What is CPQ (Configure, Price, Quote)?
CPQ stands for “Configure, Price, Quote” and refers to a software solution or platform that helps companies configure complex products or services, determine pricing, and generate quotes for customers.
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Configure:
CPQ systems allow users to configure products or services based on specific requirements or needs. This can include selecting product options, features, accessories, and other parameters. -
Price:
CPQ systems offer pricing functionalities that enable companies to automatically calculate the price for configured products or services. This often includes complex pricing rules, discounts, volume-based pricing, and other factors that can influence the final price. -
Quote:
CPQ systems support the creation of customer quotes, including all configured products or services along with their respective prices and conditions. Quotes can be automatically generated, customized, and sent to customers.
Using a CPQ system helps accelerate the sales process, reduce errors, ensure compliance with pricing and discount policies, and improve customer satisfaction by providing accurate and consistent quotes.