Configure Price Quote Software: Some of the crucial duties that promote revenue development include analysing custom order settings, calculating a price for them, and quoting the same to the client. Business experts have discovered that the majority of organisations employ software or technologies not intended for such tasks.
That can be due to a lack of familiarity with the tool. Continue reading to find out more about the Configure, Price Quote software and some of the top tools suitable for any type of organisation. Therefore, using a digital (CPQ) Configure price quote software will give you an advantage over your rivals.
What is CPQ, or Configure Price Quote Software?
The sales teams of any manufacturing or development organisation are referred to as CPQ in the industry. CPQ stands for Configure, Price, and Quote in its entire form. Simply said, CPQ is an automated software service or solution that enables your sales staff to precisely configure, price, and quote your services and goods from any location.
Some powerful CPQ apps go a step further and let you build web applications for self-service quotations so that customers, vendors, and business clients may obtain rapid estimates on their own.
Software for Customer Quotes vs. Manual Pricing
Businesses utilise configure, price, and quote software, sometimes known as a CPQ solution, to provide accurate pricing and quotations for all product and service configurations that customers want. Customized pricing based on the configuration needed by the customer, client relationship, order volume, contract term, etc., is part of a business-to-business (B2B) sales ecosystem.
It takes time and is prone to error to draught and approve a price quote based on many factors. However, development or production firms operate for a number of customers concurrently. Excel, Google Sheets, and other manual tools are therefore inappropriate.
Here come CPQ apps that function miraculously. Your sales manager or agents only need to select the customer type, name, settings, etc. to generate an accurate, tailored quote for each client. Managers can quickly examine and approve quotations because the application is digital and centralised, resulting in quicker negotiations.
Advantages of CPQ Software
1. A CPQ app gives your salespeople the freedom to make accurate, precise, and high-quality pricing quotations from any location.
2. The tools have a variety of custom fields that you may configure against consumers or company clients to offer specific deals, services, and sales assistance.
3. The sales team does not need to waste time looking through the brochures for the company’s goods and services. Within the CPQ application, all the data is digitised and accessible.
4. Based on personalised specifications, your company may easily and rapidly update the database of product and service prices. While the data is being updated, the sales staff may also use the new database. There’s no reason to shut down the sales crew.
5. Spreadsheets and documents are not safe since they can be altered accidentally or on purpose. Relying on such data might result in significant revenue losses for your company. On the other hand, CPQ software offers 24/7/365 enterprise-level protection for company data.
6. CPQ applications are simple to integrate with the business tools that various departments in your organisation utilise. This allows for efficient departmental collaboration rather than siloed operations.
Now that you have a foundational understanding of CPQ and CPQ tools, it is time to learn about the applications that help organisations generate more income and save millions of dollars.
You must test Infor CPQ if you intend to combine manufacturing, engineering, compliance, and pricing expertise in one app to help front-line sales agents, dealers, or executives. The Infor CPQ package is an advanced customer relationship management tool (CRM) that connects with top-tier CRMs like Infor CRM. It is a rule-based and visual configurator application.
As a result, your sales force won’t have to spend time poring over business manuals and brochures to figure out a quote and can instead concentrate on connecting with potential customers and presenting products and services. Overall, this leads to quicker product setup, pricing, and quoting to clients and increases the likelihood that a sale will be closed.
Either integrate CRM and Configurator with CPQ Enterprise Quoting or connect Infor CPQ Configurator with Infor CRM. In the end, the sales team gains more control over the development of quote documents and direct quote configuration for accelerated sales.
The Oracle CPQ application must be used if you want a completely automated sales pipeline where clients can place their own orders via an engaging web interface. Its most well-known function is its ability to direct customers, suppliers, and B2B clients through the order-to-cash (O2C) process.
Among the noteworthy characteristics are:
- To assist the sales professionals, guided selling
- Quote in one click with a simple setup
- database of current prices.
- Intelligent software for managing deals.
- Developing documents and managing contracts
The customer configures their goods or services online and submits a thorough PO, or purchase order, in the self-service workflow. The CPQ tool provides consumers with customised quotations right away that include the proper sales terms, conditions, and discounts. Once the estimates are approved by the clients, Oracle CPQ will move the new orders farther through the sales pipeline.
3. Conga CPQ
Conga CPQ is a configure, price, and quote software for multi-channel sales management solutions that is hosted in the cloud. The Conga development team created it to assist manufacturing and service organisations configure items and generating price estimates based on an updated pricing database of your business.
For effective management of the CPQ process by top-level staff, it includes role-based tool access. In addition, while dealing with a potential customer, front-line salespeople feel more powerful.
Administrators, for instance, can create templates for constructing quotes, summaries of product configurations, and renewals of quotes depending on the company’s predetermined price strategy. Sales team leaders may also modify, create, copy, and delete bundled or solo goods later in the sales funnel.
The sales personnel can finally modify the quote data by excluding, including, recommending, replacing, and verifying product configurations and pertinent prices. On the Conga CPQ tool, you must specify precise guidelines for product sales and guided selling presentations.
Another dependable CPQ tool that helps companies complete agreements as quickly as possible and maintains a steady income stream is the Salesforce Revenue Cloud. One of the most powerful CPQ solutions, it has five unique feature modules that aid in sales funnels.
First off, you can easily build intricate product specs and pricing compositions using the offer configuration module. It offers supporting tools including the Solution Configurator, Quote Generation, and Guided Selling, which is popular among salespeople.
Second, its risk and compliance management module ensures that all sales bids and agreements adhere to your company’s rules and regulations. Sub-features like Dynamic Terms & Conditions, Advanced Approvals, etc. are available to help you even more.
In addition to these essential capabilities, you also receive a customer base management interface, a client lifecycle automation system, and data analytics.
5. SAP CPQ
The software-as-a-service (SaaS) solution from SAP is called SAP CPQ. The application was specifically created by the SAP development team to assist sales teams in formulating pricing, drafting customised sales quotes, and creating complicated product combinations.
The technology works well for both complex and straightforward goods and services. Furthermore, your company may solve the following issues with the sales funnel thanks to the SAP CPQ solution:
- Obtaining complicated product or service settings from customers and quickly responding to requests
- Numerous productive hours are needed to complete the manual quotation procedure. Use SAP CPQ’s automatic quotation mechanism to prevent that.
- By using centralised and online processes, human overhead may be decreased, such as salespeople waiting for special discounts, product comparison charts, or quote approval.
- Front-line sales representatives sell goods more quickly than with a manual sales pipeline thanks to a guided selling function.
- Combine goods and services with alluring discounts, then use the same application to upsell.
You may also consider FPX Intelliquip CPQ if you work in the equipment manufacturing industry and are searching for CPQ software that will enable simple integration of technical requirements with pricing and client-requested settings.
Using this CPQ solution, you can easily produce complicated designed product/service solutions, product structure drawings, updated price sheets, and custom-configured product catalogues.
It was designed with mechanical equipment manufacturers and dealers in mind.As a result, you may anticipate simple access to all CPQ capabilities unique to this market.
The Configurator, Pricing Engine, and Selector are the three standout modules included with the FPX CPQ. These modules are all strongly related to one another. As a result, when your sales representative chooses a product, they instantly receive a personalised quote based on the client’s requirements.
The ideal solution for integrating machine learning (ML), artificial intelligence (AI), and product science into one user-friendly application is PROS Smart CPQ. As a result, your organisation has a faster sales process when you use the solution and manage the sales funnel.
The tool’s AI/ML algorithm makes it ideal for front-line sales agents’ omnichannel product/service selling experiences. The application further offers data analytics and uses data insights for successful sales execution and, ultimately, ongoing revenue development.
Churn forecasting is one of the most important programming algorithms. This AI software detects trends of deteriorating client behaviour. Additionally, it recognises and gets rid of seasonal sales trends. The salesperson then receives precise sales advice for optimal success.
8. Cincom CPQ
Another well-known configure, price and quote (CPQ) tool made specifically for manufacturing firms is Cincom CPQ. This CPQ software may be used by other companies that provide straightforward, intricate, and customizable goods and services.
Both on-premises and cloud-based deployment options are available with Cincom CPQ. Therefore, stick to the web app if you require greater flexibility in your sales workflows and want to take account of distant workers.
On the other hand, if you want more protection, you may select an on-premise installation with tool hosting. However, the cloud-based version is just as secure. Including its rivals, it has distinguishing features like quote creation, product setup, sales proposal emailing, and price management.
Value-added capabilities from Cincom include workflow automation for quote approval and administration of quote revisions. Through role-based access, you may also include your sales partner channels into the system, including dealers, distributors, and outsourced agencies.
Would you like to convert complicated product configurations supplied to you by clients into straightforward quotes? You must try out ServicePath CPQ. Its automated CPQ procedures make sure that your company appropriately records the demands and requirements of clients.
The CPQ solution helps you match the unique product or service needs with your inventory later in the sales process so that purchase orders may be filled quickly.
The tool is a cloud-based application that can be accessed from a variety of gadgets, including desktops, laptops, tablets, and cell phones. Its major features that assist you with the CPQ procedure are the following:
- A thorough dashboard for agreements that are closed and open.
- Templates for ready-to-use quotations
- Customers can configure their own goods and services with the use of a self-service web app.
- This includes integrations with third-party CRM and enterprise resource planning (ERP) solutions.
10. Experlogix CPQ
Experlogix CPQ is a good choice if you’re searching for a quick and simple configure, price, and quote cloud application that your personnel can use from distant locations.
You can control the ordering and quotation procedures with the help of its CPQ administration features. Since it supports both business-to-business (B2B) and business-to-consumer (B2C) sales processes, Experlogix CPQ is unique.
Additionally, the application is appropriate for a variety of commercial activities, including manufacturing, IT and IT-enabled technological services, transportation, and the manufacture of heavy equipment. Therefore, whether your company operates in any or all of the aforementioned markets, one CPQ tool will be adequate.
One of the most important improvements for businesses involved in manufacturing and the creation of products and services in the twenty-first century is (CPQ) configure price quote software.
By implementing any of the aforementioned (CPQ) configure price quote software systems for your small, medium, or enterprise-level organisation, you can manage every dynamic component of the sales channel. Additionally, your sales force will have more time to approach potential customers and close deals.