Tip Sheets

You have to be able to react quickly on your pricing to protect margin and keep customers happy. The best way to do this, in fact the only way to do it and remain competitive, is through automation. You want to accelerate and automate the end-to- end workflow. If you can make your elapsed time to market for price changes decrease, by using a tool that finds and updates all price agreements effected by the change and notifies the sales rep of these changes so they can have final approval, then you're onto a winner. Here again, PROS customers have had dramatic results in this area with the elapsed time decreasing by 65-80%. 6. Percent of Quotes Issued with Errors This is your percentage of quotes sent to customers that have an error—it could be outdated information, wrong product, wrong pricing, typos, etc.—vs. the total number of quotes issued. How do you reduce errors? By using a CPQ that has rules and constraints to ensure the end user selects compatible products to build complex solutions. Often, a staggering 10-25% of quotes issued have at least one error. PROS customer, Manitou, eliminated configuration and pricing errors with the right CPQ. And of course, there are more KPIs, but we've found that starting with and measuring only 5-6 CPQ metrics give you the best results from your measurement efforts. These are some of the top ones we've come across while developing our PROS Smart CPQ. Scan the code to learn about Enterprise AI for sales teams PRO TIP OMNICHANNEL, DATA-DRIVEN SELLING – THE EXPERIENCE CUSTOMERS DEMAND PROS Smart Configure, Price, Quote (CPQ) empowers sales organizations to deliver value from the moment the quoting process begins, all the way through the entirety of the customer relationship. Powered by AI and machine learning algorithms, PROS Smart Configure, Price, Quote offers an omnichannel selling experience backed by meaningful insights that fuel stronger sales execution and growth. As a result, B2B companies can offer the most relevant and personalized offers in real-time, with fueling an insights engine to capture every available dollar. How happy are your customers? What's their customer experience like? The better the experience, the easier to do business with you. This means less churn, more repeat sales, and stronger revenue figures. This is a great indicator of the overall health of your relationship with your customer base. This area tends to rise by about 2-5% with the right CPQ, but we've seen as much as a 20% increase for some PROS customers. 4. Price Realization Rate This is the percentage of planned target increase in selling price that is actually realized. For example, if you planned a 5% increase in selling price, but only achieved 1%, this is a price realization rate of 20%. The more accurate, targeted, and quick you are with your pricing, the better your price realization rate will be. Hitting your targets, or even better exceeding them, means you have an agile and controlled process that everyone in your organization has signed up for. We commonly begin working with price realization rates of 20% or lower. With the right CPQ, however, these rates often climb to 35-55%. 5. Time to Market for Price Changes This is the number of business days that it takes you to respond to and process an end-to-end price increase. This is the full cycle, starting with the trigger or input change, and ending with a final, updated price in your CPQ and an agreed contract with the customer.

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