Quote Management

What is Quote Management?

Quote management is the process of tracking and managing customer quotes that are connected to sales opportunities. This process can include everything from creating and sending sales quotes to following up on outstanding quotes to negotiating pricing and terms. An effective quote management system can help streamline a company’s sales process and help sales reps close more deals. It can also help track customer interactions and quickly resolve any issues that arise during the quote approval and acceptance process.

Quotation management is a vital part of the sales process, as it allows businesses to provide accurate and up-to-date pricing information to potential customers. It can also help sales teams track progress on specific deals and identify deals where further negotiation is required.

Sales Operations teams need to understand their costs and pricing structure to manage quotations effectively. They should also put in place systems and processes to ensure that all relevant information is captured and stored securely.


  • QMS
  • Quotation management
  • Sales quote management
  • Quoting software

What is a Quote Management System?

Effective quote management is essential for any business that relies on quotes to win customers. Quote management can be manual or automated, but it is important to have a system to manage quotes effectively.

When a customer requests a quote, the first step is to create the quote itself. This can involve inputting data into a quoting system or simply drafting a document by hand. Once the quote is created the sales rep sends it to the customer.

Once the quote has been sent, it is important to track its status. This includes keeping track of whether or not the customer has viewed the quote and whether or not they have accepted it. Quote management systems can help with this by providing tracking features and notifications.

Benefits of a Quote Management System

Quote management involves creating, storing, and distributing quotes for products and services. This can be done manually or through quote management software. In either case, the quoting process should be documented and optimized, so all team members follow the same procedures and workflows for preparing and sharing sales quotes.

Quote management helps businesses streamline their quoting process, making it more efficient and accurate. One of the best ways to simplify and systemize the quote process is by automating it using quote management software. Quote management software often includes features such as price lists, product catalogs, customer databases, and quoting tools that help standardize quotes.

Benefits of a Quote Management System

Automating the Sales Quote Process

Sales representatives and managers often spend hours between the sales team, accounting, and other departments within a company to create price quotes. And even then, there’s no guarantee that the final quote will be free of errors.

This is where quote management software comes in. Automating the sales quote process with this type of software can dramatically improve efficiency and accuracy while freeing up valuable time for sales reps to sell.

Some of the key benefits of automating the sales quote process with quote management software include:

  • Improved accuracy: Automating the sales quoting process can help to ensure that quotes are free of errors. The software pulls pricing and product data from a database to calculate prices and generate quotes, so there is less room for human error.
  • Faster turnaround time: Quote management software can help to speed up the quoting process by automating many of the tasks involved. This means that sales reps can get their prospects’ quotes faster, leading to more sales. Quick response is especially important in the Request for Quote (RFQ) process as every minute counts when competing with other companies for the customer’s business.
  • Reduced costs: Automating the sales quote process can also help to reduce costs because quote management software can often be purchased at a lower price than hiring additional staff to handle quotes manually.

Improved customer satisfaction: Automating the sales quoting process can improve customer satisfaction because customers will receive accurate quotes faster.

Automating the Sales Quote Process

Quote Management Software Features

There are many different quote management software features available on the market today. Here is a look at some of the most popular and useful features that these programs offer:

  • The ability to create and manage quotes. This is the core function of quote management software since it allows users to create detailed quotes for their products or services and track them over time.
  • The ability to generate reports. The software can generate reports on quote activity, conversion rates, and more, so this is a valuable feature for businesses that want to track their sales and performance over time.
  • The ability to integrate with other software programs. Many quote management software programs integrate with accounting, CRM, and ERP programs. This allows businesses to manage their quote data in one central location.
  • The ability to customize quote templates. Quote management software can often be customized to include company branding and other important information, which is valuable for businesses that want to create quote templates specific to their products or services.
  • The ability to track quote activity. This software can often provide detailed analytics on quote activity which is important for tracking which quotes are being viewed, accepted, and rejected. 

CPQ vs. Quote Management Software

Configure Price Quote (CPQ) software is designed to streamline and automate the process of creating sales quotes, while quote management software focuses on managing and tracking quotes. CPQ software typically includes features like configurable pricing rules and product options, while quote management software often includes tools for collaboration and approvals.

Here’s a closer look at CPQ vs. QMS:

CPQ software automates the process of creating accurate quotes for products and services. CPQ tools can help sales reps quickly generate quotes based on customer specifications, configure pricing based on multiple factors, and manage discounts and promotions. CPQ software is typically used by businesses that sell complex products or services that require a high degree of customization.

On the other hand, quote management software (QMS) is designed to help sales teams manage the entire quote process from start to finish. Quote management tools can help sales reps create and send quotes, track quote status, manage approval processes, and evaluate quote performance. Quote management software is often used by businesses that sell simpler products or services with less customization.

Some advanced CPQ solutions, like DealHub CPQ, do all of the above – configure, price, quote, manage quotes, generate quote documents or proposals, and automate approval workflows.

People Also Ask 

What does a quote mean in sales?

In sales, a quote is an estimate of the price of goods or services. A seller may give a buyer a quotation for a product or service based on the buyer’s needs. The quote may be in writing, verbally, or in the form of an estimate. The price quoted may be fixed or variable. When companies are trying to win a new client, one of the first things they’ll need to do is provide them with a quote for products or services.

How do you keep track of sales quotes?

Sales quotes are an essential part of any business. They provide a way to keep track of customer interactions and help businesses measure their performance. There are a few different ways to keep track of sales quotes.

One way is to use a CRM (customer relationship management) system, which helps businesses manage customer interactions, including sales quotes. CRM systems can track quote requests, follow-ups, and conversions.

Another way to keep track of sales quotes is through spreadsheet software such as Microsoft Excel or Google Sheets. Spreadsheets can be used to create quote templates which can then be populated with customer data.

Quote data can then be tracked and analyzed over time to help businesses improve their sales process.
Finally, a CPQ or Quote Management Software can track sales quotes and measure quote acceptance rates to help companies analyze pricing and sales process effectiveness.

What is quotation management in CRM?

Quotation management in CRM is the process of creating, storing, and managing quotations using a CRM system. This allows businesses to keep track of their sales pipeline and manage their sales more effectively.