Revenue growth may decelerate if company sales representatives devote more time to non-sales activities, such as creating proposals, drafting quotes, and obtaining quote approvals. This can be rectified by deploying the Configure Price Quote software. Analyzing custom order configurations, establishing a price for that configuration, and quoting the client is essential to revenue growth. However, business specialists have discovered that the majority of businesses use non-dedicated software or tools. This could be due to a need for more understanding of the tool. Learn more about Configure, Price, and Quote systems and the finest tools for any business by reading on. By deploying a digitalized CPQ tool, you can gain an advantage over your competitors.
What’s Configure Price Quote (CPQ)?
CPQ is an industry term for sales teams within any manufacturing or development company. Configure, Price, and Quote is the complete form of CPQ. CPQ is an automated software service or solution that enables your sales team to configure, price, and quote your services/products accurately from anywhere. In addition, some advanced CPQ apps enable the creation of web apps for self-service quotes, allowing business clients, consumers, and vendors to obtain fast quotes themselves.
CPQ Software Vs. Manual Pricing System
Configure, price, and quote software or CPQ solution is a sales tool businesses use to provide clients with accurate pricing and quotes for all products/services configurations they request. A business-to-business (B2B) sales ecosystem includes customized pricing based on client configuration, client relationship, order volume, contract duration, etc. Drafting and approving a price quote based on multiple factors is time-consuming and error-prone. However, development or manufacturing companies work for multiple clients simultaneously. Therefore, manual tools such as Excel, Google Sheets, etc., must be more suitable. CPQ apps that work like magic are now available. Your sales manager or representatives only need to select client classification, name, configurations, etc., to obtain an error-free, customized quote for each client. In addition, since the app is digital and centralized, managers can instantaneously review and authorize quotes, resulting in quicker transactions.
Using Configure Price Quote Software Benefits
- Your sales representatives can generate error-free, precise, and high-quality pricing quotes from any location thanks to a CPQ app.
- The tools include numerous custom fields that can be configured against business clients or consumers to offer specialized discounts, services, and sales assistance.
- The sales team is not required to scour through brochures of company products and services. All data is available digitally within the CPQ app.
- Your business can easily and rapidly update the products/services pricing database based on custom configurations. The sales team can also access the new database as the information is updated. Therefore, there is no need to suspend the sales team.
- Spreadsheets and documents are not secure due to the possibility of intentional or accidental modification. As a result, if you rely on such files, your business’s revenue could suffer significant losses. In contrast, CPQ software includes enterprise-level security for business data accessible anytime, anywhere.
- CPQ apps readily integrate business tools used by various departments in your company. Thus, the departments can collaborate effectively as opposed to functioning independently.
Now that you’ve a foundational understanding of CPQ & CPQ tools, it’s time to learn regarding the apps that save businesses millions of dollars and increase their revenue.
Best Configure Price Quote Software
As we curated, the best Configure Price Quote Software is listed below.
1. Experlogix CPQ
Experlogix CPQ is a suitable option if you’re seeking a cloud-based configure, price, and quote app that your staff can access remotely and is quick and intuitive. Its CPQ administration capabilities facilitate the management of quotation and order processes. Experlogix CPQ uniquely supports business-to-business (B2B) and business-to-consumer (B2C) sales processes. In addition, the app is suitable for various business operations, including manufacturing, IT, and IT-enabled technology services, transportation, and heavy equipment production. If your business deals with one or more of the abovementioned sectors, a single CPQ tool will suffice.
2. Oracle Configure, Price, Quote (CPQ)
Oracle CPQ is required if you desire a fully automated sales pipeline in which customers place their orders via an interactive web app. Its most lauded characteristic is its ability to guide consumers, vendors, and B2B clients through the order-to-cash (O2C) process. In the self-service workflow, the client configures their products/services online and submits a detailed purchase order or number. Instantaneously, the CPQ tool provides customers with customized quotes that include the applicable sales terms, conditions, and discounts. Oracle CPQ will move the new orders along the sales pipeline when the clients approve the quotes.
3. FPX Intelliquip
You can also attempt FPX Intelliquip CPQ if you’re in the equipment manufacturing industry and searching for Configure Price Quote Software that easily integrates engineering specifications with pricing and client-requested configurations. Using this CPQ solution, you can rapidly generate custom-configured product catalogs, complex engineered product/services solutions, product structure drawings, and updated price documents. It has been specifically designed for companies that manufacture mechanical equipment or work as distributors. Consequently, you can anticipate simple access to all CPQ features specific to your industry. The FPX CPQ includes three modules: the Configurator, the Pricing Engine, and the Selector. All of these modules are tightly interconnected. Therefore, when a sales representative selects a product, a custom quote based on the client’s specifications is automatically generated.
4. Salesforce Revenue Cloud
Salesforce Revenue Cloud is a dependable CPQ solution that enables businesses to close transactions in the shortest amount of time feasible. It is one of the most robust CPQ tools, including five distinct functionality modules that aid sales pipeline management. Initially, the deals configuration module enables the rapid creation of complex product specifications and pricing structures. It includes sub-features such as Pricing Engine, Solution Configurator, Quote Generation, and the preferred Guided Selling by sales representatives. Second, its risk and compliance management module provides that all sales quotes and transactions adhere to your business’s policies. Finally, there are sub-features, such as Dynamic Terms and Conditions, Advanced Approvals, etc., to assist you further. In addition to these essential features, you also gain access to a customer base administration portal, a client lifecycle automation system, and data analytics.
5. PROS Smart CPQ
Smart CPQ is the ideal tool that integrates product selling science, artificial intelligence (AI), and machine learning (ML) technologies in a user-friendly app. Consequently, when you deploy the tool and operate the sales pipeline, your business will experience a quickening of the sales process. Its AI/ML algorithm makes the tool ideal for front-line sales agents selling omnichannel products/services. In addition, the tool offers data analytics and actionable data insights for efficient sales execution and, ultimately, consistent revenue growth. Churn forecasting is one of the most crucial programming algorithms. This AI programming recognizes the behavior of clients. In addition, it identifies and eliminates seasonal sales patterns. Finally, precise sales recommendations are provided to the sales representative for maximum success.
6. Conga CPQ
Conga CPQ is a configure, price, and quote (CPQ) cloud-based software for multichannel sales management solutions. The Conga development team has created it to assist manufacturing and company services in configuring products and generating price quotes based on an up-to-date pricing database of your products. It includes role-based tool access so that executives can manage CPQ workflow efficiently. At the same time, the front-line sales representatives feel more confident when interacting with prospective customers. Administrators can create templates for quote design, product configuration summary, and quote renewals based on the company’s predetermined pricing policy. Additionally, sales team leaders can amend, create, duplicate, and delete bundled or standalone products further down the sales pipeline. When the quote data reaches the sales representatives, they can exclude, include, recommend, replace, and verify product configurations and pricing. However, you must configure the Conga CPQ tool with specific product selling principles and guided sales presentations.
7. Infor CPQ
If you intend to combine manufacturing, compliance, engineering, and pricing knowledge into a single app for the benefit of front-line sales agents, dealers, or executives, you must attempt Infor CPQ. The Infor CPQ suite is a rule-based and visual configurator app that integrates with leading customer relationship management (CRM) tools, such as Infor CRM. Consequently, your sales team can concentrate on contacting prospective clients and promoting products/services rather than sifting through company manuals and brochures to calculate a quote. The result is quicker product configuration, pricing, and quoting for clients, which increases the likelihood of closing a transaction. In addition, either Infor CPQ Configurator and Infor CRM can be linked, or CRM and Configurator can be integrated with CPQ Enterprise Quoting. Ultimately, the sales team has more capabilities for direct quote configuration and quote document construction, resulting in quicker sales.
8. SAP CPQ
SAP CPQ is the software-as-a-service (SaaS) cloud-based offering from SAP. The SAP development team created the tool to aid sales teams in creating complex product configurations, personalized sales quotations, and pricing. The tool is effective for both configurable and straightforward products/services.
9. ServicePath CPQ
Do you wish to convert complex product configurations clients send into straightforward quotes? Then, you should test out ServicePath CPQ. Its automated CPQ workflows ensure that your business accurately captures the requirements and specifications of clients. In the later stages of the sales pipeline, the CPQ tool also assists you in matching the custom product/service requirement with your inventory to expedite the fulfillment of purchase orders. The tool is a cloud-based app accessed from various devices, including desktops, laptops, iPads, and mobile phones.
10. Cincom CPQ
Cincom CPQ is a well-known configure, price, and quote (CPQ) app designed specifically for manufacturing companies. However, this CPQ software can also be used by businesses that offer simple, complex, and configurable products/services. Cincom CPQ offers deployment options for both on-premises and the cloud. Stick with the online app if you need more flexibility in your sales workflows and want to accommodate remote employees. You can choose the on-premise installation and tool hosting option for increased security. However, the cloud-based version is equally secure. Comparable to its competitors, its notable features consist of quote preparation, product configuration, sending sales proposals, and administering products/services pricing. Additionally, Cincom provides additional features such as quote revision administration and an automatic quote approval protocol. You can also integrate your sales partners’ channels, such as dealers, distributors, and outsourced agencies, into the system through role-based access.
Consider The Following:
Conclusion:
CPQ software is regarded as one of the twenty-first century’s most important enhancements for product/service development and manufacturing companies. You can effectively manage every aspect of the sales channel by deploying one of the aforementioned CPQ solutions for your small, medium, or large business. In addition, your sales team will have additional time to approach new clients and close deals.
