Configure, price, quote (CPQ) is a term used in business to describe software systems that help sell complex products.
In this blog post, we’ll examine the types of businesses and products that benefit most from CPQ software and discuss the value of implementing a CPQ solution.
CPQ software is not for straightforward, inexpensive commodity products like groceries. It's for products and services that can be configured and priced differently depending on which options the buyer wants. Think of buying a vehicle, where the cost may vary depending on the color, features, and extras you select.
Companies that sell complex products—like equipment and machinery—or configurable solutions—like telecommunications or enterprise software—can realize a lot of value from using CPQ software.
If your business meets any of the following criteria, it might be time to consider implementing a CPQ solution:
CPQ’s step-by-step process allows businesses to create automated, accurate purchase orders tailored to customers’ needs, streamlining the quote process for salespeople while delivering a more personalized customer experience.
Create product configurations with user-friendly, dynamic interfaces—whether your customer needs simple bundles or more complex “engineered-to-order” configurations.
Automatically calculate prices, apply discounts, streamline approval processes, and validate quote information—all within minutes.
Empower your sales team to create professional proposal documents, including current product and pricing information, with just a few clicks.
Your salespeople are the fuel that keeps your business moving, but they need the right tools to work effectively and efficiently. CPQ software helps shorten sales cycles and will prove beneficial throughout the sales journey for several reasons.
For businesses already utilizing CRM or ERP, CPQ software can be seamlessly integrated into existing systems. Using CRM and CPQ together only increases the effectiveness of both solutions. While CRM can reveal a customer's order history and track buying behavior, CPQ gives insight into open quotes, customer service requests, and support.
With information flowing easily among systems, businesses can avoid miscommunication at each stage of the selling and fulfillment processes, while gaining visibility into cross-sell and upsell opportunities.
There are countless benefits to adopting CPQ if your business offers complex, configurable products. By implementing a CPQ tool, you can enable your teams to communicate, share data, and provide more prompt and personalized service to your customers.
Learn more about Oracle’s unified approach to sales and CPQ, and how we can help solve your most complex configuration and quoting challenges—at scale.
Want to see Oracle Configure, Price, Quote (CPQ) in action? Take the brief self-guided tour below.
As a Sr. Product Marketing Manager for Oracle Advertising and CX, Reanna is responsible for developing product messaging and positioning with a focus on Oracle’s Configure, Price, Quote (CPQ) and Subscription Management solutions.