Learn about CPQ Basics
What is CPQ ?
CPQ stands for Configure, Price and Quote . CPQ is a tool which helps companies produce accurate, configured quotes and make them using automation
C is for configure. Customer can select products whats he required.
P is for price. make price for products which are selected .
Q is for quote: Generating estimation price to Customer for products .
CPQ is mainly deals with Quote to Cash Process. In Quote to Cash(QTC) Process has following 10 steps need to go through to fulfill clients.
Quote To Cash deals with start to end of business life cycle. In QTC we will go through with below following stages.
Configuration: Configuration is a combination of products which Customer looks and deals with list of products, Quantity of products, colour of products ..etc which takes places here and then it move to pricing stage.
Pricing: In Pricing Stage we can check list of products and we can provide discounts for customer based on their eligibility. We can provide promotions offers to new customer to make long term attachment to our company. If customer specified any bundles products are deals here and then move to quoting
Quoting: In Quoting, we will generate the estimation price to products and provides quote is generated and sent for approval from customer.
Contract Creation: After getting approval from customer then it enters into contract stage. In these stage contract will be generated between both parties.
Contract Negotiation: If customer looking of any changes on Contract and Clauses will be discussed. Whenever Negotiation got completed successfully it will transfers into contract execution stage
Contract Execution: An approved contract is signed between both parties and the deal is finalized .
Order Fulfilment: After receiving order from customer they will start processing of order items and delivery to customer
Billing: Billing has been generated to customer after calculating all charges and invoice sent to customer for payment
Revenue Recognition: Analysis of payment made by customer on products has been delivery.
Renew: Make contact which customer for post sales activity like renewal of contracts, additional purchase and discounted products to retain customer interaction with company
List of CPQ’s available in market
- Apptus CPQ
- Salesforce CPQ (formally called as SteelBrick CPQ)
- Oracle CPQ Cloud
- SAP CPQ
- IBM sterling CPQ
- Smart CPQ
- Revvy CPQ
- Callidus Cloud
- Cincom CPQ
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