Global Payment Orchestration Platform Improves Sales Efficiency with Salesforce CPQ
About The Company:
The client is a global payment orchestration platform that supports thousands of businesses worldwide in managing their payment processes. Their platform allows companies to manage payments across multiple gateways and regions, helping to optimize payment success rates while minimizing transaction costs. Businesses using this platform benefit from enhanced control over their payment processes, ensuring smooth transactions across different regions. As a leading provider in the industry, this company focuses on helping clients reduce operational costs and streamline their payment processing.
Customer Challenges:
As the company grew rapidly, its sales team encountered several operational challenges, particularly in its quoting process. The core issues revolved around managing complex pricing models that were not only based on transaction volume but also varied depending on geographic regions and payment processors.
The primary challenges the company faced were:
- Lengthy Sales Cycles: Sales representatives spent excessive time manually calculating pricing and creating quotes. This significantly slowed the sales cycle, impacting the company’s ability to close deals on time.
- Inconsistent Pricing and Discounting: Due to the manual process, pricing and discounting varied across regions. This inconsistency created confusion both internally and externally, leading to disputes and lost opportunities.
- Difficulty Tracking Custom Contracts and Renewals: With custom pricing models for different clients, tracking contract terms and renewals became challenging. The sales team struggled to maintain visibility into contract expiration dates, making it difficult to renew contracts promptly.
These challenges led to operational inefficiencies and impacted the company’s overall sales performance.
Solutions:
To overcome these hurdles, the company implemented Salesforce CPQ (Configure, Price, Quote), which offered an end-to-end solution to streamline their quote-to-cash process. The implementation of Salesforce CPQ transformed how the sales team managed pricing, quoting, and contract renewals.
The key solutions included:
- Automated Pricing Models: Salesforce CPQ’s dynamic pricing engine enabled the client to automate complex pricing structures. The platform was configured to handle tiered pricing based on transaction volume and region-specific payment processor fees. By automating these processes, sales reps no longer had to manually calculate pricing for each quote, which saved significant time and reduced the chances of error.
- Guided Selling: Salesforce CPQ introduced guided selling features that simplified the quoting process for the sales team. With these features, sales reps assembled accurate and optimized quotes based on customer-specific requirements such as preferred payment gateways or geographic needs. This helped that each quote was tailored to the client's needs while maintaining consistency across different regions.
- Flexible Quote Management: The platform provided version control and real-time quote updates. This allowed the sales team to make adjustments quickly and respond to client requests faster while reducing errors that could occur during manual updates.
- Automated Contract Renewals: Salesforce CPQ’s built-in contract management system streamlined the contract renewal process. It provided automated alerts to notify the sales team when contracts were nearing expiration and included customer-specific pricing details, allowing for proactive contract management. This feature improved efficiency and helped ensure timely renewals.
Results:
The implementation of Salesforce CPQ resulted in several measurable improvements for the company:
- 25% Reduction in Sales Cycle Time: Automating pricing and quoting processes significantly reduced the time needed to generate accurate quotes. This allowed the sales team to respond to clients faster and close deals more quickly, reducing the overall sales cycle by 25%.
- 30% Increase in Quote Accuracy: With the dynamic pricing engine and guided selling features, the company experienced a 30% improvement in quote accuracy. This reduced the number of pricing disputes and ensured that customers received consistent and transparent pricing, regardless of location or payment preferences.
- Improved Renewal Rates: The automated contract management system made it easier for the sales team to manage contract renewals, leading to a 15% improvement in renewal rates. By staying on top of expiring contracts, the company could renew more contracts on time, boosting customer retention.
Final Words
Salesforce CPQ proved to be an effective solution for this global payment orchestration platform, addressing their challenges around complex pricing, quoting, and contract renewals. Automating these processes increased efficiency and improved the overall sales experience for both the sales team and their customers. The company saw substantial improvements in sales cycle time, quote accuracy, and contract renewals, positioning them for continued growth and success. With Salesforce CPQ, the company was able to streamline its operations, reduce manual work, and deliver more consistent, reliable service to its clients.
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