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Unlocking the Full Potential of Your Business with Epicor CPQ: 7 Strategies

June 20, 2023

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MD: Increase agility, slash costs, boost efficiency, amplify global competitiveness, and put customer experience at the heart of everything.

In an era dominated by savvy buyers, rising costs, and increasing product complexity, Epicor CPQ (Configure, Price, Quote) offers a compelling solution for organizations seeking to stay competitive.

With 3D visualization capabilities, real-time pricing, and automated quoting, this comprehensive toolset significantly enhances the customer experience, fueling engagement and enabling personalization at scale.

In this article, we explore seven ways companies can harness the power of Epicor CPQ—in particular, the built-in product configurator—to boost efficiency and profitability. Let’s jump right in to review seven ways this technology can help enrich your business and stand out from the crowd in crowded markets.

Seven Ways You Can Gain a Competitive Edge with Epicor CPQ

1. Start Catering to the Modern Buyer

The modern B2B buyer values flexibility, convenience, and personalization above all else. They want to take an active role in their buying journey, with 80% favoring self-service options. Epicor CPQ makes this possible, regardless of product complexity and the number of options available.

The configurator equips buyers to navigate independently through product selections, configure their options, and instantly receive prices. The customer-centric approach allows for informed decision-making in line with budgetary restrictions.

Complex Product Configuration Is Fast and Accurate

Epicor CPQ lets customers be their own product designers. A robust, user-friendly interface allows customers to select, configure, and personalize products to their unique specifications.

Cutting-edge 3D visualization technology provides a fully transparent view of the final product, facilitating an immersive, autonomous process that requires no additional input from sales reps.

With Epicor CPQ, there’s no need to worry about configuration mistakes–built-in product rules guarantee every configuration is accurate and optimized. This empowers customers to make informed and efficient purchasing decisions independently, turning the often-daunting task of product selection into an engaging and satisfying experience.

Pricing and Quoting Are Instant and Automated

Product configuration is just the first step with Epicor CPQ. The platform also provides real-time pricing based on the customer's unique design, eliminating waiting and uncertainty.

Epicor CPQ also generates comprehensive and compelling quotes and proposals, complete with any documentation, CAD drawings, or 3D renderings needed to complete the deal. This shifts the power dynamic, making customers active participants rather than passive recipients in the purchasing process.

2.   Provide an Immersive Customer Experience

The more clearly customers can visualize a product, the more likely they are to buy it. Epicor CPQ brings products to life in ways previously impossible, leveraging advanced 3D visualization technology along with augmented and virtual reality.

This immersive approach deepens customer engagement and gives your businesses an edge in an intensely competitive market. It enables customers to see their final product before committing to a purchase, reducing anxiety and enhancing conversion rates by an average of 40%.

3.   Embrace Globalization and Convenience

Epicor CPQ integrates with any eCommerce platform, helping amplify your online impact. Customers visiting your website can tailor products to their desires, receive immediate pricing, and confirm purchases in a few clicks.

As the digital landscape evolves, the lines between B2B and B2C are becoming increasingly blurred. Whether buying heavy machinery, an intricate biotech assembly, a pair of sneakers, or a couch, today's customers want the same level of convenience. Epicor CPQ is making this possible.

CPQ and eCommerce integration transforms the buying journey into an omnichannel experience, unifying online and offline elements. It opens up new markets, ensuring your business is ready to capitalize on the next big deal, in whichever country and through whichever device it may originate.

For established manufacturers, eCommerce isn't a luxury; it's a necessity. Failure to leverage online selling means losing market share to international competition and hungry startups vying to eat your lunch!

4.   Drive Efficiency Through Integration

Systems integration is vital for modern businesses. It enables different software applications to communicate effectively and work in harmony. This foundation allows for real-time data flow, eliminating silos and reducing rework.

When integrated with CRM, Epicor CPQ gains a complete view of the customer’s interactions, needs, and preferences, helping create personalized experiences customers love.

Integration with ERP, meanwhile, allows real-time access to critical data like product availability, costs, and delivery schedules, facilitating end-to-end CTO (configure-to-order) automation and expediting lead times.

5.   Make Sales Teams More Productive and Less Expensive

Epicor CPQ provides several significant benefits that can reduce reliance on human labor and make life easier for your existing sales team. This is especially important when labor is scarce, and costs are spiraling.

With Epicor CPQ, sales teams can quickly generate accurate, customized quotes, freeing them to focus on relationship building and strategic selling. It also enhances collaboration by providing a shared platform where sales, engineering, and manufacturing teams can coordinate seamlessly.

Here’s a quick rundown of how Epicor CPQ reduces sales costs:

  • Efficiency: Visual product configurators expedite sales cycles by allowing quick, visual customization.
  • Reduced Errors: These tools minimize errors by permitting only feasible product configurations.
  • Automated Quoting: The CPQ system automatically generates prices and quotes based on product configurations, eliminating slow manual calculations.
  • Streamlined Processes: Epicor CPQ standardizes and streamlines the sales process, reducing the workload on sales teams.
  • Self-Serve: The interactive, visual environment enhances customer understanding and lets buyers serve themselves without relying on a sales rep.
  • Reduced Training Time: The automation, standardization, and visual nature of these tools minimizes the time and expense required for training new sales staff.

6.   Expand Your Product Line with Minimal Risk

Epicor CPQ lets businesses experiment with new product configurations without prototypes and other significant upfront investments. This is crucial when customer demands are rapidly evolving, and new product features hit the market at lightning speed.

With the power to visualize and cost out new products in real time, businesses can gauge viability and profitability before making any substantial commitments. Lifelike 3D visuals make customers feel confident in purchasing configurations that have never been manufactured before.

7.   Stay Agile Amid Market Changes

Epicor CPQ provides valuable insights into customer preferences and market trends through intelligent analytics and reporting. This visibility keeps businesses agile, flexible, and quick to pivot in response to market changes and customer feedback.

Data analysis can inform strategic decisions, from product development to pricing strategies, helping businesses stay ahead of the curve. Moreover, the integrated and centralized nature of Epicor CPQ makes implementing these changes swiftly across multiple sales channels quick and easy.

In Summary: The Power of the Product Configurator Built into Epicor CPQ

Epicor CPQ is a powerful tool for businesses navigating today's challenging and ever-evolving market conditions. By enabling real-time product configuration, enhancing customer engagement, streamlining online and offline operations, and fostering agility, Epicor positions businesses to meet the demands of today and overcome the challenges of tomorrow.