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Top Skills For Successful Digital Transformation

Top Skills For Successful Digital Transformation

Gabe Smith, Chief Evangelist with Pricefx, is a featured presenter during the Pricing In Crisis Virtual Summit sharing the benefits of digital transformation, how to set priorities, and gain organizational buy-in. 

In this article from Pricefx, uncover the top skills needed for a digital transformation.

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CPQ Business Basics With Lydia DiLiello

#PricingChat -Lydia Recap 2.0 Lydia DiLiello shares four great tips with PPS to cover the pricing basics around CPQ strategies for business. Lydia DiLiello shared four great tips with TPA Blog that cover the basics around pricing and CPQ. Gain a better understanding of the tool and how leaders within the industry are using CPQ from pricing strategy expert Lydia DiLiello. About Lydia: Lydia Di Liello is the founder and principal of Capital Pricing Consultants L.L.C. a Revenue Management consultancy dedicated to improving profitability for its clients. She brings more than 22 years of global revenue management, pricing expertise and business leadership experience to her clients. Spending her corporate career in B2B, Di Liello’s experience working in 16 countries with global Fortune 500 companies and mid-size privately held firms provides a breadth of knowledge and an understanding of the unique challenges her clients face. Her leadership roles have included manufacturing, pricing, and procurement. Di Liello earned her MBA from The Youngstown State University and is a prominent member of the Professional Pricing Society Board of Advisors and regularly presents at Conferences. She also frequently contributes to pricing industry publications including The Pricing Advisor, Pricing Brew and The Journal of Professional Pricing.

What is a Configured Price Quote - CPQ - anyway?!

Lets chat CPQ!

Question: So, what is CPQ?! Answer: CPQ traditionally refers to software that supports Configuration, Pricing and Quoting of custom products. Question: What are additional ways to define CPQ and the business process? Answer: Other names for CPQ include "Quote To Cash", "Opportunity To Order", "Quote To Sell", "Lead To Win", "Contact to Conversion." Question: How is CPQ bigger than "just software?" How can companies best incorporate sales strategies? Answer: CPQ is no longer "just software." Historically, CPQ was created to solely as software, but progressive definitions include dynamics of Change Management, Business Processes, and Policy development. These additions change the thought process around CPQ making it an essential part of a successful global, multi-channel selling strategy. CPQ grants companies full control over which partners, groups, or channels can access certain pricing or product information, with role-based access, discount locks, and portals, allowing a greater management of revenue, discount offers, or pricing and shipping fees. CPQ software and strategies also allow businesses to manage different strategies for multiple channels and geographies by providing full visibility into sales trends and channel effectiveness. This allows executives to course-correct when needed. Question: How does CPQ affect today’s Pricers? Answer: CPQ affects not only Pricing but also Finance, Sales, Customer Service, and Operations. It touches every part of an organization in both breadth and depth. The expanded definition includes Change Management, Business Processes and Policy Development, all critically important. Sales leaders want to follow a product's life throughout the entire organization. From the point of initial customer contact, all the way to the end - a closed sale with a happy customer.

For more information about CPQ strategies that will better impact your business, contact Lydia directly with questions and comments!


To learn more about CPQ, sales strategies, as well as hear more from Lydia in-person, join us in San Diego, California this fall for the 29th Annual Fall Pricing Workshops & Conference!

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We Define: CPQ For Pricing

What is Configure Price Quote (CPQ)?

Configure price quote (CPQ) is an industry term for software solutions that help companies to streamline some of their core processes around the prices that they set for customers. CPQ software can help companies configure products or services in the most optimized way, pricing according to internal factors such as cost, discounting, etc.

CPQ software can measure external factors such as competition and other economic conditions in order to produce accurate highly configured quotes. As companies and their product/service lists grow, it becomes increasingly difficult to manage product pricing, identify great upsell opportunities, and keep track of deals being offered by your competition.

Often, sales reps aren’t provided up-to-date pricing information on products, which can lead to lost opportunities and slower quote times. Configuring a quote can be a time-consuming task, especially when critical data is not easily accessible in real time.

What are potential benefits of CPQ software solutions?

Configure price quote software may help companies achieve faster sales cycles, improve data accuracy, and opportunities to upsell, cross-sell. Also, bundle product/service offerings may be captured more frequently. Pricing products can vary based on factors such as:

  • Costs associated with production
  • Local/ global economic factors
  • Competition/ industry
CPQ software addresses these variables by allowing companies to come up with accurate price quotes sans errors. With built-in analytics, your reps can discount smarter in order to stay ahead of the competition no matter how complex your business becomes.

These solutions may offer additional margin protection, control discounting, enable faster quote preparation and approval turnarounds.

CPQ software can eliminate these problems by speeding up sales cycles, ensuring pricing data accuracy, and identifying and opportunities to upsell and bundle. At the same time, a company can prepare orders faster without increasing the potential for error. As pricing data is more streamlined, the workflow is streamlined, time is saved and more sales can be made. Large companies that manage thousands of products and SKUs due to discontinued items or discounts, or sales teams that may not have the data needed to provide accurate, up-to-date sales quotes (for bundles or upsells) are great business examples of when to use CPQ software. Also, companies that operate on a global scale and need to provide quick and accurate pricing data to dozens or hundreds of stores may find CPQ software most effective at managing pricing discrepancies. Companies can lose a lot of money with a lack of accurate sales quotes.
According to the Aberdeen Group, the sales cycle can see a 28% reduction with CPQ, thereby positively impacting sales rep productivity.
cpg img final Remember to Analyze Sales Performance: Get visibility into real-time activities of your sales reps with analytics. Meet sales goals by tracking product & pricing trends. CPQ turns limited visibility into real-time data/analytics for sales reps. Meet sales goals by tracking product & pricing trends. CPQ makes the journey from quote-to-contract much easier by connecting contract and sales process, so you can win deals faster and sell more. So, when do you know that your CPQ should be evaluated?
  • Sales reps utilize traditional methods of configuration to create price quotes
  • The business/organization offers various products/services
  • The business/organization continues to grow
  • Difficult monitoring competition, industry changes, sales, etc.
Learn more about CPQ and core pricing skills in Dallas, Texas this Fall for the 29th Annual Fall Pricing Workshops and Conference event!

Master skills in-person including core pricing and CPQ strategies. Attend the Workshops and pass the course tests to receive credit towards your CPP Designation. Click to learn more!

Companies use CPQ in business to maximize pricing impact and strategic solutions.

How does your company use CPQ?

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#PricingChat RECAP: "Business Rules In Pricing Optimization"

Pricing Chat Recap 7.2.15 Every other Thursday, PPS hosts a #PricingChat on Twitter! Our topics include pricing industry knowledge, business strategies, and more, providing an opportunity to learn and engage with fellow pricing professionals. Catch up on the pricing information shared during last week's #PricingChat, "Business Rules In Pricing Optimization" below, and be sure to join us for the NEXT #PricingChat: 7.16.15 View the recap: Continue reading