CPQ allows Sales Representatives to auto-generate renewal quotes based on the fulfillment of order or the expiration of subscription. Through renewal quotes, they can forecast and analyze the sales pipeline. With renewal quotes, they get the finer visibility into the pricing and configuration of assets within the renewal pipeline. The benefits of auto renewals are:
- Accurate forecasting on the asset state and sales pipeline
- Faster and simpler processing with automated renewal
- Automatic closure of opportunity on asset expiry
Types of Asset Renewal Modes
There are two types of renewal modes, defined in Renewal Execution Mode:
It is recommended not to use these renewal modes interchangeably.
The following diagram explains how auto renewals work: