Quote Management
Summarize
Summary of Quote Management
Quote Management is an application designed for creating and managing product quotes, either as a standalone application or as part of the Sales and Order Management (SOM) suite. It enables sales agents to generate formal offers for products and services, complete with pricing and payment terms, for potential customers. Quotes can originate from the Opportunity Management application or be created independently, based on the configuration.
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Key Features
- Integrated Interface: The application includes multiple tabs such as Details, Catalog, Line Items, Revisions, Customer Orders, and Pricing Adjustment to streamline quote creation.
- Product Catalog Integration: Sales agents can easily browse the product catalog and use the product configurator to add products and pricing to quotes.
- Manual Pricing Adjustments: Agents can add various manual pricing adjustments including markups, markdowns, and price overrides to tailor quotes as needed.
- Cost Books: Cost books provide unit costs for product offerings, assisting in profit margin calculations, discount management, and negotiation support.
Key Outcomes
Using Quote Management, sales agents can efficiently create accurate and competitive quotes, leading to better customer engagement and streamlined sales processes. The integration with pricing and product catalogs ensures that quotes reflect real-time data, while the ability to manage pricing adjustments and access cost information supports profitability and flexible pricing strategies.
For further setup guidance, refer to the documentation on installing and configuring Quote Management.
Quote Management is an application used to create and manage product quotes. Quote Management can be a separate application or part of the Sales and Order Management (SOM) application.
A quote is a formal offer for products and services, proposed at specific prices and related payment terms, which is sent to a prospective customer or consumer. In the context of Sales and Order Management, quotes can be created from the Opportunity Management application or quotes can be created separately, depending on your configuration.
Quote Management interface
The Quote Management application is integrated with the product offering catalog and product configurator to help sales agents build quotes easily and conveniently. The Quote Management interface contains the following tabs:
| Tab | Description |
|---|---|
| Details tab | Add basic information for the quote. |
| Catalog tab | Search for and add products to your quote using the product configurator. Pricing is also managed through the product offering catalogs. |
| Line Items tab | Add different line items to a quote. In each quote line item, you can update product characteristics and add pricing adjustments. |
| Revisions tab | Create multiple versions of a quote. |
| Customer Orders tab | Turn your quote into a customer order. |
| Pricing Adjustment tab | View and update pricing adjustments. |
Quote Management integration with product offering catalogs
Quote Management is integrated with the product catalog and pricing to make adding products to your quote easier and convenient. Agents use the catalog to browse product offerings and the product configurator to add options and pricing to your products. Then they simply add them to the quote. Pricing adjustments that are fetched based on pricing matrices rules are automatically added and presented in the quote.
Product configurator
- Browse and add configurable product offerings from the catalog to create quote lines.
- Select product options and view product relationships.
Configure and create quote line items
From the product catalog, browse and add product offers to create quote lines and characteristics.
With the product configurator, characteristics options and relationships can be changed and updated in the Catalog tab for Quote Management. The product configurator uses Quote Management primitives to create and update quote lines and characteristics.
Add pricing adjustments to quotes
Quote Management integrates with the pricing engine to get the list price and price adjustments for the product offers in your quote.
Auto-pricing adjustments are fetched from the pricing engine. Manual pricing adjustments are added by the agent.
Pricing adjustments include markups, markdowns, and price overrides. Total Adjustments are applied to each line item with the cumulative total from each line rolled up to total.
- Markup amount - add a markup amount to a product.
- Markdown amount - add a markdown amount to a product.
- Markup % - add a markup percentage to a product.
- Markdown % - add a markdown percentage to a product.
- Price override - override a price and set a new price.
Integrating cost books in Quote Management
- Profit margin calculation: Ability to calculate the profit margin by subtracting the cost price from the quoted selling price, helping your sales team verify that their pricing strategy aligns with desired profit margins,
- Discount management: Apply discounts to quotes based on cost prices to incentivize bulk purchases or long-term commitments for flexible pricing strategies while maintaining profitability and competitive incentives to your customers.
- Negotiation support: Use cost prices as a reference during negotiations with your customers or suppliers. It provides a transparent basis for discussions, helping you build trust and facilitating fair and mutually beneficial agreements.
To learn more about cost books and their configuration, see Pricing Management, Create and publish a cost book, Create a cost book line, and Install and configure Quote Management.
What to do next
To learn about setting up Quote Management, see Install and configure Quote Management.