CPQ software is an abbreviation for configure, price, quote. CPQ software can help your sales unit to configure your products or services with your business rules to meet customer requirements. The tool can also enable them to manage the pricing of all your offerings. They can generate quotes with standardized pricing accurately and quickly, and include available discounts. Show more In addition, pricing rules can be stipulated to manage partner and channel pricing, pre-negotiated contract pricing, percent-of-total subscriptions, and volume discounts. Then, a sales agent can generate a quote, send it by email, and add an e-signature to finalize the deal. CPQ software ensures consistency in the whole process by automatically linking the configured products and pricing. Start by checking our leader Salesforce CPQ, and other recommended solutions in this category. Show less
In order to come up with this list of best CPQ Software we have researched 64 popular solutions currently available on the market, studying their features, how easy are they are to learn, client support, available integrations with other systems and mobile device support using our exclusive SmartScoreTM rating algorithm. This ranking has been created by Louie Andre, our software expert dedicated to the CPQ Software category.
CPQ tools help your sales squad to configure your company’s products or services with your business rules, manage their pricing, and generate and send a quote to clients to close the deal. This platform can thus prove invaluable for your enterprise’s sales unit. But how do you select the best CPQ tools in the business from loads of solutions out there? Read this buyer’s guide to learn the main features to look for while scrutinizing the various software products and do educated comparisons.
The ideal way to start your quest for the best CPQ software is to try them out free of cost. You can do this by using the handy free trial facility offered by most top vendors. We recommend the following tools and you can visit their websites to check if there is a free trial you can register for: Apttus, Salesforce Quote-to-Cash, Infor Configure Price Quote, and Oracle CPQ Cloud.
CPQ software is recommended for medium-sized and larger companies that provide customization for clients when ordering as well as those that have large product lines. Plus, it can be used by businesses that have big sales teams that need to be constantly updated about product development and changes. Sales teams can use the tool to manage and organize high volumes of custom sales enquiries and orders.
CPQ software can also prove handy for fast-growing small companies as it can improve their competitiveness by empowering them to speedily turn back price quotes to clients.
There are 2 widely used versions:
CRM vendors are expanding their CPQ offerings
Salesforce’s acquisition of the Steelbrick CPQ solution signals that CRM companies are keen on buying CPQ platforms to include in their offerings. This means CPQ providers who wish to compete in the market need to differentiate their products and features to stay ahead of software platforms the come bundled with a CRM tool.
Companies are more educated on the benefits of CPQ
A lot of enterprises have learnt the value of CPQ and are using this concept to enhance their business competitiveness. This knowledge helps these companies to understand the features offered by different CPQ vendors and select the best fit for their needs. In addition, a lot of organizations are shifting from one CPQ solution to another as their needs increase.
Artificial Intelligence
The continued improvement of Artificial Intelligence (AI) tools has led to advances in many fields, CPQ software included. With AI, sales representatives can receive guided selling, where they can be directed to the best solutions for each customer’s specific requirements. This also includes the recommendations for accessories and related components that can add more value.
Slow CPQ process
Your CPQ process can be slowed down by manual work and too many reviews and revisions. This can dull your company’s competitive edge. It is important to respond promptly when your clients are ready. You can ensure this by using CPQ software to automate the CPQ process.
Manual CPQ process is error-prone
Dependence on manual CPQ process can make your proposals miss client requests and need revisions. Plus, if you add manual reviews it will further slow down responses and increase the risk of human error. When sales reps use manual processes they may utilize old proposal templates. This can lead to errors like old client names and logos in new proposals. You can resolve these issues by automating proposal generation with CPQ software.
Using inaccurate/outdated data
CPQ software solutions are only as good as the data you feed it. Importing inaccurate or outdated information can greatly affect the chances of closing the sale, and may potentially irk potential customers who expect accuracy every time. It pays to ensure that the item inventory and prices are updated before embarking on any selling activity.
CPQ software is supposed to automate the process and make it easier for salespeople to get the deal closed. However, if your team responds poorly to the software, spends more time with the instruction manual than the interface, and compensates lost time by making manual computations, then you’re probably only throwing money at the problem. Have your salespeople attend product demos to get a pulse if you’re doing the right thing.
Customization, or lack of it.
Your company may have certain requirements that are different from others. Consequently, acquiring a one-size-fits-all solution may not work as well for you. Ensure that the software you are considering is aligned with your objectives, or at the very least, features customization options that are more in tune with what you need.
Price matters
Having the cheapest option doesn’t necessarily solve the problem. However, shopping for a cost-effective solution makes good sense. While most packages require a monthly subscription, there are others that charge by the number of users as well. In addition, be on the lookout for add-on costs that may push you over the budget while paying for features that you don’t want nor need.
CPQ software is meant to make the sales process not just faster but easier for your end-users. That should remain the foremost test to ascertain if your CPQ software is doing its job well. You get to have productive sales teams that use their time more efficiently and can send client quotes immediately.
For clients, CPQ software helps make quoting consistent. After all, there’s nothing more annoying than receiving a replacement quote that contains new pricing. What’s more, it accelerates turnaround times which is something that your customers are sure to appreciate.
Ultimately, CPQ software should help you save money by doing more in less time and with less effort. If the software helps both your sales team and your clients reach an accord faster and more efficiently, then that means you made a good investment.
Order by:
The first and most important thing is to make certain the software is perfect for your organization’s needs. Do not worry about the delivery method and pricing model and concentrate on getting the right solution. Second, you should invest some time to do proper research on the background of the provider and the tool of the product. Otherwise, you may end up paying a high price if the platform proves to be a bad fit.
Another important point is you should always read the contract and understand the terms and conditions. SaaS agreements are known for clever phrasing, so be sure you know what you are getting into. Do not get sapped into an evergreen contract. Be certain about the renewal terms as well as the notice time needed to cancel the renewal.
You will be surprised to learn the gains you can earn by negotiating cleverly. SaaS software is a competitive market and providers will be willing to give you a discount to earn your business and continue it. Make use of this chance to save some money.
Realize that the teaser rate is offered only for a short period. Learn about the total cost you need to pay after the initial discount ends. Also, estimate the long-term fee to know what you are getting into.
Salesforce CPQ is our highest-rated software for the Configure, Price, and Quote category. It provides out-of-the-box capabilities that let sales teams deliver branded quotes immediately upon demand. Features like pricing and discount scheduling and guided sales help sales representatives pinpoint up-sell and cross-sell opportunities while making good use of the in-app product catalog.
Clients will also like its multiple pricing and discount module that helps maintain consistency when it comes to rates. This leads to customized and accurate quotes at all times.
While you may be hard-pressed to find CPQ software for free, there are a number of products that offer free trial plans. Note however, that the free version or free trials of some software solutions come with limited functions or are only good for a certain time period. That being said, we recommend Apptivo as it offers a free starter account that is limited to 3 users, 500MB storage per business, basic contact sharing, standard reports, and standard customer support.
Meanwhile, some of the products with free trial plans include Salesforce CPQ, Oracle CPQ Cloud, iDashboards, CallidusCloud (30-days free trial), Odoo (15 days), and Armatic (14 days).
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