What to look for in a Channel-Friendly CPQ Solution

In a market saturated with one-size-fits-all CPQ (Configure, Price, Quote) solutions, finding the right platform to meet your unique needs can be a daunting task. For those in the IT sector, where quoting involves intricate configurations and complex pricing, standard CPQ tools often fall short of managing these demands. This is where a robust, channel-friendly CPQ platform comes into play—a solution specifically tailored to address the challenges of selling within an IT channel ecosystem. But what sets a channel-friendly CPQ apart from traditional options? And more importantly, what should you prioritize when searching for the perfect fit?? In this blog, we will explore the key considerations to keep in mind as you navigate the selection process.

True Automation

While adopting a standard CPQ software can be a significant upgrade for businesses that previously relied on manual data entry and spreadsheets, it's important to evaluate how much of the quoting process is truly being automated.? Does your CPQ still require your team to input data and perform manual adjustments? Are you automating the entire process, or just parts of it, leaving your team with extra work?? Your CPQ should minimize your team's workload, automating as much of the process as possible, allowing your sales staff to focus more on building customer relationships. For instance, your CPQ should be capable of fully automating the configure, price, quote workflow for renewal opportunities. It should also be able to automatically identify expansion opportunities—such as upselling, cross-selling, upgrades, maintenance and end of life/service, and generate accurate quotes ready to be sent to customers. If your CPQ only combines limited price and product lists but still requires you to spend half a day building complex quotes, then it is not living up to its potential.

Robust yet User-Friendly

One of the most critical attributes of any effective CPQ solution is its usability. After all, automation is intended to simplify the lives of your salespeople. The best CPQ platforms, however, go beyond simple automation; they combine powerful capabilities with ease of use. Indicators of excellent usability in a CPQ platform include:

• Effectiveness: An important consideration in choosing a CPQ is how well the solution supports your business needs. If you are a technology vendor, distributor, reseller or MSP, finding a CPQ that is purpose-built to serve your needs is essential. Tech sales can be a complex and lengthy process due to several factors inherent in the multi-layered structure and the nature of the IT channel ecosystem. Which is why a standard CPQ could present unexpected challenges when configuring quotes that include multiple products, complex pricing logic, lifecycles and recurring revenue.
• Complexity: Can the CPQ handle products from multiple vendors on a single quote? This capability is crucial for channel partners that deal with a wide range of products and suppliers.
• Speed: Does it generate quotes more quickly than your current systems or processes? It’s important that the software provides a tangible improvement in the speed of quote generation and enables significant efficiencies and cost-savings. Ideally a CPQ should create and send quotes automatically, without the need for human intervention or modification.
• Scalability: It is not uncommon for today’s enterprise IT quotes to include hundreds of line items and multiple vendor offerings. Consider whether your CPQ can allow for bulk configurations and pricing updates vital for managing large-scale changes efficiently. This ensures that your sales team can quickly adapt to changing pricing or product offerings.

The CPQ you choose should not only meet the above criteria, but do so in a way that remains user-friendly, ensuring your sales team can leverage its full potential without unnecessary complexity. For example, the iasset platform speeds up the quoting process and can create large complex quotes in minutes. It automatically generates quotes using parameters such as price lists, margins, and/or pricing logic and allows bulk configurations, pricing updates and quote versions. Distributors, resellers and MSPs also get the added functionality of combining products from multiple vendors into the same quote.

Installed Base Data

Without a clear snapshot of all owned customer assets, it’s almost impossible to construct a cohesive renewal strategy, or be geared to proactively identify opportunities to extend customer lifetime value (CLV).? You need a channel-friendly CPQ that will provide that single source of truth. A central platform which is integrated with your existing systems, such as your ERP, CRM, ITSM, licence management, cloud billing/consumption systems and even external data feeds from partners/vendors. Not only does this help eliminate the risk of siloed data, but it sets the foundation for gaining valuable data insights and streamlines the entire quote-to-cash process. Eliminating errors and duplicates by connecting these systems helps increase the velocity of your business. Your ERP should be the master of customer data, your CRM the master of prospects that have not yet made it to billing and ITSM should be the master of all of the supported products and contracts. iasset brings all of this together by consolidating product records, pricing information, discounting and channel programs, acting as an unbreakable glue between these multiple sources of truth. This not only generates valuable data insights, but it also helps triggers key actions within the quote-to-cash cycle. Some of the API integrations currently offered to iasset customers include: Oracle, SAP, Salesforce, Cisco, Boomi, Microsoft Dynamics, NetSuite, MYOB, Hubspot, Fortinet, ServiceNow, MuleSoft, Autotask, Xero ConnectWise, WorkflowMax and more.

Supports Ongoing Revenue Optimization

Retaining customers and extending their lifetime value is crucial for sustainable, profitable growth. Which is why it’s so essential for tech providers to be able to proactively manage every potential opportunity – such as upsell, cross sell, upgrades, refresh, asset retirement, renewals, or end of life scenarios. Achieving this is near impossible without an intelligent platform that can automatically identify and quote these opportunities, a functionality almost all standard CPQs lack. While standard CPQ tools are designed to simplify the quotation process, a best-in-class, channel-friendly CPQ goes further than simply generating custom quotes – it helps support your sales process end to end. The iasset platform is a comprehensive sales automation solution with robust CPQ functionality. Built for technology vendors and channel partners, iasset optimizes sales operations from start to finish. It automates the entire sales process, including quoting, revenue expansion initiatives (like upselling, cross-selling, upgrades, refreshes, and asset retirement), and renewal management, ensuring seamless management of recurring revenue.

iasset - The Only Channel-Friendly CPQ?

iasset is the only channel-friendly sales automation platform on the market. Purpose-built for technology vendors and channel partners, its robust functionality caters specifically to their needs. iasset streamlines the entire revenue process, from complex quote generation to cash collection, for both initial and recurring sales, driving sustainable growth, cost savings and enhanced efficiency. Quotes are never one-size-fits-all and neither is iasset.

Request a demo and your local consultant will provide a walkthrough tailored to the precise needs of your sales team.?