Best configure price quote software will be described in this article. Revenue development may slow down if sales representatives for a company spend more time on non-sales tasks like preparing proposals, generating quotes, and obtaining quote approvals. This can be changed by implementing CPQ software.
Some of the crucial duties that promote revenue growth include analyzing custom order settings, calculating a price for that, and quoting the same to the client. Business experts have discovered that the majority of organizations 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 systems and some of the top tools suitable for any type of organization. Therefore, using a digital CPQ tool will provide you with an advantage over your rivals.
What Is Configure Price Quote (CPQ)?
The sales teams of any manufacturing or development organization are referred to as CPQ in the industry. CPQ stands for Configure, Price, and quote in its entire form. Simply put, CPQ is an automated software service or solution that enables your sales team to precisely design, 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 quotes so that customers, vendors, and business clients may obtain rapid quotes on their own.
CPQ Software vs. Manual Pricing System
Businesses utilise configure, price, quote software, sometimes known as a CPQ solution, to provide accurate pricing and quotations for all product/service configurations that customers request. Customized pricing based on the configuration needed by the customer, client relationship, order volume, contract length, 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 work for a number of customers concurrently. Excel, Google Sheets, and other manual tools are therefore inappropriate.
Here arrive CPQ applications that function miraculously. Your sales manager or agents only need to select the customer type, name, configurations, etc. to generate an accurate, personalised estimate for each client. Managers can quickly examine and approve quotes because the application is digital and centralised, resulting in quicker negotiations.
Benefits of Using a CPQ Software
#1. A CPQ app gives your salespeople the freedom to make accurate, precise, and high-quality pricing quotes from any location.
#2. The tools have a variety of custom fields that you may set up against consumers or business clients to offer specific deals, services, and sales support.
#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 can easily and quickly update the database of products/services price. While the data is being updated, the sales staff can also use the new database. There’s no need 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 could 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 apps are simple to integrate with the business tools that various departments in your company utilise. This allows for effective departmental collaboration rather than siloed operation.
Currently that you have a foundational knowledge of CPQ and CPQ tools, it is time to learn about the apps that help organisations generate more income and save millions of dollars.
Top 10 Best Configure Price Quote (CPQ) Software in 2022
Top 10 Best Configure Price Quote (CPQ) Software in 2022 are explained here.
1. Conga CPQ
Conga CPQ is configure, price, and quote software for multi-channel sales management solutions that is hosted in the cloud. It was created by the Conga development team to assist manufacturing and service businesses in configuring items and generating price quotes using an up-to-date pricing database of your business.
For efficient management of the CPQ workflow by top-level staff, it includes role-based tool access. In addition, when dealing with a potential customer, front-line sales people feel more powerful.
Administrators, for instance, can create templates for constructing quotes, summaries of product configurations, and renewals of quotes based on the company’s predetermined price strategy. Sales team leaders can also edit, create, copy, and delete bundled or solo goods later in the sales pipeline.
The sales personnel can finally modify the quote data by excluding, including, recommending, replacing, and verifying product configurations and pertinent price. On the Conga CPQ tool, you must specify precise guidelines for product sales and guided selling pitches.
Another dependable CPQ tool that helps companies close agreements as quickly as possible and maintain a steady income stream is Salesforce Revenue Cloud. One of the most powerful CPQ solutions, it has five unique functionality modules that aid in sales pipelines.
First off, you can easily build intricate product specs and pricing compositions using the offers configuration module. It offers supporting tools like the Solution Configurator, Quote Generation, and Guided Selling, which is a popular among salespeople.
Second, its risk and compliance management module ensures that all sales bids and deals adhere to your company’s rules and regulations. Sub-features like Dynamic Terms & Conditions, Advanced Approvals, etc. are available to help you even more. This is another cpq software alternative.
In addition to these essential capabilities, you also receive a customer base management interface, a client lifecycle automation system, and data analytics.
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 company 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. It’s 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:
- Guided selling to support the salespeople
- Easy-to-use setup for one-click quotations
- Database for real-time pricing
- Intelligent deal management programming
- Contract management and quote document designer
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 quotes 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. This is another cpq software alternative.
You can 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 engineering 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 created with manufacturers and distributors of mechanical equipment 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 price depending on the client’s requirements.
6. 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 quotations, and creating complex product configurations. This is another cpq software alternative.
The technology works well for both complex and straightforward goods and services. Additionally, your company can tackle the following sales pipeline difficulties with the help of the SAP CPQ solution.
- Getting complex product/service settings from customers and meeting demands as quickly as possible.
- The manual quoting procedure requires a significant amount of work time. Use SAP CPQ’s automatic quotation mechanism to prevent that.
- Through centralised and online processes, reduce manual costs such as sales personnel waiting for special discounts, product comparison sheets, or quote approval.
- A guided selling function that aids front-line salespeople in moving merchandise more quickly than with a manual sales pipeline
- Use the same application to combine goods and services with alluring discounts and engage in upselling.
The ideal tool for integrating machine learning (ML), artificial intelligence (AI), and product selling 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 pipeline.
The tool’s AI/ML algorithm makes it ideal for front-line sales agents’ omnichannel product/service selling experiences. The application additionally offers data analytics and useful data insights for successful sales execution and, ultimately, ongoing revenue growth.
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 patterns. The sales person 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 can be used by other companies that provide straightforward, intricate, and customizable goods and services. This is another cpq software alternative.
Both on-premises and cloud-based deployment opportunities 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 additional side, if you want more protection, you can select an on-premise installation and tool hosting. However, the cloud-based version is just as secure. Like its rivals, it has distinguishing features like quotation creation, product setup, sales proposal emailing, and pricing management.
Value-added capabilities from Cincom include workflow automation for quote approval and administration of quotation revisions. Through roles-based access, you can also incorporate your sales partner channels into the system, including dealers, distributors, and outsourced agencies.
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 access from distant locations. 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.
10. ServicePath CPQ
Would you like to convert complex product configurations supplied to you by clients into straightforward quotes? Try out ServicePath CPQ, you must. Its automated CPQ procedures make sure that your company appropriately records the demands and requirements of clients. This is another cpq software alternative.
The CPQ solution helps you match the unique product or service requirement with your inventory later in the sales process so that purchase orders may be filled quickly.
You can control the ordering and quotation procedures with the help of its CPQ administration functionalities. Since it supports both business-to-business (B2B) and business-to-consumer (B2C) sales processes, Experlogix CPQ is unique.
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 open and closed deals
- Easily customizable quotation templates
- Self-service web applications let users customise their own goods and services.
- Works in conjunction with third-party CRM and ERP applications
One of the most important upgrades for businesses involved in manufacturing and the development of products and services in the twenty-first century is CPQ software.
By implementing any of the aforementioned CPQ 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.