1. What is meant by CPQ? Give a brief explanation about CPQ?
CPQ, also called CPQ Salesforce, refers to Configure Price Quote software by Salesforce. It is specifically a tool that has designed to generate quotes for the orders for the organizations quickly. This tool is an extension of a customer relationship management platform, which helps drive sales and its processes in an organized and faster manner. CPQ tool gives the view of the different aspects to consider in a project. The sales executives will be able to access the overall view and make decisions as per the business needs.
2. What is Salesforce CPQ?
The Salesforce CPQ helps with the quoting process in a smooth way. We can automate contract amendments, usage pricing, and renewals. It provides a single view of customers’ assets in a dashboard. It provides easy to navigate complex product catalogs. It also provides several customized or preconfigured bundles to create effective customer solutions.
3. What does Salesforce CPQ allow you to do?
Your CPQ program lets you accurately configure products, apply pricing and quantity discounts, and have approvals already programmed into the system. This automation makes you look like a true sales professional, giving customer’s confidence in your processes and your company.
4. What are the factors that raise the need for a CPQ?
The following are the reasons that might lead to a need for a CPQ.
- Frequent delays in the quote creation process.
- There might be a rise in errors during the quote creation process.
- Products containing out of date information.
- Lack of visibility for sales process optimization.
- Opportunity about up-selling or cross-selling platforms.
5. What do you know about Salesforce Dashboard?
Salesforce dashboard is the pictorial representation of the reports. Salesforce dashboard can add 20 reports at one time on a single panel.
6. What is CPQ process?
CPQ means Configure, Price, and Quote. This is an integrated process for accurately generating sales quotes fast, which enhances the purchasing experience. CPQ helps advance the selling process by removing cumbersome manual processes. It helps in streamlining the entire process, as well.
7. Define the term Price List?
Price List in Salesforce is used to store the products’ multiple prices based on the business flow. The organization usually analyses and sets up a price for every product. All the different prices will represent in the Price List in Salesforce.
8. Define the term search filters?
The search filters in Salesforce CPQ are used by sales reps to filter the products that are available for selection based on certain attributes. An organization can have several items in the product catalog, which makes the product catalog lengthy. It makes it difficult for the sales reps to go through the list and their desired item. The search filters help them narrow down the product search.
9. Brief explanation of the benefits of Salesforce CPQ?
Salesforce CPQ provides its extensible support to the sales team and the organization in many ways:
- Provides the control and visibility to the sales leaders
- Enables a way to launch new models which are flexible to the customers
- Ensuring that the organization is working in collaboration with the back and front office teams together.
10. What is QTC?
The quote-to-cash (QTC) a term used in the technology designed to allow automated management of the user business processes. It is a process that has functions like order fulfilment, billing, account management, sales, and accounts receivables. It is the process that the organizations send the details and offers to the customers along with the pricing, generating a document called quote and involved in further completion of the payments and invoices. It is like an end-to-end function that is related to sales activities in an organization. The QTC starts with configuring offers and ends with the cash for the sale in question is collected. It reports the entire sales cycle, and the users can analyse it.
11. Define the term ABO in the CPQ tool.
Asset-Based Ordering (ABO) is mainly used for selling recurring licenses, support agreements, subscriptions, etc. It handles these kinds of transactions beyond the initial sale. It helps manage renewals. It has the ability to capture up-sell and cross-sells opportunities, delivers enhanced revenue and profit.
12. What is Salesforce billing?
Salesforce Billing requires integration with Salesforce CPQ. The CPQ is a sales tool for businesses to generate quotes for orders quickly with accuracy. It helps sales reps sell the right product combinations, controls discounting, and automates approvals.
13. Define the term batch quantity in Salesforce CPQ.
Batch quantity is a feature provided by Salesforce CPQ to price products or their options by lots or bunches. The Salesforce CPQ divides the product option’s quantity with the batch quantity and places it for the resulting quote line’s quantity.
14. What is more unique about this tool?
With the help of this tool, it gives the flexibility for the sales executives to work on the price quotes based on the latest approved pricing structures and discounting rules and approvals already predefined. So basically all these factors are taken into consideration while generating a particular price quote. All this can happen anywhere and right at their fingertips as on when there is a need. Thus making it a flexible tool and independent tool for all the sales executives within the organizations. It not only makes your sales executives or officials life easier and efficient it also adds to the overall execution of the organization selling strategy.
15. What do you understand by permission sets in Salesforce?
A permission set refers to the set of permissions or settings set up to the users to access the records and perform the functionality without changing the profiles. The functionality of the user can be extended by using the permission set. Profile creation is a time taking process, instead, a permission set can be used.
16. What do you mean by Transfer record in profile?
The transfer record is the functionality available in the Salesforce that is used to grant the permissions to the users. If a particular user has the permission or authority to share the record, the user will have the capability to share the document in a read-only access format.
17. What are the alert rules in Salesforce CPQ?
Alert rules are used to provide informational messages when configuration or pricing is done. It lets the users save configuration or quote without having to change anything. They provide suggestions to the users on optimal but non-required configurations.
18. What are the key aspects of that CPQ transforms the organization’s sales?
- Eliminates errors
- Increases speed
- Maximizes deal size
- Provides accurate and updated information
19. Explain about CPQ orders.
An order in Salesforce CPQ can be created from a primary quote. Once an order is created from a primary quote, the primary quote cannot be edited. When a CPQ quote is ordered, the products inherit the list price, unit price, and total price fields from the originating quote lines.
20. What is Product?
It is Product or services that can be selling to customer in as Standalone, Options and Bundle
- Product Bundles – It is a product that has optional features that can be included in a single quote line.
- MDQ Products – The multi-dimensional quoting (MDQ) products provide ability for sales reps to pick a specific unit of time.
- Subscription Products – The products that run for a specific set of time.
- Usage-Based Products – The price scale of these products change based on consumption.
21. How can we create a standalone product in Salesforce CPQ?
The following are the steps that have to be followed to create a standalone product.
- Go to the Products tab and click on the ‘New’ button.
- Enter all the information about the product and set the Active checkbox to True. Click on the ‘Save’ button.
- Enter the standard price of the product and click on ‘Save’.
- Navigate to the ‘Price Books’ and click on ‘Add to Price Book’. Select CPQ PriceBook from the list and click Select.
- Enter the list price for the CPQ price book and click on ‘Save’.
22. What is Product Hierarchy?
A product hierarchy is a classification of products based on essential components in a logical structure. The product hierarchy helps users navigate through the products and complete their tasks easily.
23. What is Product Attribute?
Product Attributes are related to features of a product like colour, weight, size.
24. What is an Audit Trail?
The Audit Trail function in Salesforce is useful for gaining information or for tracking all the recent setup changes that the administration has done in the organization. The audit trail can preserve data for up to six months.
25. What are Audit fields in Salesforce?
The standard fields in Salesforce are called Audit fields. The approved areas include name, owner, created by, and last modified.
26. What are search filters?
Search filters help us to find results by using their field values. To find products, options we can use search filter based on their field values.
27. What is Pricelist?
Pricelist store multiple prices of a particular products based on business flow.
28. Why does the CPQ tool help your sales executives with Influencing behaviour?
It is a known factor that the more they sell the organization does make more profit from the sales so it is evident for the organization to actually invest in some sort of a tool which actually makes or inculcates a motivation. So one of such tool is nothing but CPQ, it does provide the right information about the product at the right time. Thus giving out a positive feeling for the sales executive and ultimately motivates him to do this over time.
29. How does CPQ is actually closing your CRM system gaps?
CRM systems most of them do not cater the option or flexibility of automating their price quote processes and thus making life hard. With the existing CRM applications that are out in the market, it is difficult to automate the price quote process. Thus forcing the employees to rely on standard Microsoft Word or Excel. By following this process, the entire flow of quote generation is slowed down to a maximum extent. Further, they might not be 100% accurate and prone to unidentified risks. Thus being said about the slow price quote process, it will further affect the next steps like having low win rates and also more obstacles to make from potential lead to a customer. Thus, ultimately affecting the revenue for the organization.
30. Why does CPQ tool is considered as a modern-day utility tool for an organization?
It is considered to be a modern-day utility tool because it caters. Offers a superior selling platform Single source of truthful and worthy information about products Targeted price quotes because of the customization Incentives provided based on the product selections
31. Define the term Object in Salesforce? What are the different types of objects and tasks that the user can do using the objects?
Object in Salesforce refers to the tables in the database. Objects in Salesforce are correctly used to store the data of the organization. Objects in Salesforce are of two different types. They are:
- Standard Object: The standard objects include accounts, contacts, leads, cases, campaigns, products, contracts, opportunities, dashboards, etc.
- Custom Object: Custom objects are capable of storing the unique and essential information of an organization. Custom objects allow the users to perform the modifications within them. Custom objects include custom user interface tab, applying relationships to the different objects, custom fields, page layouts, etc.
32. Define the term Profile in Salesforce? Does Salesforce provide an option for two users to use the same profile? Give a brief difference between Role and Profile in Salesforce?
A profile in Salesforce refers to the set or collection of procedures and rules followed by the user. The profile allows the users to access the information or records related to the organization. Salesforce includes multiple profiles like a sales profile that would provide access to the opportunities, leads, campaigns, and contacts, etc.
Yes, Salesforce provides an option to allow two users to work or use the same profile. Any number of people can use the same profile, whether it is from one department or not.
A role is different from Profile as Role increases the user’s visibility by sharing the rules or building a role hierarchy. A profile has represented at the object level.
33. List out the different types of relationships available in Salesforce?
- Master-detail relationship: The Master-detail relationship represents the relationship between the parent and child. The master is the parent, and the detail is the child. The master object has the control of the child object because the child object will no longer exist if the master object is deleted.
- Lookup relationship: The lookup relationship has used for linking two different objects together. It can be either one to one or one to many.
- External Lookup: External Lookup is the relationship that helps in establishing the connectivity between the child object and the parent object. It helps in the identification of the correct mapping of the child object to the parent external object. The matching is done against the External Id values.
34. What do you mean by the term Trigger in Salesforce?
A trigger in Salesforce refers to the Apex code that is executed before or after performing the functions like insert, delete, update, etc. It provides the flexibility to achieve the custom actions before and after the record modifications in Salesforce.
35. What is a Time Trigger?
A time trigger refers to the system that performs the execution of one or more tasks based on the defined set of rules and the scheduled tasks.
36. Determine the different factors on which Salesforce tracks the sales details?
- Generation of the sales reports on a timely basis
- Provide regularized sales numbers
- Represents the number of customers served on a daily basis.
- Provide complete reports to the sales manager.
- Provides the details of the repeated customer activities.
37. Determine how many master-detail relationships and Lookup relationship fields can create in an object?
A maximum of two master-detail relationship fields can be created in an object while a maximum of 40 master-lookup relationship fields can create.
38. What do you mean a Junction object? Give a brief idea about its usage?
A junction object is the object used for creating many-to-many relationships in Salesforce. Let us consider an example, a recruiting application. It has interlinked with many candidates, which allows the candidates to apply for multiple positions in the same way.
39. What is the default filters used in Salesforce? How can you get rid of them?
The default filters used in Salesforce is the “Date Filter.” We can get rid of the Date Filter by selecting the option “All Time” in the range on the page.
40. Can you explain how SaaS is beneficial to Salesforce?
Saas, Software as a Service is the platform that provides subscription offers to the clients so that they can choose not to discontinue or renew at any time without any charges or penalty. Saas helps in avoiding substantial investments and startup fees.
41. List out the reasons that result in data loss in Salesforce?
- Modifying or performing changes in the text area to email, phone, URL, or text.
- Performing changes or migrating from any other picklist to the multi-select picklist.
- Modifying the time and date.
- Migrating from other data types to percent, number, and money.
- Moving from the options that include a checkbox, multi-select picklist, auto number to the other different types.
42. Give a brief idea about the different steps involved in creating a bundle product in Salesforce?
Product creation in Salesforce is one of the primary steps to be followed for any CPQ solutions. Salesforce allows the configuration of various types of products and services. Let us learn about the steps involved in creating a bundle product.
- Navigate to the Setup option->Customize->products-> Fields-> Product Family Field-> New. Click on save by adding the Hardware as a new picklist value.
- Select the Products tab and click on New. Update all the necessary information. Make sure that the checkbox has set to True.
- Save and Add the price by selecting the Save and Add price button. Update the standard price for the product.
- After saving, the product detail page will reflect on the screen.
- Add the price for the product in Custom CPQ Price.
- Enter the list price for the CPQ price book and Save.
43. What are the six different steps to be followed to define a successful CPQ implementation in Salesforce?
- Establishment of the goals to attain the best driving business sales.
- Optimization and documentation of the business quote to cash process
- Prioritization of CPQ features
- Initiation of System Integration and Data updating
- Organize and change management initiatives
- Measurement and Optimization of the progress evolved.
44. Briefly explain the different ways to store the various types of reports in Salesforce?
The reports in Salesforce can be represented in various types as listed below:
- Tabular report: The tabular report is represented in the tabular format.
- Matrix report: The matrix report is represented in the form of columns and rows based on grouping.
- Summary report: The summary report provides detailed reports represented in the columns.
- Joined report: Joined reports include the combination of one or more reports in a single report.
45. Define the steps to create a master-detail relationship on the objects that are already included in the reports?
The following are the steps to create a master-detail relationship:
- A lookup relationship has to be created between two objects.
- Establish the connectivity between the parent and child records.
- Convert the relationship from Lookup relationship to Master-detail relationship by selecting and modifying the fields.
46. Give a brief idea of how CPQ helps in closing the CRM system gaps?
Most of the CRM systems do not provide the flexibility of automating the price quote processes. The price quote process has found to be difficult in the current CRMs. This infact leading to a slow process of quote generation and prone to unidentified risks. This will ultimately lead to low revenue generation, which is a significant loss to the organization. CPQ in Salesforce helps in reducing these unwanted factors and improving business revenue.
47. When do we prefer the data loader?
We prefer data loaders in the following cases. They are:
- We prefer using a data loader when we want to export our data for backup purposes.
- In order to prevent duplicate records.
- We use a data loader to save multiple mapping files for the future use.
- In order to load an object that is supported by the web based importing, etc.
48. What is field level security and how can it be controlled?
Field-level security helps to monitor the usability of a user to a specific data field. Assume that when an entity allows the client access to see, modify, alter, or remove a data object specific to the user’s field of work, other data objects can be concealed from the user. In order to control the field level security, we use permissions and profiles.
49. What are the various product pricing methods available in Salesforce CPQ?
Salesforce CPQ offers several methods to customize product pricing.
- Block Pricing – A product is priced based on different quantity ranges.
- Cost-and-Markup Pricing – A product pricing is set for cost and markup amount.
- Batch Pricing – A bundle product can be set by static amounts based on quantity ranges.
- Contracted Pricing – When a contract is created, the quote line prices are used to price a product from the original quote.
50. Does Salesforce CPQ provide API capability to connect to third-party systems?
Yes, Salesforce CPQ provides API capability to connect to third-party systems. It offers several kinds of APIs for quotes, contracts, configuration, etc. To use the Salesforce CPQ API, we have to create classes for each data model in the organization.