded proposals in a few clicks. Get prices before your customers in seconds, not days or weeks.
The software guides users through the quoting process, significantly reducing the risk of errors and ensuring a smooth customer experience.
With NetSuite CPQ, your sales team can focus on building relationships and closing deals while customers benefit from a breezy purchasing experience.
Eliminate Error-Prone Manual Processes
Manual quotes are time-consuming, error-prone, and costly. With NetSuite CPQ, you’ll have peace of mind knowing configurations are correct when your sales team and customers customize products.
Delivers accurate quotes using the NetSuite CPQ configuration rules engine. Quotes and orders generated by the system are always up-to-date, precise, and tailored to the customer’s specific needs.
Now, your sales team can deliver quotes to customers in one click. Gone are the days of cutting, pasting, and calculating by hand.
By eliminating manual errors and discrepancies, NetSuite CPQ helps maintain your company’s reputation and delights your customers.
Key Features of NetSuite CPQ
NetSuite CPQ comes packed with many powerful features that significantly enhance your sales process. Features include a dynamic configurator, real-time pricing engine, live quotes, bill of materials and routing, guided selling, 3D product visualizations, and seamless ecommerce integration.
Each feature is crucial in optimizing your sales operations and ensuring customer satisfaction. Let’s take a closer look at each of these features and their benefits.
The dynamic configurator is a key feature of NetSuite CPQ that enables users to select product features and apply customizable business rules for accurate configurations. This ensures that your customers receive the exact products they need while minimizing the risk of errors and reworking orders in complex configurations.
Real-Time Pricing Engine
Pricing plays a crucial role in the sales process, and having accurate, up-to-date pricing information is essential. NetSuite CPQ’s real-time pricing engine utilizes standard pricing data and applies rules-based pricing in accordance with the selected options.
This ensures that your sales team and customers always have access to the most current and accurate pricing information, enabling them to confidently make informed decisions and close deals.
NetSuite CPQ transforms the quoting process into a single-click, ecommerce-like experience.
The Live Quotes functionality allows sales representatives to send dynamic emails containing quotes. These emails enable end customers to engage directly, indicating their intention to convert the quote into an order. This notification is then relayed to the sales representative within NetSuite CRM.
By providing real-time, up-to-date quotes, Live Quotes allow customers to interact and confirm orders quickly and easily.
The proposal generator is a powerful feature in NetSuite CPQ that enables sales reps to rapidly create customizable proposals.
By automating the proposal creation process and providing fully customizable templates, the proposal generator ensures proposals are accurate and reflect your company’s unique brand identity.
Accurate and branded proposals enhance your company image while fostering customer trust and loyalty.
Bill of Materials and Routing
For manufacturing companies, the bill of materials and routing feature in NetSuite CPQ is a game-changer. By dynamically generating a bill of materials and routing instructions based on the configured product, this feature reduces manufacturing costs, production times, improved quality, and a more streamlined manufacturing process from the back office to the shop floor.
Guided selling is an innovative feature in NetSuite CPQ that helps customers find the right products through a series of configured questions. This not only simplifies the decision-making process for customers but also ensures that they receive the most suitable products and services for their needs.
In addition, NetSuite offers an automated "suggested" selling model. By suggesting relevant add-on products, your business immediately sees additional revenue for items typically "forgotten" about in the sales process by busy reps and new customers who are unfamiliar with the sku lists.
By providing data-driven guidance and suggestions, guided selling greatly enhances the overall customer experience and contributes to sales growth.
3D Product Visualizations
3D product visualizations provide interactive product images for online buyers and salespeople. These realistic and immersive visuals enable customers to understand the product better and make definitive purchases.
Seamless Ecommerce Integration
By seamlessly integrating with ecommerce solutions like SuiteCommerce, NetSuite CPQ simplifies product configuration on websites and ensures a smooth customer experience.
NetSuite CRM & ERP Integration
NetSuite's unified platform means that its CPQ solution integrates seamlessly with its CRM and ERP solutions. This integrated system ensures the sales, finance, and fulfillment teams are all aligned, reducing delays and miscommunications.
Here's how they work together:
Since all three solutions are part of the NetSuite platform, there's a single source of truth for all data. Product details, pricing, customer information, inventory levels, and more are consistently available across all NetSuite ERP modules.
Streamlined Sales Process
When a sales rep uses NetSuite CRM to manage leads and opportunities, they can transition seamlessly to the CPQ solution to configure, price, and quote products or services. Once the quote is accepted, the order can be directly pushed to the ERP for fulfillment without manual data entry.
Inventory and Pricing Sync
As the CPQ pulls real-time data from the ERP, sales reps have up-to-date information from NetSuite manufacturing modules on product availability and pricing. This ensures accurate and efficient quoting and eliminates the risk of promising unavailable products.
Utilizing CPQ with CRM and ERP enables automated and connected workflows across the sales cycle. For instance, if a particular discount or custom configuration in the CPQ requires managerial approval, the CRM can automate this process. Post-approval, the ERP can handle invoicing and revenue recognition.
Real-time Reporting and Analytics
NetSuite ensures that data from the CPQ, like quoted amounts, win rates, and more, can be combined with data from the CRM and ERP for comprehensive reporting. This gives businesses insights into the full sales process, from lead generation to revenue realization and profitability data.
Customer Lifecycle Management
With NetSuite, businesses can have a complete view of the customer lifecycle. Every touchpoint is captured from the initial lead in the CRM to the quoting process in the CPQ and, finally, to order fulfillment and post-sales support in the ERP.
Enhanced Customer Experience
With all three systems working together, customers experience smoother interactions, from faster quote turnarounds to accurate order fulfillment and timely after-sales support.
CPQ pricing is based on an annual license fee, which includes the core platform, optional modules, and number of users. This pricing model ensures that you only pay for the features and users you need, making NetSuite CPQ a cost-effective solution for businesses of all sizes.
Next Steps: Level Up with NetSuite CPQ & StratusGreen
To learn more about NetSuite CPQ and how it can benefit your business, connect with StratusGreen for expert guidance and support.
As a trusted partner with extensive experience implementing solutions for NetSuite customers, StratusGreen can help you navigate the complexities of CPQ integration and ensure a successful implementation.
Don’t miss out on the opportunity to revolutionize your sales process, elevate your business to new heights — connect with StratusGreen today.
Frequently Asked Questions
What is a CPQ platform?
CPQ stands for Configure, Price, and Quote and is a software application designed to help businesses generate precise sales quotes for configurable products and services.
Does NetSuite have CPQ?
Yes, Oracle NetSuite has CPQ (configure, price, and quote) solutions with automated rules, product visualizations, and sales proposals.
The CPQ Configurator is tailored toward manufacturing, wholesale distribution, retail, and ecommerce companies.
What is the primary purpose of NetSuite CPQ?
NetSuite CPQ provides automated sales efficiency and enhances customer experience by streamlining the process of creating quotes, orders, and proposals.
It simplifies configuring complex products and services and helps ensure accuracy and compliance with pricing and product rules. It also provides a single source of truth for product and pricing information, enabling sales teams to make informed decisions.
How does NetSuite CPQ improve the accuracy of quotes and orders?
NetSuite CPQ reduces the risk of errors and discrepancies in quotes and orders through customizable business rules and dynamic pricing.