What is Billing?
What is Billing?
What is Quote Management?
In the world of B2B sales, delivering timely and accurate quotes can mean the difference between closing the deal and losing business to a competitor. But it's easier said than done.
Sales quotes contain detailed information about a proposed sale—including products, prices, discounts, payment terms, delivery schedules, warranties, and more—and they can be highly complex. To complicate matters further, large organizations often deal with a massive volume of quotes, so keeping track of all those details can be daunting.
An effective quote management strategy can help to streamline the sales process, so sales reps can close more deals, faster. Quote management is also critical to delivering a high-quality customer experience and keeping your organization ahead of the competition. In this article, we'll explore the fundamentals of quote management and how effective quote management can improve business outcomes.
Quote management refers to the process of generating, delivering, tracking, and managing the sales quotes that a business provides to its customers. Depending on how your sales process is structured, this may include:
Clearly, quote management is a vital part of the selling process. When executed effectively, quote management can help the sales team to provide accurate and compliant quotes, shorten the sales cycle, and ultimately win more business.
Quote management can be handled manually, but many companies rely on quote management software to help sales reps better manage the quoting process. Quote management software can streamline, simplify, and standardize quote management with features like:
Quote management software is a valuable business tool that offers many benefits over manual quote management. Some of the key benefits include:
In the absence of quote management software, each sales quote can require hours of manual effort across many departments like sales, fulfillment accounting, and more. And after all that work, there's still no guarantee that the quote will be delivered quickly and free of errors.
Quote management software lets you streamline and automate the quoting process, automatically generating quotes that can be tailored to each customer's unique requirements. Advanced quote management tools are designed to integrate with other business software, including CRM, ERP, and accounting systems, creating a seamless flow between quoting and other core business processes.
A quote management system frees up valuable time so your sales team can do what they do best: sell. It can also dramatically improve efficiency, accuracy, and customer satisfaction—so sales reps can close more deals, faster.
There are many quote management software products available on the marketing today, but all solutions are not created equal. Any quote management tool should include core functionality to create detailed sales quotes, deliver them to prospective customers, and track their status over time. More sophisticated quote management software should also provide advanced features like:
Quote management software is closely related to another common business solution: CPQ (configure, price, and quote). But while both tools allow companies to streamline and automate the quoting process, they are not the same.
CPQ software is focused on accurate product configuration and pricing based on predetermined rules, with quote management to optimize the overall workflow. CPQ is typically used by companies with complex product offerings and those that require a high degree of customization in their sales quotes.
A CPQ solution (like Conga CPQ) is purpose built to handle complex product configurations and pricing models, including:
Quote management software, on the other hand, is designed to help sales teams manage the quote process from start to finish. It is typically used by businesses that sell simpler products requiring less quote customization.
Quote management tools often include additional functionality like version control, collaboration, and approval workflows.
With an advanced CPQ system like Conga CPQ, you can do it all: product configurations, complex pricing, quote generation, quote management, collaboration, approval workflows, proposal tracking, and more. And Conga CPQ integrates seamlessly with other Conga solutions—including document generation, eSignature, and CLM—so you can streamline commercial operations from end to end.
Download The ultimate guide to configure, price, and quote (CPQ) tools to learn more about how CPQ can help streamline quote management.
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