Automating Price Quoting
About this course
This course provides step-by-step instructions on how to build fully-automated price quoting workflows. You’ll learn how to automate the price quoting process from A to Z, contribute to streamlined decision-making, reduce backlogs, and enhance the customer experience.
By the end of the course, you will be able to create, visualize, and automate price quoting processes and similar use cases, making your processes more efficient and hassle-free.
What will you learn?
Who is this course for?
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What is price quoting?
Price quoting is the process of delivering a fixed price for concrete products or services. Another name for it is “quotation”. A quotation can be a written document or verbal communication and is valid for a certain period of time, for example, 30 days. Once two or more parties accept contractual terms and agree to the numbers, an invoice can be sent and paid for.
Quoting a price: what to expect & what you will find
Usually, a proposal quoting a price for services will start with the word “Quote” or “Quotation” (It should be placed at the top of the page). Once you’ve titled your document, you need to write a quotation body; give a full description of each product or service and pricing for each item. Add a footer; write the total amount of all list points, taxes, and the document’s period of validity. Sometimes it’s also good to add a call-to-action for better customer engagement.
Why must traditional price quoting be replaced with more modern, automated methods?
Usually, buyers initiate the process of quoting a price. First, they create a request asking the vendor to calculate the estimated costs for specific services and/or products. Then, the vendor reviews it, clarifies expectations, and sends back an offer. At that point, the buyer can request changes in the proposal: add or delete items, negotiate for a lower price or anything else for that matter. More often than not, this negotiation process takes place in email, with each party sending them back and forth. Finally, when the buyer accepts the pricing and terms, the parties sign a contract and proceed with payment. In the end, the vendor initiates internal communications to provide services or deliver goods established by the executed contract.
As we can see, quoting prices isn’t a fast process. Plus, it requires a high level of coordination, team collaboration, and a lot of time dedicated to preparing documents. This is especially tough when there are several quotes taking place at the same time. In combination with monotonous tasks that accompany all negotiation processes, the risk of human error is high. And every mistake can cost your business a client, which damages reputation, leading to both short term and long term financial losses.
So, what’s the best way to solve the problems related to long, monotonous, and ineffective price quoting procedures? Implement automation.
How does automation solve problems related to price quoting?
Automation eliminates time-consuming tasks
Avoid the routine. Free your salespeople from creating orders, checking prices or the availability of items, and so on. Give them more free time for communication instead of printing papers. Let them do things that really matter. The more productive conversations your representatives have with customers — the faster deals get closed and profit accumulated.
Automation allows you to build efficient internal communication where all records are updated automatically, and people have access to the required information all the time, from anywhere. Eliminate the time-consuming tasks that take up your sales team’s valuable attention.
Automation delivers accuracy
Increase accuracy. Prevent mistakes like incorrect pricing, customer names, dates, etc. with paperless automation. Automated workflows only require you to add information correctly ONCE. From there on out, the system will add data to the correct locations automatically. If you use CRM systems, this feature is even more beneficial. Avoid losing crucial data, documents, or sending typos.
Automation makes tracking edits and changes simpler
Simplify tracking edits and changes. Use audit logs and analytics widgets to show you where your time-consuming tasks and bottlenecks are in your processes. Once you know where they are, you can remove them and always have accurate, up-to-date information for each step of every price quoting workflow. Get rid of the unknown and track team activity and decreases the risk of losing valuable time or customers.
Which price quoting software is the best?
Without a doubt, compared to the thousands of automation platforms on the market, airSlate has no direct competitors. It’s so much more than a specialized program that can quote prices. airSlate goes above and beyond when it comes to business processes, helping anything from small businesses to enterprises eliminate mundane tasks and implement powerful automation for removing slow and expensive bottlenecks.
Have your Digital Transformation Officer or a department manager create a free account and configure a Flow in airSlate and see how easily it can automate even the most complex processes. Because it’s a no-code solution, your teammates and staff will be able to build automated workflows without specialized IT skills.
We recommend you enroll in the airSlate Academy to learn everything there is to learn about business process automation in airSlate. Begin with the airSlate Fundamentals Certification Program and from there take any number of useful courses like the Automating Price Quoting course. Enroll now!
Questions & answers
What is price quoting?
The quoting price is the fixed price that a seller provides to a buyer. In other words, it’s the most recent price at which an investment (or any other type of asset) was traded. The offeror, which in this case is the seller, sends the quote to the buyer. Quotes are valid only for a predetermined period. They can be provided verbally or in the form of a written document.
How do you quote a price?
First of all, you need to do the appropriate research. Then start creating a simple quote template, paying particular attention to readability, and set up an automated workflow. A robust and easy-to-use quote template and automatic price quoting workflow will make you look professional and help you get more of the work you want to perform.
What is considered when quoting an insurance price?
A quotation is a calculation of the amount of insurance for the coverage you have chosen. It’s not an offer of coverage or a contract of insurance. It’s an estimate of what your rate might be with a potential insurance carrier. The size of the quoting price depends on how much information you provide. For example, the more detailed information you provide, the more accurate your insurance quote will be.
How should you respond when a client says, ‘your price quoting is expensive’?
When you hear a ‘your price quoting is expensive’ objection from a customer, just like other sales objections, don't take it as a refusal for further cooperation. A complaint is just a doubt, and your task is to clarify its nature and give arguments to overcome it.
What do insurers consider before quoting a price for coverage?
Insurance agents need to determine whether an insurance company is taking a risk by giving coverage to a person or an entity. For example, with auto insurance, insurers consider the type of car, the number of miles per year, the place you live, your age, gender, and marital status. Please note, age is the most crucial factor when quoting a price, as a younger person may pay out more years than an older individual.
Why should you automate price quoting workflows?
In today's reality, your customers don't want to deal with paperwork. That’s where the correct price quoting software and no-code automation technologies by airSlate helps you automate business processes to save time, improve customer service, and win their loyalty. Simplify the process of preparing proposals and quotes by going digital.
How can I automate the process of quoting a price?
Without automation, price quoting and organizing a negotiation workflow can be difficult and time-consuming. Learn how to improve this process and gain new automation knowledge simply by taking our Price Quoting course. You'll learn how to automate business processes with no-code airSlate Bots, populated templates, and custom integrations. The course will teach you how to automate the entire pricing process, from request receipt to payment processing.
What should I ask before price quoting?
Providing a quote to an interested customer opens a line of communication that can lead to future business interactions. To make it successful, you need to check a few things before price quoting. First, determine the type of a customer, their exact requirements, and whether the customer is in your target market. Clarify the information and ensure accuracy. The most important thing is to make sure that you know exactly what the customer requires from you.
How does automation solve problems related to price quoting?
Pricing quotes are one of the most fundamental components for the sales department, yet too many businesses neglect to innovate in this area. Creating an effective, automated pricing quote workflow that can be quickly set up, customized, shared with customers or teammates, and tracked can improve the productivity of the sales department and entire company. Enroll new customers with custom quote workflows that are easy to create and sign in minutes.
Which price quoting software is better to use?
Price quoting software helps you create powerful quote templates that you can easily customize with different configurations. Automation platforms, like airSlate, extract information for your quotes directly from databases to improve the accuracy of quotes and automate complex aspects of the quote-to-contract process. Despite the complexity of the quoting price workflows, you can optimize the processes to your requirements using innovative automation Bots by airSate. Learn more by taking our online Price Quoting course.