FINAL WORD
A report by McKinsey showed 70 % of B2B decision-makers were open to remote procurement deals valued at US $ 50,000 .
At the onset of 2024 , it is clear that there is plenty of opportunity across the Middle East . So much so that the challenge for businesses in the region lies not in finding opportunities , but working fast enough to be able to capitalise on all . In a bid to streamline sales cycles to seize the advantage , sales leaders are expectedly turning to technology . And among the solutions on offer , one stands apart as being especially relevant and advantageous – Configure , Price , Quote , CPQ .
This powerful , streamlined formalisation of the sales pipeline is particularly useful when an enterprise ’ s offerings are complex and configurable . If , as expected , Middle East sales teams adopt digital CPQ platforms in the coming months , we can expect to see all the right metrics , efficiency , productivity , customer satisfaction , travel upwards .
CPQ offers the flexibility to individualise customisable offerings for each customer , independent of scale . Onboard pricing tools account for volume discounts , promotions , and other deals based on business rules that tie configuration to cost , allowing profitability and competitiveness to walk hand in hand .
All of this happens quickly , accurately , and with a professional polish . Let us examine how CPQ solutions reinvent the sales process .
The AI factor
AI and machine learning are also transforming CPQ solutions , which include mechanisms for providing feedback to improve models ’ performance . AI and ML use cases in CPQ can be seen everywhere from online shopping pages to brick-and-mortar outlets .
Smart technologies can get involved in the analysis of customer data and preferences for the purposes of purchase recommendations – not just for individual products but for customisation options . Pricing , of course , mirrors chosen options but also reflects market conditions , past consumer behaviour , and the goals of the business , all in real time .
As many of us have seen , AI is now able to turn its hand to poetry ; the task of generating professional and personalised quotations is therefore no stretch . Quotes include everything a customer could think of asking – discounts , as well as upsell opportunities , auto-generated sales drawings , and CAD files .
Conversion rates and loyalty can go through the roof . This generative AI knows what questions to ask and when .
It knows how to convert a prospect into a loyal customer .
Remote and mobile sales
Self-service and remote sales are no longer just for minor purchases . A global report by McKinsey showed 70 % of B2B decisionmakers were open to remote procurement deals valued at US $ 50,000 and 27 % said they would spend more than US $ 500,000 .
CPQ solutions vendors have taken note and are increasingly introducing support for travelling or remote salespeople . These vendors are also updating the demo experience , more on that in a moment and revamping mobile accessibility options to allow hybrid teams to work in or out of the office .
The benefits of remote operations such as these are well known – reduced costs in terms of travel and operations ; greater scalability and flexibility , especially when it comes to accessing new customer and labour markets ; and because the customer prefers these types of interaction , satisfaction and loyalty soar as well .
Immersive customer experiences
AR overlays digital information onto our physical world , like a Minecraft landscape
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