The ABCs of CPQ Part V: Learn Some Practical Applications of AI in CPQ
AI is the latest buzzword but there are many practical applications for AI that go beyond chatbot. In part V of this video series we’ll look at some use cases of AI in CPQ solutions and how you can harness this growing technology to deliver personalized offers.
In the previous videos, we’ve discussed the benefits CPQ technology delivers to sales organizations but CPQ can also be impactful to your eCommerce strategy. In part IV of this video series, VP of Portfolio Marketing, Geoff Webb, discusses how CPQ can help deliver a more meaningful customer experience through your eCommerce portal.
Hi, I'm Loretta Faluade and this is the ABC's of CPQ. In today's episode, I'm gonna be talking about artificial intelligence and the role it plays in CPQ technologies. Artificial intelligence has been a buzzword out in the industry, but a lot of people don't really understand the practical use cases of AI. AI actually plays a key role in CPQ software. Let's talk about how.
When a salesperson uses CPQ software, they're putting together a quote for a customer. Where AI technology comes into play is that it can help the salesperson be smarter as they put together this quote for the customer. So take for example, if they configure a product, AI technology can be there to help to provide product recommendations that are now tailored specifically to this customer that the salesperson is putting together the quote for.
Another way in which you can see AI being used by a salesperson in CPQ is in understanding, maybe what are some favorable terms that I need to provide to this customer that will help me close this deal faster.
Lastly, you can see AI provide some prescriptive guidance as to what the winning price should be for this customer with this product at this time.
These are couple of ways where you can see AI really bring some value into CPQ solutions. Oh, another way in which AI can also help a salesperson when they're using CPQ software, it can also provide them with guidance on who they need to be selling their products to. So think about it, a salesperson wakes up in the morning and right then and there at their fingertips, AI is telling them here's the account you need to go target today, here's some products that this customer's gonna be interested in. That's the power of AI when you marry it with CPQ software.
To wrap up, AI might be a buzzword, but AI has some practical applications when it comes into CPQ software. In the next video, which is gonna be my last video with you guys, I'm gonna talk about the top five things you need to watch out for when you start shopping for CPQ software. See you next time.
« The ABCs of CPQ, Part IV | The ABCs of CPQ Part VI: Top 5 Things to Remember When Shopping for CPQ »