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  • CPQ
    December 7, 2015

Connecting Your Business with Oracle CPQ Cloud

Tim Lavers is a CPQ Strategic Account Director with the Oracle CPQ Cloud team. He has over ten years experience of selling into Tier 1 companies and discusses CPQ below:

Throughout my sales career I have been involved in solution selling.
This has ultimately involved creating sales bill of materials (BoM) for the
customer based on their requirements. This BoM would vary size and complexity
depending on the solution required by the customer.  Nearly always
the BoM would include a number of different elements, or parts, that combine to
form an end product to match the customer’s needs. This becomes part
of the “quote” for the customer.

In many organisations the system, or systems, used to produce these quotes
are often disconnected with either the sales systems or back office delivery
systems. Many companies put their trust
in spreadsheets and home grown solutions for this critical activity in the
sales process. This can result in a number of issues including incorrect
quotes, misunderstanding, in-correct orders, re-work and ultimately,
dissatisfaction on the part of the customer.

I was dealing with a large customer recently and they had this exact
issue on a global scale. At the last count they had fourteen, yes fourteen,
separate systems from lead-to-quote.  The customer had various tools,
products and processes (involving complex financial deal calculations and
validation) that were very time consuming. Their siloed systems resulted in
decreased sales productivity and lacked strategic sales opportunities, which
ultimately lost them business.

Oracle worked with the customer and a partner to implement Oracle CPQ Cloud (CPQ), a solution that allowed this customer to
automate and accelerate the lead-to-quote process. The need to configure, price
and quote is obviously not new but having it fully automated and integrated
with other key systems is the key to enabling many businesses to generate more
revenue, and to drive productivity and profitability.

The key to success at this organization was to give the sales agent a
seamless integrated CPQ solution that meant they felt they were simply using
their CRM solution rather than two solutions. By having a seamless integration
of Oracle CPQ cloud with their CRM solution the started to see improvements in
adoption, consistency and accuracy of their sales organisation. Ultimately
this increased the credibility of the sales organisation as a whole and,
obviously, helped them hit their targets.

With 50% of deals going to the first vendor to respond (insideSales.com) speed to quote is paramount.  Early CPQ
adopters have seen 27% shorter sales cycles (Aberdeen Research) which lead to
more quotes being delivered faster and more ultimately more revenue.

This customer saw the following benefits:

  • 2.5 week average quote time reduced to a just a few hours
  • 100% pipeline accuracy across the business
  • Cross and upsell capabilities to maximise revenue
  • Better deal accuracy with built in optimisation calculations leading
    to larger and more deals

Do you have similar problems

Feel
free to look here: Oracle CPQ
Cloud

for solutions to optimise your sales cycle, Oracle CPQ is native to most major
CRM solutions. 


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