FreightWaves, a company well-known for providing the data and context that supply chain organizations need to accurately benchmark, analyze, monitor, forecast, and price within the $9.6 trillion logistics industry, built a global reputation on the strength and immediacy of its industry intelligence. FreightWaves products and services provide immediate value — but until recently, purchasing them was often a slow and inefficient experience.
The Problem: Manual Quoting Procedures Lead to Slow Transactions
When FreightWaves approached Gerent in the fall of 2020, its quoting processes had fallen behind the times. Nearly all pricing efforts were completed manually by individual sales representatives — and while such a hands-on approach might not have posed a problem for a company with simple goods, FreightWaves’ offerings are, by necessity, complex digital products.
Consider SONAR, FreightWaves’ comprehensive freight data and forecasting platform, as an example. SONAR’s proprietary tools distill actionable insights from thousands of informational sources and provide users with the most current freight activity and logistics rate indices on the market. The platform’s complexity made it invaluable to consumers but challenging to quote, as FreightWaves’ sales personnel needed to manually configure its expansive suite of offerings into their pricing figures. Often, they would need to generate multiple quotes until they produced one that suited a client’s needs.
When taken in combination, these factors resulted in a pricing process that was cumbersome, overly complex, and inefficient. FreightWaves wanted to do away with its manual procedures and implement an automated quoting tool that offered quick, consistent, and customizable quotes.
Upon hearing this request, Gerent offered a simple solution: Salesforce CPQ.
Salesforce CPQ Offers FreightWaves Accelerated and Customized Pricing Capabilities
Salesforce CPQ (“Configure, Price, and Quote”) is a Salesforce-built tool that would give FreightWaves’ sales team the opportunity to generate accurate pricing figures for any stated product configuration. CPQ takes an abundance of factors — from optional features to customizations, quantities, and discounts — into consideration so sales reps can create personalized quotes quickly.
FreightWaves’ sales team could also access product specifications and options through CPQ; this capability would, in turn, empower them to hone in on desired specializations, add-ons, and complex configurations even if a product expert isn’t readily available. Moreover, because CPQ is hosted within the cloud-based Sales Cloud platform, it could be used in conjunction with Salesforce’s CRM (customer relationship management) tools to drive more impactful sales decisions.
Another notable benefit FreightWaves would realize by implementing CPQ is accuracy. To borrow a quote from Salesforce, “If your sales force has to manually research and write each quote, they are spending their time needlessly. The more accurate and efficient the proposed configuration and quote, the more of a trusted partner your organization will become.”
By simplifying, accelerating, and automating the quoting process with CPQ, FreightWaves’ sales team would gain the ability to provide a tailored quote quickly and avoid bogging down negotiations with ill-suited proposals. The efficiency boost can’t be understated; some CPQ customers have experienced an up to 30% increase in quote accuracy post-implementation, according to Salesforce.
With Gerent’s Navigation, FreightWaves Sails Towards Greater Efficiency with CPQ
CPQ provided an intuitive solution for FreightWaves’ quoting quandary. Over a few short months, FreightWaves collaborated with Gerent’s solution architects to establish and customize CPQ to suit its unique needs.
As a result, the logistics intelligence provider now enjoys all of the product’s out-of-the-box benefits and can readily produce multiple quotes for complex products within one proposal. When a client demonstrates interest in FreightWaves’ offerings, they are encouraged to submit specific information about what they want out of their engagement with the company. After submission, CPQ automatically generates a customized quote.
Sales reps can independently apply discounts to sweeten the deal if necessary, too — without necessitating constant higher-up review. To avoid inconsistency, the pricing system is set up to ensure that all markdowns either fall within accepted parameters or trigger higher-level review. This, in turn, enables greater efficiency and team empowerment.
An organization that helps supply chain organizations stay ahead of the proverbial curve shouldn’t be held back by outdated manual pricing procedures. With Gerent’s assistance, FreightWaves has established automated configure, price, and quote processes and set a new standard for efficient and satisfying client transactions. As a result, the company is better equipped than ever to maintain its place as an industry leader and continue charting a course into innovation.