These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.
What is CPQ Software?
Configure, price, quote (CPQ) software is a type of sales acceleration software that focuses on generating quotes and managing product configuration requests. This streamlines sales activities by providing customers with quick and accurate pricing information based on their needs.
This software automates the quoting process under a defined set of rules which account for variables such as discounts and customization requests. Many CPQ solutions integrate with CRM software, enabling sales reps to take full advantage of existing customer data when making deals. Synching CPQ and CRM software allows sales activity to happen within the same system, avoiding the creation of duplicate customer records.
CPQ software is used primarily by sales teams to streamline the sales cycle. It automates part of the configuration process and quickly generates quotes based on customization requests and customer records contained in the user’s CRM. Sales reps can then send these quotes in a proposal to prospects or customers. CPQ solutions can also be accessed by other departments (e.g. IT, product development) to ensure the best configurations are being offered to customers.
Sales Quote Generator
At the core of CPQ solutions is a rules engine that coordinates resource supply, customer information, and pricing structures. The quote produced by a CPQ tool is based on company pricing and configuration policies, which are taken into account behind the scenes.
The CPQ rules engine might also take into consideration the customer’s demographic information. For example, certain discounts may only be available for customers in a particular region.
CPQ software automates the process of assessing whether customer requests (options/combinations/features) are possible, and how much they will cost. Some CPQ applications help navigate a complex pricing structure that includes a lot of discounts and exceptions. This is especially relevant for companies offering a wide range of highly customizable products such as telecommunications and insurance companies.
CPQ Software Features & Capabilities
Features may include:
Order capturing: Allows the capture of orders across multiple customer interaction channels (e.g. direct sales, contact center, point-of-sales, resellers, customer self-service).
Product configuration: Allows users to configure products and services by selecting bundles, constraints, options, preferences, etc.
Configuration options: Supports a comprehensive level of detail around available and compatible configuration options (e.g. product features, services, quantity).
Pricing rules: Determines price based on rules and hierarchies. Rules may consider customer demographics, availability, and/or product configuration.
Price adjustment: Sales users can adjust or override prices based on coupons, discounts, markups, etc.
Quote sharing/sending: Salespeople can share quotes and information with customers via email, customer portal, personalized URL, or other channels.
Credit approvals: Allows customers to input credit information. This can be checked and approved or declined. Credit score may factor into the quote.
E-signature: Includes electronic signature functionality so that proposals can be approved and signed digitally. Or, may integrate with e-signature software.
Purchase history and open contracts: Provides information about a customer’s current and previous purchases, which can inform new customer sales.
Guided selling/Sales portal: Provides salespeople with tips, recommendations, or question sequences to help with product configuration and quoting, and/or to assist with cross-sell and upsell.
Self-service CPQ: Includes an interface for customers to select product options and generate their own quotes; this is particularly relevant to eCommerce.
Reporting & Analytics: Users can report on and analyze CPQ processes. Metrics may include quoting cycle time, proposal acceptance rates, revenue, etc.
Proposals: Allows users to generate/automate sales proposals. Or, may integrate with proposal automation software.
CRM Integration: Allows sales reps to access customer data and automatically logs CPQ customer interactions in the CRM.
Excel Integration: Excel integration allows quotes to be generated on spreadsheets using underlying CPQ rules.
Key Benefits of Using CPQ Software
Knowledge retention & productivity—helps institutionalize sales knowledge, especially around complex pricing and configurations, for onboarding and training purposes.
Sales alignment—sales teams are aligned around the same configuration and pricing rules, so quotes are consistent and accurate and revenue is predictable.
Efficient sales cycles— upselling opportunities are automated and pricing rules are semi-automated, making sales reps more productive.
Better customer experience—availability and pricing information is based on a customer’s specific circumstances and needs.
CPQ solutions are typically priced on a monthly subscription model, per user. Prices start at $75/mo. per user, and can increase to $250/mo. per user depending on the number of features. Most vendors do not disclose prices on their website for enterprise level solutions, but will provide quotes upon request.
Configure One is a CPQ and e-catalog tool that allows users to visualize complex product configurations in 2D and/or 3D, and generate quotes and orders based on valid configurations. Configure One integrates with ERP, CRM, and CAD systems. It also includes features for manufacturers,…
Infor CloudSuite Configure Price Quote software (CPQ) is designed to enable the user to sell complex products more quickly from opportunity to close, eliminating costly errors and speeding up the sales cycle. The product is an evolution of the former Product Configuration Manager…
EndeavorCPQ is a configuration, pricing, and quoting software solution with features such as guided selling, workflow approval capabilities, and customizable sales portals. EndeavorCPQ has robust integrations with popular CRM solutions such as Salesforce, SugarCRM, Microsoft Dynamics…
Configurator 360 is an online product configuration system from Autodesk. It allows engineers to provide collaborators, customers, and sales reps access to 3D product configurations. Autodesk discontinued sale of Configurator 360 in May, 2020. When existing paid subscriptions end…
Manufacturing X is a sales platform that combines the power of CRM and CPQ with production expertise and intelligent insights to transform the profitability of manufacturing businesses today. Based on the SAP Cloud Platform, it is deeply integrated into manufacturing processes and…
Zywave's CPQ is a benefits consulting platform that aims to empower insurance agents and benefits brokers to deliver better, more strategic outcomes to their clients. Its technology platform allows users to automate content, provide better data management and simplify administration.…
Custom with the ease of standard.e-Con helps businesses sell custom products and services easily and accurately. No matter how many options or variations, the vendor says their guided selling tools, API integrations, calculator and rules engine produce flawless, visually stunning…
Configuration Engine on top of Salesforce (CPQ)e-Con CPQ helps businesses sell custom products and services easily and accurately. No matter how many options or variations, our powerful guided selling tools, API integrations, calculator and rules engine produce flawless, visually…
The Expivi 3D Product Configurator is an interactive tool that allows potential customers to experience products in 3D, view them from any angle, and customize colours, textures, components and more. CPQ (Configure Price Quote) integration allows you to show your customers a unique…