CPQ (Configure, Price, Quote) Software – an overview
CPQ – short for Configure, Price, Quote – software is a sales tool for companies to quickly and accurately generate quotes for orders. CPQ applications often work in tandem with CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) programs. Quotes produced with CPQ software are automated according to a pre-programmed set of rules, ensuring error-free pricing that takes into account quantities, discounts, customisations and optional features of products.
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The 10 most popular CPQ Software solutions
1. Infor CPQ offers industry-specific functionality to manufacturing and distribution, in industries such as aerospace, fashion, furniture and more. The solution offers an entire sales network the ability to create proposals and quotes.
Customers and sales representative can view the specifications of solutions, while a rule-based configuration engine guards the process to ensure that only valid configurations are selected.
Configurations can be created from scratch or using previously saved orders as a starting point. 2D and 3D product representations allow customers to see the products which have been created before they are manufactured.
The system also helps sales representatives build quotes that allow for manufacturing constraints, avoiding the sale of configurations that cannot be manufactured or are not profitable.
Infor runs on Microsoft SQL and Oracle database servers. It integrates with ERP systems, Microsoft Exchange, Outlook, and Lotus Notes.
2. Salesforce CPQ is a sales tool for companies to provide accurate pricing with any given configuration scenario. The application takes into account optional features, customisation, quantities and discounts, allowing sales reps to quote prices quickly and accurately. Salesforce CPQ gives sales teams easy to use software, available on any device due to its cloud-based platform.
The solution’s pricing and discount module handles multiple pricing and discounting options including pre-negotiated contract pricing, volume discounts, and channel and partner pricing. It enables users to uphold consistency in pricing and discounts by setting clear rules. It provides fully customisable templates to craft documents the way that best suits user requirements.
The manage contract feature makes it easy to design professional sales contracts, and helps users integrate contracts with signatures to close deals faster.
3. Oracle CPQ Cloud is designed to improve the efficiency of sales processes and the customer experience by fully automating the sales order process. The solution enables users to generate branded quotes and proposals based on defined pricing models and business rules. Sales teams can sell anywhere and from any device using Oracle CPQ. The software also provides detailed analytics and reports to better understand the effectiveness of sales processes.
The solution includes Oracle CPQ Cloud for Channel Partners, Oracle CPQ Cloud for e-commerce, and Oracle CPQ Cloud for mid-market. The order management feature integrates with CRM systems, and more than 20 ERP systems, including SAP, Oracle, Microsoft, and other systems.
Users can define product configuration rules, manage renewals agreements, and reduce contract compliance risk and pricing errors.
4. SAP CPQ analyses functional specifications, defines components that address requirements, resolves interdependencies and combines everything in one tailor-made package. Key features include a scalable configuration engine, an intuitive interface, quote management, an interactive pricing feature, a data extractor, analytics and extensive integration capabilities.
The application automates the selling process to enable users to deliver solutions that meet unique customer requirements.
The solution configuration module is used to outline the configuration of solutions in sales orders and quotations, and integrates with other SAP products such as SAP ERP and SAP CRM.
5. ConnectWise Sell is a quote and request for proposal solution suitable for businesses of all sizes. Primary features include quote and proposal, product sourcing, workflow automation and sales reporting.
The solution allows users to create proposal presentations from pre-built templates, in which they can enter product information, pricing, agreements and more details. Users can attach supporting documents, store credit card information, capture e-signatures, update their CRM system and create interactive video proposals.
The distributor pricing feature uses real-time data feeds and downloadable price files to update the sales process with accurate pricing information.
ConnectWise Sell also provides a portal that users can use to contact their clients. The business intelligence feature provides sales analytics with supplier, product line, revenue and other reports. Users can customise their reporting dashboard. The product offers integration with various CRMs, business support software, vendors, distributors and more.
It is compatible with Windows, Linux and Mac operating systems.
6. PandaDoc is cloud-based document management software, mainly used by sales and marketing teams, to create proposals, quotes, HR documents, contracts and more.
The software allows users to choose from a variety of proposal templates, which are free to download and customise. Options are available to change the language and currency used in documents depending on local or regional requirements. Collaboration tools allow teams to work on a single document by commenting and in-activity logging. There is also an e-signature facility allowing approvers to sign off on any document remotely.
PandaDoc’s analytics provide real-time statistics regarding who has viewed a proposal, how many times they have viewed it, and how long they have worked on it. An overview of proposal performance is provided through a dashboard.
The system supports various document forms including PDFs, Docs, and other pre-existing legal documents. It works well with quotes, contracts, agreements, and other sales collateral.
The solution integrates with third party platforms like Salesforce, HubSpot, and SugarCRM.
7. Odoo is a cloud-based open source CRM system designed for companies of all sizes. Its suite of applications include lead management, sales automation, marketing campaign management, and business reporting features.
The lead management feature can be used by sales divisions to define criterial for assigning leads. Using these criteria, sales divisions can select the most appropriate and available sales representative for leads to improve the quality of sales. Odoo also features marketing campaign management that helps users design marketing campaigns for lead generation and brand promotional activities.
The system features reports and a dashboard to monitor contacts and activities, so organisations can make informed decisions regarding lead generation, sales and marketing procedures.
The solution offers social media integration that helps users generate leads from social media sites, such as Facebook, LinkedIn and Twitter.
8. Apttus Intelligent CPQ is an innovative CPQ solution powered by artificial intelligence. It enables global commercial entities to enhance their lead gains, identify cross-selling and upselling opportunities, and manage sales cycle intervals. Using an AI tool called Max, the virtual assistant guides users to ensure that every aspect of CPQ is covered.
Apttus Intelligent CPQ offers actionable intelligence to companies through thorough analysis of quote elements, comparing them to top-rated sellers and deals. Max can evaluate customer data and identify patterns according to products and services they own and have acquired. These result in data-driven insights and optimal price recommendations.
Sales representatives are able with the system to find out how likely they are to win a deal, because Max scores their quotes and offers them suggestions on how to make them more attractive to customers. This allows them to increase the probability of winning and closing a transaction.
9. iDashboards is cloud-based business intelligence dashboard software, designed to help businesses view and present their data through interactive and engaging visuals. The key objective of the solution is to analyse business data and derive meaningful information from it.
iDashboards is a suitable alternative to Excel for viewing and editing data, and building interactive charts. The drag-and-drop functionality allows users to add, or remove, datasets, apply custom filters and define custom fields. Users can create dashboards that can be shared with anyone, both within and outside the organisation. The application offers a range of charts, graphs and pivot, allowing users to slice and dice large datasets into different data layers.
iDashboards is capable of integrating with various databases, including Excel, spreadsheets, SQL, QuickBooks and other cloud applications. Every user can define their own set of KPIs, and track them using their personalised dashboard.
10. Apptivo Estimates App is sales quote lifecycle management software. The application enables users to track sales opportunities, create estimates for each of them, convert them into invoices and bills, or work orders, when a sale has been achieved.
Apptivo Estimates App supports the online approval of quotes, streamlining the process and producing more effective communication between the provider and the customer. Customers can view their requested quote in PDF form, and click an approval button to get to the next stage. The solution has a highly navigable interface, and supports custom interface views that lets users select data they want to display prominently.
Choosing the best CPQ Software
The best way to get an idea of the best CPQ software is to try several solutions free of charge, which can be done by using the free trial facility offered by most top vendors. It is important also to determine the level of support and after-sales service offered by providers, as well as cost and maintenance fees.
Types of CPQ Software
CPQ Software is mainly categorised between method of deployment – either SaaS (Software-as-a-Service) or cloud-hosted. Such solutions are recommended mainly for medium and large scale businesses that have large product lines or expanded sales teams.
CPQ software helps sales teams to configure their company’s products or services in line with an organisation’s business rules, manage their pricing, and generate and send quotes to clients.