Sales is a challenging job. From generating leads to engaging prospects, dealing with competitors and closing deals, salespeople have many crucial activities. Their role becomes even more challenging when multiple products and services come into play; when they start dealing with diverse market groups and pricing becomes more flexible and personalized.

When your enterprise grows in size and complexity, you need more effective business processes to survive fierce competition and grow in the market. Sometimes a technology modernization; and sales is not an exception.

In such complex business landscapes, CPQ is a lifesaver for sales professionals. Gartner says the CPQ market is expected to grow up to 25% by 2020. It looks like a must-have for modern enterprises in the coming years to improve sales and revenue.

What is CPQ Software?

CPQ, or Configure Price Quote is a set of software that helps sales teams manage the pricing of varied products and services, create accurate quotes and configure custom product packages for customers.

Do you really need a CPQ?

CPQ software improves the productivity of your sales teams and streamlines your sales process. It helps you generate sales quotes faster and with complete accuracy. It shortens the sales cycle and removes errors caused due to manual quoting. It also helps you send quotes, manage invoices, maintain configuration records and reporting.

If you’re an enterprise with a wide range of offerings, customer-specific quotations and configured pricing, you can definitely benefit from a CPQ software. However, not all businesses absolutely need a CPQ software; especially the ones that have limited products or services and fixed price models.

Selecting the right CPQ for your enterprise

With hundreds of CPQ tools and vendors in the market, it is difficult to select an ideal solution to suit your enterprise needs. Consider these key factors while looking for a CPQ for your enterprise.

Find your CPQ type

There are two popular types of a CPQ solution – On-premise and Cloud-based. On-premise CPQ software is a one-time investment as it is installed on authorized computer systems. It gives you complete ownership of the software. But you must look after its in-house maintenance, timely upgrades and strong security.

On the other hand, SaaS or Cloud-based CPQ systems are hosted on the Cloud by an external vendor. Sales teams can even access it remotely. It is a recurring subscription, and the vendor carries out maintenance, upgrades and security. Select a CPQ solution that best suits your enterprise and is more sustainable in the long run.

Understand your requirements

Carry out a detailed research with your internal sales teams and try to understand what CPQ features could benefit them the most. Depending on how basic or advanced a CPQ is, it can have multiple features. Choose a solution that offers the most suitable features for your sales team. Product configuration styles, pricing adjustments, automated proposals, custom quotes, analytics and guided selling are some primary features to consider.

System integration is essential

Some enterprises still depend on legacy applications while some could be using newer technology systems. A sophisticated CPQ software is easy-to-integrate with traditional as well as modern software. Integration with your existing technology and applications is a key consideration.

Integration helps improve not just sales but your marketing activities too. An ideal CPQ should also be able to sync with your existing sales and marketing applications, customer database, ERP and CRM.

CPQ should be mobile-friendly

There is a growing trend in the demand for mobile CPQ systems. Mobility enables your sales teams to send quotes, configure pricing, view reports and communicate with prospects on the go. In this fast-moving and digital landscape, mobile CPQ also ensures higher customer satisfaction due to its speed and convenience. Go for a CPQ solution that is mobile-friendly and can be accessed anytime, using any device

It should be easy-to-use

The ultimate user of the CPQ software is your sales team. Some sales reps might be tech savvy, while others may not be. In either case, select a CPQ software that is easy to install, operate and customize as per individual needs. It takes less time to train your sales teams on software with simpler functionality. The implementation is also quicker and more effective.

You must modernize your sales techniques and generally followed practices from time to time. Many businesses are now realizing the need for technology-driven sales processes to stand out among competitors and satisfy the customer. Consider adopting a good CPQ that suits the unique demands of your enterprise to build a strong sales team and make your sales process more resilient in the digital age.

The concept of Governance, Risk and Compliance has been around for some time. Although there is no single, universally accepted definition for GRC, it is basically a comprehensive business strategy that aims at ensuring corporate governance and mitigating enterprise risk while staying in compliance with regulatory policies. It establishes clear guidelines for operations and a mechanism to prevent and fight business risks. It comprises of three main pillars.

Governance, ensuring business processes and corporate policies are practiced throughout the organization.

Risk, identifying the potential areas of risk and preparing the organization to minimize and prevent them.

Compliance, the ability to comply with legal and regulatory requirements and business policies.

For years, businesses have followed old school ways of implementing GRC programs using traditional methodologies such as spreadsheets and in-house tools. However, with emergence of breakthrough technologies like AI, Cloud and automation, the concept of GRC has evolved and modernized.

Although we have been slow in adopting technology-driven GRC practices, lately there has been a significant shift towards businesses leveraging automated GRC strategies at enterprise levels. So much so, that the global GRC market is expected to reach $64.61 billion by 2025.

Today, all modern enterprises need to let go of traditional GRC practices and modernize their approach. But how do you get there? How can you adopt a winning GRC strategy? Here is a five-step GRC implementation roadmap that can help you plan, strategize and implement modern GRC practices effectively in your organization.

Revisit your GRC framework

To start with, you need to review your existing GRC framework and identify the gaps that technology can fill. It would mean redefining what governance, compliance and risk means for your enterprise. A clear understanding of your key business objectives and important business processes will help you adopt the right GRC technology and develop appropriate policies, procedures and guidelines for your business.

Select a GRC Solution

In order to ensure effective functioning of a GRC initiative, it is important that you pick the right implementation partner and an ideal GRC solution for your enterprise. There are tons of GRC tools and hundreds of vendors in the market.Cloud based GRC solutions are most popular nowadays. MetricStream, BWise, SAP, Riskonnect, RSA Archer etc. are some market-leading GRC products available today. Go for a solution that comes with all the features you’re looking for. Also, do your research and select an experienced vendor that can implement GRC within a reasonable time-frame with maximum efficiency.

Project Planning

This step involves chalking out a well-defined GRC implementation plan. A business analyst or project manager appointed by the vendor visits your premises and spends time understanding your existing business processes and policies. He also conducts a risk assessment of your business and identifies areas that need to be protected.

He then develops an integrated GRC plan that best suits your organization, including a detailed demo of the selected GRC product, assigning roles and responsibilities and defining project timelines.

Implement GRC Practices

Once a detailed plan is developed, the next and the most crucial step is implementing GRC practices at your enterprise. Today, most GRC programs are Cloud driven and automated. Implementation involves policy and document management, operational risk management, IT risk management and corporate compliance management. It also includes spreading awareness about the new GRC policies and training people within the organization to practice them.

Monitor and Improvise

Implementing a GRC program is not a one-time activity. It is a continuous business practice and must be followed every day across all departments. It is therefore important to closely monitor and ensure that GRC practices are well followed within the enterprise. Also, since the business world is highly dynamic, you must modernize your GRC platform and revise your policies regularly to match business, industry and regulatory requirements.

GRC is essential because it brings about a stability in the way a business performs. It improves the quality of people, processes and information within an organization providing meaningful insights for better decision making. It is not just a good initiative anymore, it is an essential business requisite. Adopting a modern GRC program leads to a remarkable organizational change. However, the key to successful implementation is to have a clear strategy and take one step at a time.

Are you looking for a Salesforce implementation partner? Here are 5 key factors to consider while picking an ideal Salesforce partner.

So, you have decided to go with Salesforce as your CRM software! The choice is quite obvious, Salesforce being the leading name in the CRM software market. It is the world’s largest CRM platform, an ever-evolving ecosystem with incredible benefits and rich functionalities for its users. It is a Cloud based, flexible, easy to use CRM and you can customize it to meet your business specifications. Plus, it has a diverse community of professionals always ready to support and help grow your business, making it the most popular and widely adopted CRM platform across the globe.

But, how do you plan on implementing Salesforce CRM into your system? For many businesses, it might seem easy and more economical to “DIY” the whole CRM implementation program. However, trying to cut initial costs doesn’t always pay off. Salesforce is a vast and diverse platform; more than just a CRM, which is why it is recommended to implement Salesforce with the help of expert consultants.

Again, when you set out looking for experts, you are clearly spoilt for choice. There are literally hundreds of Salesforce providers in the market, with competitive pricing and promising benefits. Selecting the right Salesforce consulting partner is your first step towards successful Salesforce implementation and to make things easier for you; we have listed out here the five key points to consider while selecting a Salesforce partner for your business.

Salesforce Certifications

Majority of Salesforce consulting partners claim to have Salesforce “certified” employees on their team. Salesforce conducts several basic and advanced certifications for developers, administrators and consultants. Moreover, it requires its members to pass release exams thrice every year to ensure that they are up to date with the technology and maintain the claim to their title.

It is therefore essential to ensure that your consultants are not just Salesforce certified, but are also thorough with the core technology and proficient with all latest Salesforce advancements.

Implementation Experience

A key factor to determine the worthiness of a Salesforce partner is to look at their prior experience with Salesforce projects. How many Salesforce projects have they successfully carried out? How recent or old are they? Recent successful projects indicate that the vendor is still doing well in the market and can be considered.

What do clients say about them? Customer reviews are a great way to estimate the reliability and measure the performance of a vendor in the market. Look out for positive as well as negative comments and note what customers specify. Also, remember that successful Salesforce implementation is more about quality than quantity.

Industry / Domain Expertise

In order for your Salesforce implementation to be successful, go for a partner who has a fair understanding of your domain and industry, someone who has done similar projects in the past and can handle your business requirements efficiently.

It will then be easier for you to implement Salesforce, suggest changes, integrate and customize your CRM requirements. Also, since Salesforce implementation is a collaborative effort, it will be much easier for your internal teams to work with a Salesforce partner who understands your business processes well.

Value for Price

Now that you’ve decided to implement Salesforce CRM in your organization, it calls for a detailed planning and budget. Estimate your CRM requirements, the costs of Salesforce implementation, integration and training. Take into consideration the initial and overhead costs, which might include licensing, consulting fees as well as support service costs.

Although the initial implementation costs might seem to be somewhat higher, Salesforce once implemented brings greater ROI to your business. An ideal Salesforce partner will not only help you plan your budget, but will carry out the implementation efficiently around a reasonable budget within specified timelines.

Long-term Support

An investment in Salesforce is a long term business strategy and leads to a phenomenal organizational change. A successful CRM project is not just confined to implementation and training. Several aspects come into picture post implementation.

These might include CRM maintenance, technical or admin support and system upgrades. It is advisable to select a partner that is willing to be available as a long-term partner and can offer you post implementation admin and maintenance support, at least for a year.

With outstanding features and amazing business benefits, Salesforce has captured the CRM market entirely. However, success largely rests on how well it is implemented in an organization. Consider these key factors while looking out for your ideal implementation partner and select a vendor who doesn’t just hold the expertise and experience, but is also reliable with a good track record.