What is Salesforce CPQ (Configure, Pricing, Quote)
Salesforce CPQ (Configure, Pricing, Quote) is a sales tool for corporations to offer accurate and quick pricing with Product Configuration eventualities. CPQ software is automatic with a programmed set of rules that offer the capability of blunders-free pricing to the Quote, allow selling of products with the precise and proper order of product combinations, discount management, and automatic approvals
The Flow of Salesforce CPQAccount: The first actual step to begin a business is to create an Account. Account object contains specified information of the person we’re dealing with like name, billing, and delivery address.
Opportunity: After the creation of an Account, Opportunity comes after it. Opportunity is surely a potential customer, we can say certified sales. According to field definition, Opportunity is a look-up relationship with an Account but it behaves as a master-detail as per business prospects.
Quote: Quote is a master-detailed relationship with opportunity wherein the proposed prices of products and services, discount information are given. Quote Lines are synced with opportunity products.
Order: Order has Order Line items for every of your Quote Line items. Order is simply a settlement between client and corporation which gives products with accurate expenses, date, and quantity.
Contract: The subsequent entity in the flow of Salesforce CPQ is Contract. While Contracting from Order, products are categorized according to their “Subscription Pricing”. Stand-lone products that don’t have “Subscription Pricing” go-to Assets and products having a value in “Subscription Pricing” and “Subscription type” go-to Subscription objects. Each Asset and Subscription is tied to the Account.
There are two functionality made out of the Contract
1. Renewable Opportunity and Renewable Quote
2. Amendment Quote
Fig. Contract Functionalities
Renewable Opportunity and Renewable Quote are created via checking “Renewal Forecast” and “Renewal Quoted” to true respectively. This represents the renewable product’s pricing. Renewable Quote is identical to ordinary Quote that includes all the products excluding the Asset pricing. Renewable products are based on “Subscription Term”
Amendment Quote: If the customer is not satisfied with the Contract, there’s a functionality of modification in which the original Quote is modified or new products may be added. An Amendment can be used to restore errors on a registration statement that was already filed.
The process of creation of Order from Renewal and Amendment Quote is once more accompanied.
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Fig. Contract Functionalities
Renewable Opportunity and Renewable Quote are created via checking “Renewal Forecast” and “Renewal Quoted” to true respectively. This represents the renewable product’s pricing. Renewable Quote is identical to ordinary Quote that includes all the products excluding the Asset pricing. Renewable products are based on “Subscription Term”
Amendment Quote: If the customer is not satisfied with the Contract, there’s a functionality of modification in which the original Quote is modified or new products may be added. An Amendment can be used to restore errors on a registration statement that was already filed.
The process of creation of Order from Renewal and Amendment Quote is once more accompanied.
