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What is a CPQ software?

Today, manufacturers offer the highly configured and individually customized products in order to meet specific needs, bring more value to the customer and deliver the most efficient solutionsVarious product lines and hundreds or thousands of items with all available components or additional accessories can’t be selected from the standard product catalogue. 

While the standard configuration software for simple products might be enough just to select additional accessories or components, more complex or large-scale industrial systems require a more customized solution. Those products configuration, typically based on specific conditions including rules and constraints, might be based on a similar selection process or additional mathematical or physical calculations. Very often, this process is handled by very complex Excel sheets, and you should know how hard is to share updated Excel files through the whole network of internal or external users. 

The main goal behind CPQ platform is to digitize the sales process for advanced products or services. 

CPQ or Configure and Quote are software systems used typically in the B2B industry designed to support the user and companies with an advanced yet accurate and efficient process.

The CPQ platform accelerates the process of creating and processing orders from multiple markets and channels, minimizes the amount of manual work (e.g. work with spreadsheets) and eliminates many of human errors. Additionally, the offers standardization allows delivering faster to customers the necessary information such as prices, detailed technical documentation or advanced calculation results. 

How the process of configure (select), price, quote looks like? 

Basically, it simplifies the interaction of the product with manufacturers, distributors, and customers, and not only allows to configure or select the right product but what’s the most important, it immediately delivers information about prices, technical specification and smooth the ordering process. 

Traditionally CPQ platform was considered as an additional sales tool. However, with growing customer expectations and requirements for sales departments that need to achieve high results at a lower cost, CPQ platforms became a key technology that significantly reduces the sales cycle and ensures high-quality customer service. 

To sum up, CPQ software gives more capability for sales team including:  

  • Minimalizing amount of handwork with documents and data 

  • Configuring product, pricing and quoting in one application 

  • Managing product information in one central system 

  • Many markets, languages, and channels support 

  • Business Intelligencereportsstatistics 

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