Salesforce Configure, Price, Quote (CPQ) creates visibility, modernization, and accuracy for sales and finance operations.

The Challenge 

A cumbersome quoting process makes for an inconsistent and inefficient sales process

Morningstar, Inc.’s (Morningstar) pricing and quoting process was complicated and manual. Most of their pricing management, including rate cards, was done by hand or using Excel, creating room for error and inconsistencies with very little firmwide visibility. 

This current process meant that the sales team wasted time putting together pricing proposals for clients. They had no intuitive way of knowing when to upsell and no delegated authority for discounting, which caused the organization to lose time and therefore revenue on many deals. With no ability to track individual attributes of a deal, management had very little visibility into reasoning behind a final price. The lack of automated process for finance approval meant that by the time a quote had been audited, it had often already been presented to the customer, causing many frustrating customer experiences.

The Solution

Technology enables accuracy, visibility, and predictive insights to drive revenue 

Morningstar had already selected Salesforce CPQ as their quoting solution, but their licenses were going unused. They chose to partner with West Monroe to derive more value out of their tool while also teeing up lasting internal adoption.

West Monroe’s phased implementation approach enabled quick wins and rapid value recognition throughout the entire project. To address the complex pricing structure, rate cards were revamped within the CPQ environment to accommodate different pricing methods, volume discounting, and discounting thresholds.

Additional new functionality included a custom approval module that pushed notifications to the correct party for discounting approval and flagged the need for a fair market value assessment. Guided selling functionality now helps suggest add-on products that might be a natural up-sell for their customers.

The Impact 

A streamlined quoting process drives productivity and increased ROI

With faster turnaround time on quotes, an audit trail for quote pricing, and simpler rate cards, Morningstar’s sales and finance operations now have better visibility into how and why they are pricing and quoting a certain way. Quicker approval routing and contract audits has improved the customer and employee experience. Furthermore, because Salesforce CPQ is simple and scalable, their current downstream financial processes were not negatively impacted by the process changes. Morningstar’s sales team is now more enabled to drive revenue because multidimensional bundles by product line are available to reps throughout the selling experience. Now they can get the right price, show available add-ons, and capture additional sales opportunities that might have flown under the radar previously. The client is also now able to automatically create recurring opportunities tied to original opportunities and apply an automatic uplift percentage; they are actively positioned to drive growth with subscribing clients. 

The productivity lift has already been recognized. Visibility into the sale price and rate card has helped finance operations cut down on wasted time spent digging through spreadsheets and emails to understand why something was discounted. Now the team can spend more time making sure their offerings are priced competitively.

This new CPQ functionality allowed Morningstar to proactively load their 2020 pricing into the system in advance, which would take effect on a date of their choosing—a process that used to be extremely manual and time consuming— positioning the entire organization to focus on net-new opportunities and driving an exceptional customer experience.

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