Configure Price Quote Software (CPQ) You Can Use: Revenue growth may stall if company salespeople spend more time on non-sales tasks such as preparing proposals, producing quotes, and obtaining quote approvals. You may change this by deploying CPQ software. Some critical duties contributing to revenue development include analyzing custom order configurations, determining a price for them, and quoting them to the client. However, according to business experts, most businesses employ software or tools that are not specialized in such work. This might be due to a lack of expertise in the tool. Continue reading to discover more about Configure, Price, Quote systems, and the best tools for every business. As a result, deploying a digital CPQ tool may give you an advantage over your competitors.
What Is A Configure Price Quote (CPQ)?
CPQ is an industry name for any manufacturing or development company’s sales team. Configure, Price, and Quote is the complete form of CPQ. In a word, CPQ is a software service or solution that allows your sales force to configure, price, and quote your services/products precisely from anywhere. In addition, some powerful CPQ apps go even farther, allowing you to construct web apps for self-service quotes, allowing business clients, consumers, and vendors to acquire rapid quotes.
Manual Pricing System Vs. CPQ Software
A configure, price, quote (CPQ) solution is a sales tool that allows businesses to provide accurate pricing and quotes for all software/service configurations their clients need. A business-to-business (B2B) sales ecosystem includes customized pricing based on the customer’s configuration, client relationship, order volume, contract term, etc. Drafting and accepting a price quote based on several criteria is time-consuming and error-prone. However, development or manufacturing firms may work for many clients simultaneously. As a result, manual tools such as Excel, Google Sheets, and others are suitable.
CPQ apps that work like magic are now available. Your sales manager or agents need to choose client type, name, configurations, and so on to generate a tailored quote for each client with no room for human error. In addition, managers may rapidly examine and approve quotes for speedier transactions since the app is digital and centralized.
CPQ Software Benefits
1 – A CPQ app enables sales reps to make error-free, accurate, and high-quality pricing quotes from any location.
2 – The tools have many custom fields you may configure against business clients or consumers to deliver unique discounts, services, and sales assistance.
3 – The sales crew will not have to look through company product/service brochures. Within the CPQ app, all data is digitally accessible.
4 – Based on bespoke setups, your business may easily and rapidly change the products/services pricing database. As the information in the new database is updated, the sales staff may also access it. Therefore, there is no need to take the sales staff offline.
5 – Spreadsheets and documents are not secure since modifications may be made intentionally or by error. Your business’s income may suffer significantly if you depend on such files. On the contrary, CPQ software provides enterprise-level protection for business data at all times and from any location.
6 – CPQ apps readily interact with business tools used by many departments in your company. As a result, rather than operating in silos, all departments may efficiently interact.
Now that you’ve learned the fundamentals of CPQ and CPQ tools, it’s time to learn about the apps that help businesses save millions of dollars and increase sales.
8+ Best Configure Price Quote Software (CPQ) You Can Use
Configure Price Quote Software or CPQ Software you can use in 2022.
Salesforce Revenue Cloud is a dependable CPQ solution that helps businesses complete sales as quickly as possible to keep revenue flowing. It is one of the most powerful CPQ tools, with five unique feature modules that assist you with sales funnels. For example, the offers configuration module allows you to construct complicated product specs and pricing combinations swiftly. Pricing Engine, Solution Configurator, Quote Generation, and sales personnel’s favorite Guided Selling are among the sub-features.
Second, its risk and compliance management module ensures that all sales quotes and agreements adhere to your business’s regulations. Sub-features such as Dynamic Terms and Conditions, Advanced Approvals, and so on may help you even more. Aside from these critical elements, you also receive a customer relationship management site, a client lifecycle automation system, and data analytics.
2. Conga CPQ
It is a cloud-based configure, price, and quote software for multi-channel sales management solutions. The Conga development team created it to assist manufacturing and service organizations in configuring products and generating price quotes based on your company’s updated pricing information. It has role-based tool access, allowing top-level staff to manage the CPQ process effectively. At the same time, front-line sales personnel feel more powerful while talking with a prospective buyer.
Administrators, for example, may create templates for quote design, product configuration summaries, and quote renewals depending on the company’s predefined pricing policy. Sales team leaders may modify, create, copy, and remove bundled or solo products further down the sales funnel. Finally, when sales professionals get the quote data, they may exclude, include, suggest, replace, and validate product configurations and appropriate pricing. First, you must configure the Conga CPQ tool with unique product selling criteria and guided selling pitches.
3. Oracle Configure, Price, Quote (CPQ)
The Oracle CPQ app is essential if you want a completely automated sales funnel in which consumers make their orders through an interactive web app. Its most well-known feature is its ability to guide consumers, vendors, and B2B clients through the order to cash (O2C) process. The client configures their products/services online and enters a thorough PO or purchase order in the self-service procedure. The CPQ tool provides consumers with tailored quotes that include the relevant sales terms, conditions, and discounts. When clients approve the quotes, Oracle CPQ moves the new orders farther down the sales funnel.
4. Infor CPQ – Configure Price Quote
Infor CPQ is a must-try if you want to combine manufacturing, engineering, compliance, and pricing expertise in one app with helping front-line sales agents, dealers, or executives. It is a rule-based and visual configurator app that integrates with leading customer relationship management (CRM) tools such as Infor CRM. As a result, instead of rummaging through company manuals and brochures to figure out a quote, your sales staff may concentrate on reaching out to new clients and proposing product/service options. The result is quicker product setup, pricing, and quoting to clients, improving the likelihood of a successful transaction. In addition, Infor CPQ Configurator may be linked to Infor CRM, or CRM and Configurator can be integrated with CPQ Enterprise Quoting. Finally, the sales staff has additional authority for direct quote setup and quote document preparation, resulting in quicker sales.
5. SAP CPQ
SAP CPQ is the company’s cloud-based software-as-a-service (SaaS) product. The SAP development team created the tool primarily to assist sales teams in creating complicated product configurations, drafting customized sales quotes, and determining prices. The tool works well for both customizable and basic products/services. The SAP CPQ solution allows your business to tackle the following sales pipeline challenges:
1 – Receiving complicated product/service configurations from clients and responding to requests in the shortest possible time.
2 – The manual quoting procedure requires a large number of working hours. Avoid this using SAP CPQ’s automatic quoting system.
3 – Through centralized and online processing, you may reduce manual overhead such as sales personnel waiting for special discounts, product comparison sheets, or quote approval.
4 – A guided selling function enables front-line salespeople to offer products faster than the manual sales pipeline.
5 – Combine products and services with enticing discounts and upsell using the same app.
You may also consider FPX Intelliquip CPQ if you are in the equipment manufacturing industry and seeking CPQ software that can combine engineering requirements with pricing and client-requested configurations. Using this CPQ solution, you can easily produce custom-configured product catalogs, complicated engineering product/service solutions, product structure drawings, and updated price sheets. It was designed specifically for enterprises that manufacture mechanical equipment or work as distributors. As a result, you can anticipate simple access to all CPQ capabilities unique to this specialty. The FPX CPQ has three unique modules: Configurator, Pricing Engine, and Selector. All of these modules are inextricably interrelated. As a result, when your salesperson picks a product, they get an instant tailored quote based on the client’s criteria.
7. Cincom CPQ
Cincom CPQ is another popular configure, price, and quote (CPQ) app designed specifically for manufacturing organizations. However, this CPQ software may also be used by other businesses providing basic, sophisticated, customized products/services. In addition, Cincom CPQ provides both on-premise and cloud-based deployment options. As a result, if you want more agility in your sales processes and wish to accommodate remote staff, use the online app.
On the contrary, you may select on-premise installation and tool hosting for more protection. However, the cloud version is likewise secure. Its major features, like those of its competitors, are quote preparation, product configuration, delivering sales proposals, and maintaining product/service pricing. In addition, Cincom provides value-added services such as quote revision management and an automated quote approval procedure. Finally, with roles-based access, you may link your sales partner channels such as dealers, distributors, and outsourced agencies into the system.
PROS Smart CPQ is the ideal tool for integrating product selling science, artificial intelligence (AI), and machine learning (ML) technology into a single user-friendly app. As a result, your business’s sales process speeds up when you install the tool and execute the sales funnel. Its AI/ML algorithm makes the tool ideal for front-line sales personnel offering omnichannel products/services. The tool offers data analytics and actionable data insights for better sales execution and consistent revenue development. Churn forecasting is one of the most important programming algorithms. This AI programming detects deteriorating tendencies in the behavior of clients. It also detects and eliminates seasonal sales tendencies. The sales professional receives precise sales tips to ensure optimum success.
Do you wish to convert complicated product configurations supplied to you by clients into easy quotations? Then, you should look at ServicePath CPQ. Its automated CPQ procedures guarantee that your business correctly captures the demands and specifications of your clients. Further down the sales funnel, the CPQ tool supports you in matching the unique product/service demand with your inventory for the speedy fulfillment of purchase orders. The tool is a cloud-based app that can be used from various platforms, including PCs, laptops, tablets, and mobile phones. Some of its key features that aid in the CPQ process are as follows:
1 – A comprehensive dashboard for closed and open transactions.
2 – Quote templates that are ready to use.
3 – Customers may configure their products/services using a self-service web app.
4 – Integrates with 3rd-party CRMs and enterprise resource planning (ERP) tools.
10. Experlogix CPQ
Experlogix CPQ is a suitable choice if you’re searching for a cloud-based configure, price, and quote app that your personnel can access from anywhere. Its CPQ management features help you manage the quote and ordering processes. Experlogix CPQ is unique because it supports business-to-business (B2B) and business-to-consumer (B2C) sales processes. The app is suitable for various business processes, including manufacturing, information technology, technology-enabled technological services, transportation, and heavy equipment manufacturing. As a result, if your business interacts with one or more of the categories mentioned above, one CPQ tool will suffice.
CPQ software is recognized as one of the most important enhancements for firms dealing with product/service development and manufacturing in the twenty-first century. By deploying any of the CPQ solutions listed above for your small, medium, or enterprise-level business, you may gain control over every moving aspect of the sales channel. As an outcome, your sales force will have more time to seek new clients and close sales.