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Configure, Price, Quote, or CPQ, is software that helps companies accurately define the price of goods across a huge and constantly changing spectrum of variables. CPQ software aggregates these variables, which in turn allows companies to configure products or services in the most optimal way (i.e. bundling, upsells, etc.), price them according to costs, competition and local economic factors, and quote a customer the absolute best price possible in accordance with all of the above factors. CPQ (Configure Price Quote) helps your channels close bigger deals faster with visibility into the latest product and pricing information, and the ability to quote quickly—from any device. With built-in analytics and intuitive workflows, your reps and partners can discount smarter, run faster than the competition, and be easy to do business with—no matter how complex your business becomes.

What are the benefits of CPQ software for businesses?

As companies and their product/service lists grow, it becomes increasingly difficult to manage product pricing, identify great upsell opportunities, and keep track of deals being offered by your competition. On top of this, sales reps aren’t given up-to-date pricing information on their products, leading to lost opportunities and slower quote times. Configuring a quote can be a time consuming task, especially when critical data is not easily accessible in real time.
CPQ software eliminates these problems. Sales cycles are faster, pricing data is far more accurate, and opportunities to upsell and bundle are captured more frequently. At the same time, a company can prepare orders faster without increasing the potential for error. And lastly, because pricing data is more streamlined, workflow is streamlined, time is saved and more sales can be made.

How does a company decide on whether it needs CPQ software?

A company that is having trouble managing thousands of products and SKUs due to discontinued items or discounts, or a sales team that feels it does not have the updated information it needs to provide proper sales quotes (for bundles or upsells) are both indications that CPQ software is a good idea. Also, companies that are operating on a global scale and need to provide quick and accurate pricing data to dozens or even hundreds of stores may find CPQ software very effective at managing pricing discrepancies cutting back on sales quotes that actually lose the company money.

Should my company select a traditional or cloud based Configure Price Quote solution?

Because the ideal customer of Configure Price Quote software is either a large company or a company that is rapidly growing, it makes more sense to select a cloud-based software option. Not only will it spare an IT department from taking on time-consuming installations and upgrades, it will allow that same company to work from anywhere, on any device, at any time, and all for a monthly subscription that scales according to that company’s needs.

What makes the Salesforce Platform the ideal choice for CPQ software?

If you’re a small business, chances are you’ve heard of salesforce, maker of one of the best known Customer Relationship Management (CRM) solutions available today built on the Salesforce Platform. Because so many companies are familiar with this award-winning platform, it makes sense to offer back office software on that platform. Not only is the platform extremely intuitive and versatile, it’s also well-regarded by thousands of businesses across the U.S. and abroad.

Best CPQ Software

Configure, price, quote (CPQ) software helps companies automate the lifecycle of the quoting and proposal process, starting with the moment a customer supplies their needs in a company’s offering and ending with sending a detailed quote to the customer or prospect. CPQ software is used in sales departments to accelerate the sales process while improving quote accuracy and customer relations. These software products allow companies to determine a customer’s needs and provide them with custom quotes that best fit those specific needs. Products are typically built on an existing customer relationship management (CRM) software or designed to integrate with one (or more) CRM tools.

o qualify as a configure, price, quote (CPQ) solution, a product must:

  • Include features for the basic activities that are part of the configure, price, quote lifecycle: defining configuration logic for the offering, standard and custom pricing, and quote tracking
  • Provide information that salespeople can use to quickly create offers that are beneficial for both the customer and the company
  • Offer workflows for users to create, modify, send, and track quote documents in different formats
  • Allow the use of CRM, ERP, and other enterprise software data to define and manage product catalogs including pricing and bundling for hundreds or thousands of products
  • Evaluate the profitability of each offering based on financial rules, customer pricing, costs, and external factors like competitors, market changes, or laws and regulations
  • Integrate with other solutions downstream (to gather and analyze data for better quoting) and upstream (to propagate new pricing into other solutions such as e-commerce)
  • Assist users with analytics and reporting during the entire quoting process, and provide data and suggestions to improve the process