Oracle Configure, Price, Quote (CPQ) Overview
Oracle Configure, Price, Quote (CPQ) is a cloud-based application designed to streamline and optimize the entire opportunity-to-quote-to-order process for enterprises and midsize companies. This solution enables businesses to efficiently manage complex product and service configurations, pricing, and quoting, ultimately enhancing customer satisfaction and driving revenue growth.
Key Functionality
- Product Configuration and Quoting: Oracle CPQ allows sales teams to configure the right mix of products or services and create accurate, professional quotes quickly. It supports even the most complex B2B configurations, including bundling, subscription pricing, and asset-based ordering.
- Guided Selling: The platform provides guided pathways that help sales teams identify customer needs and recommend relevant product offers. This reduces training requirements and ensures that every configured offer is accurate and validated.
- Automation and Workflow Optimization: Oracle CPQ automates much of the sales process, including product selection, configuration, pricing, deal negotiation, quoting, contracting, ordering, and approval workflows. This automation streamlines approvals by pre-determining quoting restrictions and triggering managerial approval parameters.
- Price Optimization and Margin Control: The solution helps in defining price parameters, including discount levels, to maximize margins. It also provides price scoring, historical deal context, and discount optimization to improve negotiations and boost margins.
- Integration with CRM and Ecommerce Platforms: Oracle CPQ seamlessly integrates with any CRM solution, such as Oracle Sales or Salesforce Sales Cloud, and with ecommerce platforms like Oracle CX Commerce. This integration allows sales reps and partners to generate quotes and orders from a single screen, on any device, at any time.
- Self-Service Capabilities: The platform supports self-service environments where customers can configure products or services themselves. It also guides buyers in selecting compatible and relevant purchase options, eliminating irrelevant or incompatible choices.
- Recurring Revenue Management: Oracle CPQ pairs well with Oracle Subscription Management to support recurring relationships and predictable revenues. It manages subscription activation, expiration, renewal, amendments, and termination with ease, tracking variables such as one-time or recurring charges.
- Cross-Sell and Upsell Opportunities: The solution includes built-in cross-sell and upsell recommendations to grow deal sizes. It automatically applies discounts and relevant upsell and cross-sell opportunities, enhancing the overall sales performance.
- Electronic Signatures and Document Management: Oracle CPQ allows for the sending and receiving of official electronic signatures via integration with market-leading e-signature vendors like DocuSign. It also supports flexible document output formats, including PDF, Microsoft Word, and Rich-Text.
- Multi-Language and Localization Support: The platform offers built-in multi-language compatibility, ensuring that businesses can operate globally with ease. It supports various pricing models, including localization, seasonality, promotions, channel pricing, and multitier pricing.
Benefits
- Improved Customer Experience: Oracle CPQ enhances customer interaction by providing accurate and functional product configurations, real-time collaboration, and self-service capabilities.
- Increased Productivity: By automating routine business processes, the solution allows sales teams to focus more on selling and less on administrative tasks.
- Scalability and Flexibility: The platform is scalable and enterprise-ready, making it ideal for companies selling a variety of products and services across different sales channels.
- Revenue Growth: Oracle CPQ helps in identifying and prioritizing opportunities with the highest win probability, generating more revenue through optimized pricing and deal management.
In summary, Oracle CPQ is a comprehensive solution that streamlines the sales process, optimizes pricing and configurations, and enhances customer satisfaction, making it an essential tool for businesses aiming to drive growth and improve sales outcomes.