CPQ Stands for configure, price, and quote. Salesforce CPQ is a quoting tool that enables companies to provide an accurate and precise quote with an accurate pricing structure within any product configuration scenario.
One of the many features of salesforce CPQ is the Product Bundles, it promotes cross-selling opportunities and ensures the correct products are sold together. CPQ ensures accurate pricing which means Sales Reps can focus on selling and be assured quotes are accurate. Discount approval processes allow the organisation to protect its bottom line by keeping discounts in-check.
Adding CPQ to your existing CRM results in increased efficiency by closing a gap between Sales, Operations, regional heads, and Finance. After a quote has been accepted, an order can be placed to fulfill the sale and thus generating a contract.