Best CPQ Software In today’s rapidly evolving business environment, organizations need innovative solutions that help them streamline sales processes, enhance productivity, and improve customer satisfaction. One such solution that is gaining immense popularity is CPQ software. CPQ stands for Configure, Price, Quote, and these software solutions are designed to help businesses automate and simplify the complex process of configuring products, pricing them accurately, and generating quotes quickly. This guide will explore the best CPQ software options in 2024, providing you with a comprehensive overview to help you choose the ideal solution for your business needs.
What is CPQ Software?
Before diving into the best CPQ software, it’s essential to understand what CPQ software is and how it can benefit your business. CPQ software refers to a set of applications designed to automate and streamline the process of creating product configurations, setting prices, and generating accurate quotes for customers.
Key Features of CPQ Software
- Configuration: Allows sales teams or customers to customize products based on specific requirements.
- Pricing: Helps calculate accurate pricing based on selected configurations, offering real-time pricing updates.
- Quoting: Generates professional and error-free quotes that can be sent to customers, helping businesses close deals faster.
The best CPQ software will allow your sales team to efficiently manage complex sales processes, enhance customer experience, and reduce operational costs by minimizing human error in pricing and configurations.
Why Do Businesses Need the Best CPQ Software?
The need for the best CPQ software arises from the increasing complexity of modern sales processes. Businesses, especially those in industries like manufacturing, SaaS, and telecommunications, often deal with highly configurable products and services. This can lead to pricing inconsistencies, long quote generation times, and errors in configurations.
By using CPQ software, businesses can:
- Accelerate Sales Cycles: With automated configurations, pricing, and quoting, your sales team can produce quotes faster and more accurately, ultimately closing deals more quickly.
- Increase Accuracy: CPQ software ensures that pricing and configurations are correct, reducing the risk of errors and inconsistencies.
- Enhance Customer Experience: Customers receive accurate and timely quotes, boosting their satisfaction and trust in your brand.
- Improve Profit Margins: By streamlining the pricing process, businesses can better understand their cost structures and price their products more effectively.
Now that we understand the benefits, let’s explore some of the best CPQ software solutions available in 2024.
Top 10 Best CPQ Software Solutions for 2024
1. Salesforce CPQ: A Leader in Cloud-Based CPQ Solutions
Salesforce CPQ is one of the most popular and trusted CPQ software options for businesses of all sizes. Integrated with Salesforce’s Customer Relationship Management (CRM) system, Salesforce CPQ is designed to work seamlessly with your existing Salesforce tools, providing a unified experience across your sales processes.
Key Features:
- Cloud-based integration with Salesforce CRM
- Highly customizable product configuration options
- Automated approval workflows
- Real-time pricing updates
- E-signatures and digital contract management
Why Choose Salesforce CPQ? Salesforce CPQ is ideal for businesses already using Salesforce CRM. Its seamless integration and robust features make it a top choice for companies looking to enhance their sales processes with minimal friction.
2. HubSpot CPQ: An Easy-to-Use Solution for Growing Businesses
HubSpot CPQ offers an intuitive, easy-to-use solution designed for small to mid-sized businesses looking to streamline their quoting and sales processes. As part of the HubSpot ecosystem, it integrates well with other HubSpot tools, ensuring a smooth workflow.
Key Features:
- User-friendly interface with drag-and-drop functionality
- Customizable templates for quotes and proposals
- Real-time product and pricing updates
- Integration with HubSpot CRM
- Automated workflows and quote approvals
Why Choose HubSpot CPQ? If you’re already using HubSpot’s CRM and marketing tools, HubSpot CPQ is a natural choice. It’s particularly beneficial for growing businesses that need an easy-to-implement CPQ solution without a steep learning curve.
3. Oracle CPQ Cloud: A Powerful Solution for Large Enterprises
Oracle CPQ Cloud is a robust, enterprise-grade solution that is ideal for large companies with complex sales cycles and configurations. Oracle’s solution provides powerful tools for sales teams, enabling them to generate accurate quotes and manage large volumes of product configurations.
Key Features:
- Deep configurability and complex pricing options
- Integration with Oracle ERP and CRM solutions
- Guided selling tools to help sales teams navigate complex products
- Advanced analytics and reporting features
- Scalability for large organizations
Why Choose Oracle CPQ Cloud? Oracle CPQ Cloud is perfect for large enterprises that require a high level of customization and integration with their existing ERP systems. It offers advanced capabilities for managing complex sales processes and configurations.
4. Configure One: A Leading CPQ for Manufacturing Industries
Configure One is a CPQ solution focused on the needs of manufacturers. It provides comprehensive tools for configuring complex products, calculating accurate pricing, and generating quotes quickly. It’s particularly suited for industries like industrial manufacturing, automotive, and construction.
Key Features:
- Product configuration capabilities for highly customizable products
- Support for large and complex product catalogs
- Integration with ERP and CRM systems
- Advanced pricing rules and calculations
- Easy-to-use quote generation tools
Why Choose Configure One? Configure One stands out as one of the best CPQ software for manufacturers, offering tools that simplify the creation of complex product configurations while improving pricing accuracy.
5. SAP CPQ: A Complete Solution for Global Enterprises
SAP CPQ is a comprehensive, cloud-based solution designed for large enterprises. SAP’s CPQ software is highly configurable and integrates seamlessly with SAP’s broader suite of enterprise software solutions, including SAP CRM and ERP.
Key Features:
- Deep integration with SAP ERP and CRM systems
- Flexible product configuration tools
- Advanced pricing and discount management
- High scalability for global organizations
- Multi-currency and multi-language support
Why Choose SAP CPQ? For global businesses already using SAP ERP or CRM solutions, SAP CPQ offers a fully integrated, scalable CPQ solution that can support complex sales processes and global sales teams.
6. PandaDoc: A CPQ Solution Focused on Document Automation
PandaDoc is an excellent choice for businesses looking to integrate document automation with CPQ capabilities. While it is best known for eSignatures and document generation, it also offers features like product configuration, pricing, and quoting.
Key Features:
- Easy-to-use quote and proposal templates
- Document automation and e-signatures
- Integration with CRM and ERP tools
- Analytics and reporting for quote performance
- Approval workflows and collaboration tools
Why Choose PandaDoc? If your business needs a solution that focuses on both quoting and document management, PandaDoc is a great option. It is particularly useful for businesses that deal with complex contracts or require extensive document management features.
7. PROS CPQ: AI-Powered CPQ for Smarter Pricing
PROS CPQ stands out for its use of artificial intelligence to enhance pricing and sales processes. It leverages AI to provide smart pricing recommendations and optimize sales strategies.
Key Features:
- AI-driven pricing optimization
- Integration with leading CRM and ERP solutions
- Real-time pricing updates based on market conditions
- Sales analytics and performance tracking
- Guided selling tools
Why Choose PROS CPQ? PROS CPQ is ideal for companies looking to leverage AI to improve their sales and pricing strategies. Its smart pricing capabilities allow businesses to optimize their pricing in real-time based on data insights.
8. Apttus CPQ: A Comprehensive CPQ for Complex Sales Processes
Apttus CPQ is a powerful and feature-rich CPQ solution designed to handle complex sales processes. It provides tools for configuration, pricing, and quoting, with a focus on automation and efficiency.
Key Features:
- Advanced configuration and pricing rules
- Integration with Salesforce CRM and other enterprise software
- Automated approval workflows
- Customizable templates for quotes and proposals
- Detailed analytics and reporting
Why Choose Apttus CPQ? Apttus is an ideal choice for businesses with complex sales processes that require deep customization and integration. Its advanced features and scalability make it a strong contender for larger organizations.
9. Vendavo CPQ: A Solution for B2B Sales
Vendavo CPQ is a B2B-focused CPQ solution that helps sales teams generate accurate pricing and configure complex products. It is particularly suitable for companies operating in the manufacturing, technology, and industrial sectors.
Key Features:
- Advanced pricing optimization tools
- Integration with leading ERP and CRM platforms
- Complex product configuration capabilities
- Real-time pricing and discount management
- Reporting and analytics for sales performance
Why Choose Vendavo CPQ? Vendavo is the best CPQ software for B2B businesses looking for advanced pricing optimization tools and deep integration with existing ERP systems.
10. Tacton CPQ: A CPQ for Engineers and Manufacturers
Tacton CPQ offers advanced configuration tools that make it ideal for engineers and manufacturers who need to manage complex product configurations and pricing scenarios.
Key Features:
- Easy-to-use configuration tools for engineers
- Integration with major ERP systems
- Real-time pricing and quote generation
- Guided selling features
- Support for mass customization
Why Choose Tacton CPQ? Tacton is the best choice for manufacturing companies that need a solution for both product configuration and pricing, particularly in industries like automotive and industrial equipment.
How to Choose the Best CPQ Software for Your Business
Choosing the right CPQ software for your business depends on several factors, including your industry, the complexity of your products, and your existing tech stack. Here are some key considerations to help you make the right choice:
1. Integration with Existing Systems
Ensure the CPQ software integrates seamlessly with your CRM, ERP, and other business tools. If you’re already using Salesforce, for example, Salesforce CPQ might be the best choice.
2. Customization Options
Look for CPQ software that allows you to tailor the solution to your specific business needs, whether it’s configuring products, setting pricing rules, or generating quotes.
3. Ease of Use
The best CPQ software should be intuitive and easy to use for your sales team. Complex configurations and pricing models shouldn’t require a steep learning curve.
4. Scalability
Choose a CPQ solution that can grow with your business. Whether you’re a small startup or a large enterprise, ensure that the software can handle your current and future needs.
5. Price
CPQ solutions can vary widely in price. Consider the total cost of ownership, including licensing, implementation, and ongoing support.
Conclusion
When choosing the best CPQ software, it’s crucial to evaluate your business’s specific needs and select a solution that can streamline your sales processes, reduce errors, and enhance customer satisfaction. Whether you’re a small business looking for an easy-to-use tool like HubSpot CPQ or a large enterprise needing a robust solution like Oracle CPQ, there’s a CPQ solution out there to meet your requirements.
By adopting the right CPQ software, you can ensure that your sales team is empowered to generate accurate quotes, configure complex products with ease, and close deals faster, all while improving your bottom line.