Categories   >   CPQ Software
Last Reviewed: November 25th, 2024

Best CPQ Software Of 2024

What is CPQ Software?

CPQ software, short for Configure, Price, Quote, automates the sales process for businesses with complex products or services. It tackles the challenge of generating accurate and timely quotes by guiding users through product configuration, pricing rules, and proposal generation. This eliminates errors, reduces turnaround time, and improves sales win rates. Key functionalities include product configurators, pricing engines, and integrations with CRM and ERP systems. Emerging features leverage AI for product recommendations and dynamic pricing. CPQ software benefits various industries like manufacturing, technology, telecom, and professional services. However, its complexity and cost can be limitations for smaller companies. Overall, CPQ software streamlines the sales process, improves accuracy, and boosts sales effectiveness, making it a valuable tool for businesses with complex offerings.

What Are The Key Benefits of CPQ Software?

  • Faster quote turnaround
  • Reduced quoting errors
  • Improved sales rep productivity
  • Enhanced deal win rates
  • Streamlined approval process
  • Personalized customer proposals
  • Deeper sales insights and analytics
  • Increased sales team collaboration
  • Improved compliance and auditability
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SelectHub Award Winners - Array

Our Research Analysts evaluated 46 solutions and determined the following solutions are the best CPQ Software overall:

Overall

  • 88 Conga CPQ
    Best Overall, Dashboard and Reporting, Integrations and Extensibility
  • 85 Salesforce CPQ
    Best for Dashboard and Reporting, Price Management
  • 83 Oracle CPQ
    Best for Contract Management, Dashboard and Reporting, Platform Capabilities and Security
  • 81 Infor CPQ
    Best for Dashboard and Reporting, Mobile Capabilities
  • 80 SAP CPQ
    Best for Platform Capabilities and Security, Product Configurator and Catalog Management, Quote Management
  • 77 Vendavo
  • 77 Pros
    Best for Contract Management
  • 72 Tacton
  • 71 Powertrak
  • 67 IBM Sterling CPQ
Conga CPQ Award
Conga CPQ
Conga CPQ
Start Price
$35
Per User, Monthly
Analyst Rating
88
SelectHub’s Analyst Rating for Conga CPQ, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Conga CPQ

Conga CPQ receives praise for its ability to streamline the quoting process, saving users time and reducing errors. The platform's flexibility and customizability are also highlighted as strengths, allowing businesses to tailor the software to their specific needs and workflows. Users appreciate the ability to create complex pricing rules and product configurations, ensuring accurate quotes and proposals. Conga CPQ's integration with Salesforce is another advantage, providing a seamless experience for users of both platforms.

However, some users note that Conga CPQ can have a steep learning curve, particularly for those new to CPQ software. The platform's complexity, while offering flexibility, can also make it challenging for some users to navigate and fully utilize its features. Additionally, some users mention occasional performance issues and glitches, which can disrupt workflows.

Conga CPQ is well-suited for medium to large businesses with complex quoting needs. Its robust features and customization options make it a powerful tool for organizations that require a high degree of control and flexibility over their quoting process. The platform's integration with Salesforce also makes it an ideal choice for businesses already using Salesforce CRM.

Pros & Cons

  • Streamlined Quote Generation: Conga CPQ helps sales teams generate accurate quotes quickly, eliminating the need for manual calculations and reducing errors. This leads to a more efficient sales process and faster deal closures.
  • Improved Accuracy: The system ensures that quotes are consistent and comply with company policies, minimizing the risk of costly mistakes. This is particularly important for businesses with complex pricing structures or product configurations.
  • Enhanced Collaboration: Conga CPQ facilitates collaboration between sales, finance, and legal teams, ensuring everyone is on the same page regarding pricing and approvals. This can help to avoid delays and misunderstandings.
  • Increased Sales Productivity: By automating many of the tasks involved in the quoting process, Conga CPQ frees up sales reps to focus on building relationships and closing deals. This can lead to increased sales productivity and revenue growth.
  • Clunky UI: Users often find Conga's interface to be outdated and cumbersome, making navigation and daily tasks unnecessarily complex.
  • Customization Challenges: Implementing custom solutions or integrations can be difficult due to limitations within the platform, often requiring extensive workarounds.
  • Reporting Limitations: Generating reports with specific data points or visualizations can be challenging, hindering data analysis and insights.
  • Quote Accuracy Issues: Some users report instances of inaccurate quotes being generated, leading to potential errors in pricing and proposals.

Key Features

  • Fast Processing: Complete functions and process data more efficiently using the integrated TurboEngines. 
  • Accessible Administrative Features: Operate administrative features using a user-friendly interface. Make detail execution easier with accessible administration structures guided by clicks instead of code. 
  • Advanced Pricing Features: Process multiple data sets and compute complex and individual pricing requirements using AI.  
  • Single Data Model: Keep centralized data in one place to ensure that orders, invoices and revenue match. Minimize redundancies and create comprehensive quotes through the data model’s intelligent engine.  
  • Varied Sales Models: Calculate price quotes for products requiring different payment methods, such as subscriptions, services and one-time purchases.  
  • Quick Quotes: Receive fast and accurate configured quotes using AI and machine learning.  
  • Unlimited Attributes: Customize the CPQ process as much as needed with unlimited attributes provided for configuration.  
Salesforce CPQ Award
Salesforce CPQ
Salesforce CPQ
Start Price
$150
Per User, Monthly
Analyst Rating
85
SelectHub’s Analyst Rating for Salesforce CPQ, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Salesforce CPQ

Salesforce CPQ has garnered significant praise for its user-friendly interface, enabling sales teams to swiftly generate accurate quotes and streamline the sales process. Users highlight the software's intuitive design and guided selling capabilities, which empower representatives to configure products, determine pricing, and create professional quotes with ease. This efficiency translates into faster sales cycles and improved customer satisfaction. Salesforce CPQ's integration with Salesforce CRM further enhances its value proposition by providing a unified platform for managing customer interactions, sales processes, and order fulfillment.

However, some users note that Salesforce CPQ's robust features come at a cost, as the software can be relatively expensive compared to some competitors. Additionally, the platform's extensive customization options, while offering flexibility, can also introduce complexity for new users. Despite these drawbacks, many users consider Salesforce CPQ a worthwhile investment due to its ability to drive revenue growth and enhance sales productivity. The software's strengths in automation, accuracy, and integration make it particularly well-suited for businesses with complex sales processes, diverse product offerings, and a need for scalability. Salesforce CPQ empowers these organizations to optimize their sales operations and achieve sustainable growth.

Pros & Cons

  • Guided Selling: Salesforce CPQ provides a guided selling experience that helps sales reps to configure products and generate quotes quickly and accurately, even for complex products with many options and dependencies. This can help to reduce errors and improve sales efficiency.
  • Streamlined Quote-to-Cash: Salesforce CPQ helps to streamline the quote-to-cash process by automating many of the manual tasks involved in generating quotes, contracts, and invoices. This can help to reduce cycle times and improve cash flow.
  • Improved Accuracy: Salesforce CPQ helps to improve the accuracy of quotes by ensuring that all products and services are priced correctly and that all discounts and promotions are applied consistently. This can help to reduce billing errors and improve customer satisfaction.
  • Increased Sales: Salesforce CPQ can help to increase sales by making it easier for sales reps to sell complex products and services. It can also help to improve customer satisfaction by providing a more streamlined and efficient sales experience.
  • Steep Learning Curve: Salesforce CPQ has a reputation for being complex and challenging to learn, especially for users without prior experience with Salesforce products or CPQ software. The abundance of features and customization options can be overwhelming for new users, often requiring extensive training and support to get up to speed.
  • Implementation Challenges: Implementing Salesforce CPQ can be a time-consuming and resource-intensive process, often requiring the involvement of experienced consultants or developers. Integrating CPQ with existing Salesforce instances or other business systems can pose additional challenges, potentially leading to delays and budget overruns.
  • Cost: Salesforce CPQ is a premium product with a price tag to match. The subscription fees, implementation costs, and ongoing maintenance expenses can be significant, especially for small and medium-sized businesses. The pricing structure can also be complex, with different tiers and add-on features that can quickly increase the overall cost.

Key Features

  • Pricing Engine: Use a sophisticated pricing engine to model different types of payments, including one-time payments, recurring payments and payments determined by usage. 
  • Automated Renewal Quotes: Save time by automating renewed quotes and sending summaries to current customers. 
  • Centralized Data: Ensure complete visibility by keeping client data in one place, including purchases, assets and subscriptions. 
  • AI Insights: Manipulate AI data gathering and findings to better understand client data. Increase sales intelligence and create deeper insight reports. 
  • Automated Invoices: Split quotes into multiple orders to simplify and automate configurations. Eliminate pricing discrepancies by using a singular pricing engine. 
  • Price Analytics: Task AI to detect trends among products, sales teams and regions. Mine data from AI analysis to better suit pricing standards. 
  • Accessibility: Access functions from any desktop or mobile device with internet connection. Use cloud-capabilities to track quotes on the go. 
  • Integration: Utilize flexible integration capabilities to bundle with other leading products like Docusign. 
Oracle CPQ Award
Oracle CPQ
Oracle CPQ
Start Price
$240
Monthly
Analyst Rating
83
SelectHub’s Analyst Rating for Oracle CPQ, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Oracle CPQ

Reviews of Oracle CPQ offer a mixed perspective, highlighting both its strengths and weaknesses. Many users praise its ability to streamline the sales process and automate tasks, particularly compared to manual methods or simpler CPQ tools. One user noted, "Oracle CPQ saved us an immense amount of time on product configuration and quoting, allowing us to close deals faster." Others commended its accuracy and reduced error rates, citing the platform's guided selling tools and built-in intelligence. A reviewer stated, "With Oracle CPQ, we can be confident that our quotes and orders are accurate, eliminating costly mistakes." However, some users expressed concerns about the platform's complexity and steep learning curve, especially for less tech-savvy teams. One user commented, "The interface can be daunting for new users, and the initial training process is quite intensive." Additionally, some reviewers felt that the customization options were limited compared to competitors like Salesforce CPQ, potentially hindering integration with existing workflows. A reviewer noted, "While Oracle CPQ offers some customization, it's not as flexible as some other solutions, which can make it difficult to adapt to specific business needs." Despite these drawbacks, users ultimately seem to appreciate the value that Oracle CPQ brings to their businesses. Many acknowledge that its strengths, such as automation, accuracy, and scalability, outweigh the weaknesses, especially for large organizations with complex product configurations and high sales volume. One user summarized their experience by saying, "Oracle CPQ is a powerful tool that can help businesses streamline their sales operations and improve efficiency. While it has its learning curve and limitations, the benefits far outweigh the drawbacks, especially for larger companies." Overall, user reviews suggest that Oracle CPQ is a strong CPQ solution with significant potential, but its suitability depends on individual business needs and resources.

Pros & Cons

  • Streamlined Sales Process: Oracle CPQ automates many manual tasks, such as product configuration and quote generation, leading to faster sales cycles and improved efficiency. This allows sales teams to focus on building relationships and closing deals.
  • Increased Accuracy: The platform's guided selling tools and built-in intelligence help prevent errors in product configuration, ensuring accurate quotes and orders. This eliminates the risk of costly errors and improves customer satisfaction.
  • Improved Customer Experience: Customers can access product information, configure quotes, and place orders independently through self-service portals. This provides a more convenient and satisfying experience, leading to increased customer loyalty.
  • Enhanced Revenue Management: Oracle CPQ provides tools for managing subscription lifecycles, recurring billing, and pricing strategies. This helps businesses optimize revenue generation and maximize profitability.
  • Scalability and Flexibility: The platform can be easily scaled to accommodate business growth and adapted to meet specific needs through customization and integrations. This ensures that Oracle CPQ can grow with your business and meet your evolving needs.
  • Steep Learning Curve: New users may find the interface and configuration process complex, requiring significant training and adoption efforts.
  • Limited Customization Options: While configurable, the platform may not offer the level of customization desired by some businesses, potentially hindering workflow integration.
  • Limited Reporting Capabilities: Pre-built reports may not meet specific needs, requiring custom development or third-party solutions, increasing costs and complexity.
  • Integration Challenges: Seamless integration with existing systems can be complex, requiring additional development work and potentially delaying deployment.
  • Costly Implementation: Initial setup and ongoing subscription fees can be significant, especially for larger organizations, making it less accessible for smaller businesses.

Key Features

  • Guided Selling: Aid sales reps by recommending relevant items and identifying client requirements. Provide customers with self-service functionalities for configurations and purchases. 
  • Configurations: Accurately configure dynamic products and receive the optimal mix through built-in intelligence modules. Use a standard model and reusable rules for customizations. Work with clients to configure products in real time from any device. 
  • Subscription Management: Deliver subscription-specific quotes and configure annuities, license contracts, renewals and support agreements. 
  • Pricing Support: Receive pricing and rebate data according to promotions and regulations in real time. Provides optional discounting, localizations, channel pricing and more. 
  • Analytics: Ensure sales processes are in tandem with company goals through in-depth analytics. Gain an overview of price scoring, KPI comparisons, past trends and predictive win optimization data. 
  • Workflows Management: Automate approval and authorization processes with restrained access at every level. Speed up the process by notifying relevant decision-makers via mobile devices. 
  • Quotes: Build brand-specific quotes and proposals by collating relevant and current data. 
  • Document Designer: Generate elaborate, customized documents including proposals, quotes, datasheets, contracts, engineering documents and work statements. 
  • Contract Management: Create and store detailed, multi-faceted contracts with signatures and approvals routing. Compare and combine deals, highlight specific portions and accept or reject changes. Identify recurring trends through analytical modules 
  • Digital Signatures: Collect legally binding e-signatures through integrations. 
  • Multi-lingual Support: Customize documents by using the built-in multi-language module. 
  • Integrations: Streamline sales-to-order processes and centralize crucial data through connections with CRMs, ERPs, web applications and e-commerce platforms. 
Infor CPQ Award
Infor CPQ
Infor CPQ
Start Price
$25,000
Annually
Analyst Rating
81
SelectHub’s Analyst Rating for Infor CPQ, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Infor CPQ

Infor CPQ, a configure-price-quote (CPQ) software, garners mixed reviews from recent users. While some praise its powerful quoting capabilities and robust product configuration engine, others criticize its clunky interface and limited reporting features.

Strengths: Users laud CPQ's ability to handle complex product configurations with ease, highlighting its vast array of options and rules. They also appreciate its tight integration with other Infor products, streamlining workflows within the Infor ecosystem. For instance, one user notes, "It's a lifesaver for complex quotes with multiple variables. It ensures accuracy and saves us tons of time compared to manual processes."

Weaknesses: The primary pain point seems to be the user interface. Many reviewers describe it as outdated, cumbersome, and hindering user adoption. Additionally, the lack of robust reporting capabilities frustrates users who need to analyze sales data and track performance metrics. One user comments, "The interface feels like it's stuck in the past, making it difficult to navigate and find what I need. And the reports are just basic – I need more insights to make informed decisions."

Compared to competitors: Users often draw comparisons to Salesforce CPQ, praising its user-friendly interface and comprehensive reporting suite. However, they acknowledge CPQ's edge in handling intricate product configurations. One user says, "Salesforce CPQ is definitely more user-friendly, but it can't handle our complex products as well as CPQ. We had to choose between ease of use and functionality."

Why these matter: The choice between CPQ and its competitors boils down to priorities. If your products are intricate and require powerful configuration capabilities, CPQ might be worth the steeper learning curve. But if a user-friendly interface and robust reporting are crucial, other options might be more suitable. Ultimately, understanding your specific needs and carefully considering user feedback is key to selecting the right CPQ software for your business.

Pros & Cons

  • Increased Sales Efficiency: Streamlined quoting process with pre-configured products, pricing rules, and guided selling.
  • Improved Accuracy: Reduced errors with automated calculations, validations, and consistency checks.
  • Enhanced Collaboration: Real-time visibility and information sharing between sales, product, and finance teams.
  • Configurable Rules and Approvals: Flexible workflows and custom logic to meet specific business requirements.
  • Detailed Reporting and Analytics: Data-driven insights into quoting activity, win rates, and pricing effectiveness.
  • Mobile Accessibility: Access quotes and configure products on the go with mobile app (if available).
  • Integration with CRM and ERP Systems: Seamless data exchange with existing business software (if applicable).
  • Clunky User Interface: Users report an outdated and complex interface that hinders navigation and slows down workflows.
  • Steep Learning Curve: New users struggle to grasp the software's intricacies, requiring significant training and impacting productivity.
  • Limited Reporting Features: Users lack in-depth reporting capabilities, making it difficult to analyze sales data and identify improvement areas.
  • Inconsistent Customer Support: Reviews mention instances of slow response times and unhelpful interactions with customer support.
  • Customization Challenges: Adapting the software to specific needs can be complex, requiring advanced technical expertise.

Key Features

  • 2D and 3D Visualization: Create interactive 2D CAD drawings, 3D models and augmented reality experiences for complex products. Display product options and finished product models for potential customers. 
  • Integration: Use API access and service-level integrations to optimize key sales points, order documentation and configuration processes. Sync the program to Oracle, Salesforce and Microsoft Dynamics for support in every process phase. 
  • Price Management: Price configured products using an engine powered by in-built rules, models and logic. Define and maintain multiple price lists and pricing models. Add discounts, view margins and mark-ups and calculate tax rates for quotes or order summaries. 
  • Quote Management: Streamline quote creation using customizable templates, auto-population and “favorite” quote lists. Consolidate input from multiple users with merged changes using the quote collaboration feature. Email quotes from the system, make quote line level price adjustments and view quote status. 
  • Dashboards and Reporting: Create custom reports from scratch or modify pre-defined sample reports. Enhance data readability by visualizing custom, interactive charts. Access information and view KPIs easily from a customizable dashboard with multiple standard views and drill-down capabilities for every view. 
  • Order Generation: Save time by converting price quotes to orders and using orders to automate manufacturing information like dynamic bills of materials and kitted packing instructions. 
  • Collaboration Tools:  Send price quotes through selling channels to invite collaboration. Ensure projects stay on track with automated internal workflows for pricing and engineering. 
  • AI Insights: Make better decisions with assistance from Infor Coleman AI on product configuration suggestions, pricing recommendations, discount guidance, automated cross-selling and quote performance analysis. 

SAP CPQ Award
SAP CPQ
SAP CPQ
Analyst Rating
80
SelectHub’s Analyst Rating for SAP CPQ, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked SAP CPQ

SAP CPQ has garnered positive feedback for its ability to streamline the sales process, particularly for businesses with complex product configurations and pricing structures. Users appreciate the software's intuitive interface and robust features, which allow for efficient quote generation and order management. The ability to create and manage product variants, options, and pricing rules is a significant advantage, ensuring accuracy and consistency in quotes. Additionally, SAP CPQ's integration capabilities with other SAP and third-party solutions, such as CRM and ERP systems, further enhance its value by providing a seamless flow of data across different platforms.

While SAP CPQ offers numerous benefits, some users have noted that the initial setup and configuration can be complex, requiring careful planning and potentially involving additional costs for implementation and training. Additionally, while the software provides a comprehensive set of features, its flexibility may come at the expense of ease of use for simpler sales processes. Compared to competitors like Salesforce CPQ and PandaDoc CPQ, SAP CPQ stands out with its deep integration with other SAP solutions, making it a preferred choice for businesses already invested in the SAP ecosystem. However, for organizations seeking a more standalone CPQ solution with a focus on ease of use and affordability, alternatives like PandaDoc CPQ might be more suitable.

In conclusion, SAP CPQ is best suited for medium to large enterprises with complex product offerings and a need for seamless integration with existing SAP systems. Its ability to handle intricate configurations, pricing rules, and approvals makes it a valuable tool for streamlining sales processes and improving efficiency. However, businesses with simpler sales requirements or those not already using SAP solutions may find other CPQ options more cost-effective and user-friendly.

Pros & Cons

  • Guided Selling: Users appreciate the guided selling functionality, which simplifies product configuration and ensures accurate quotes by dynamically adjusting options based on customer responses.
  • Streamlined Quote-to-Cash: The platform accelerates the quote-to-cash process, reducing errors and delays by automating tasks such as quote generation, approvals, and order processing.
  • Integration with SAP Ecosystem: Seamless integration with other SAP solutions, such as ERP and CRM systems, provides a unified view of customer data and streamlines business processes.
  • Customization and Scalability: SAP CPQ offers extensive customization options to tailor the platform to specific business needs and can scale to accommodate growth.
  • Usability Challenges: Users with limited technical expertise may find the interface and configuration process complex and time-consuming, requiring significant training and support.
  • Customization Limitations: Adapting the solution to specific business requirements can be challenging due to limited flexibility in certain areas, potentially requiring workarounds or compromises.
  • Integration Complexities: Integrating SAP CPQ with existing IT infrastructure and other enterprise systems can be a complex undertaking, demanding careful planning and execution to ensure seamless data flow and process alignment.
  • Cost Considerations: The licensing and implementation costs associated with SAP CPQ can be substantial, particularly for larger organizations or those with complex quoting requirements, making it crucial to carefully evaluate the return on investment.

Key Features

  • Proposal Generation: Create customized quotes and proposals with built-in templates and pricing rules. Include relevant content files to add value to proposals. Send proposals digitally and get verification using e-signature collection. 
  • Quote Management: Search and configure products before adding to quotes. Edit and copy quotes and change workflow status. 
  • Online Catalog: Divide products into categories and subcategories. Navigate to view available products and subcategories. Select and view product comparisons within the catalog. 
  • Real-Time Visualizations: Configure complex products using step-by-step selection and product rules. Visualize modifications and workflows in real time. 
  • AI Selling: Add cross-selling and upselling options to quotes based on customer information. Use AI-powered predictive analysis and guided selling. 
  • CRM and ERP Integration: Generate and modify opportunities, accounts and contacts. Search for contacts or accounts to use in-quotes, or create quotes from opportunities in either system. 
  • Automated Workflows: Set up approval and exception workflows to speed up the sales cycle and skip complex validation checks. 
Vendavo
Vendavo
Analyst Rating
77
SelectHub’s Analyst Rating for Vendavo, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Vendavo

Vendavo users generally appreciate its ability to handle complex pricing scenarios and its robust analytics capabilities. The software's strength lies in its ability to manage intricate pricing structures, particularly for businesses with a high volume of SKUs or complex pricing rules. Users also value the software's ability to provide insights into pricing performance and identify areas for improvement. However, some users find the software's interface to be less intuitive than some competitors, requiring more training and support to use effectively. Additionally, Vendavo's implementation process can be time-consuming and resource-intensive, particularly for larger organizations with complex pricing needs. Despite these challenges, Vendavo is generally considered a powerful tool for businesses that require sophisticated pricing management capabilities. Its ability to handle complex pricing scenarios and provide valuable insights into pricing performance makes it a valuable asset for businesses looking to optimize their pricing strategies.

Vendavo is best suited for large enterprises with complex pricing needs, particularly those in industries such as manufacturing, distribution, and chemicals. The software's ability to handle a high volume of SKUs, complex pricing rules, and multiple currencies makes it well-suited for businesses operating in global markets. Additionally, Vendavo's robust analytics capabilities provide valuable insights for businesses looking to optimize their pricing strategies and improve profitability. While the software's complexity may make it less suitable for smaller businesses with simpler pricing needs, its comprehensive features and powerful analytics make it a valuable tool for large enterprises looking to gain a competitive edge through pricing optimization.

Pros & Cons

  • Streamlined Quote-to-Cash: Vendavo's ability to integrate with various CRM and ERP systems creates a seamless flow from creating quotes to managing orders and revenue, which can be especially helpful for businesses with complex sales processes.
  • AI-Powered Insights: The platform's AI capabilities provide valuable insights into pricing strategies and market trends, enabling businesses to make data-driven decisions and optimize their pricing for maximum profitability.
  • Deal Management: Vendavo offers robust deal management tools that help sales teams collaborate effectively, track progress, and close deals faster. This can be particularly beneficial for businesses with long sales cycles or complex negotiations.
  • Steep Learning Curve: Vendavo's interface can be overwhelming for new users due to its complexity and extensive features, often requiring significant training and onboarding time.
  • Customization Challenges: Adapting Vendavo to specific business requirements can be difficult and may necessitate the involvement of technical experts or consultants, potentially leading to increased implementation costs and timelines.
  • Performance Issues: Some users have reported occasional slowdowns and performance bottlenecks, particularly when dealing with large datasets or complex configurations, which can impact productivity and user experience.

Key Features

  • Guided Selling: Streamline the quotation process with query-based guided selling. Receive information in real time to create error-free quotes. 
  • Visualizations: Leverage 2D or 3D and AR configurations to develop proposals and documents. 
  • Proposals: Design detailed, brand-specific proposals, and provide approved language access and timely specs. 
  • Negotiations: Execute time-sensitive negotiations for multiple product and client combinations. Ensure profitable deals through rule-driven approval workflows. 
  • Workflow Management: Optimize quote-to-order processes with intuitive, guided workflows. Facilitate quicker onboarding for new employees. 
  • E-Commerce: Set up digital sales channels by accessing integrations with Salesforce, Microsoft Dynamics, SAP Sales Cloud, Sugar CRM and more. 
  • Artificial Intelligence: Gain actionable insights, optimize operations and uncover potential opportunities. Eliminate manual pricing processes, gauge customer habits, analyze purchase history and measure profit margins with AI-driven price modules. 
  • Guided Pricing: Deliver optimal, deal-centric pricing guidance to client’s CRMs. Calculate prices based on market dynamics like cost escalation and competitive pricing. Provides multi-currency support and win rate optimization. 
  • Price Optimization: Minimize churn and maximize profit by computing optimized pricing guidelines based on previous transactional data. Analyze transactions, data sheets and business dimensions. 
    • Models: Construct unlimited pricing models and scenarios, and analyze the impact on guidance levels. Depict margin distributions and segmented discounts through data visualizations. Provide sales reps with optimized pricing guidance across multiple segments. 
    • Risk and Cost: Probe risk scores and guidance settings to uncover adjustment requirements. Calculate potential cost variables via pricers. Use the power and risk algorithm for intelligent forecasting. 
    • Margin Bridge Analyzer: Measure and track price variances, product mixes, volumes and other business factors. Quantify pricing impact on margins and evaluate pricing effectiveness by filtering data according to location, dates and dimensions. Measure margin change via comparative visuals and performance KPIs. Monitor less effective business strategies and compare dimensions side-by-side through price volume mix analysis. 
  • Price Management: Manage relevant price-based data in a centralized place. 
    • Accuracy: Ensure accurate costs through pricing logic that is scalable across products, countries, channels and clients. Pinpoint accurate pricing across channels and segments. 
    • Pricing Rules: Automate pricing rules based on business strategies and formulas. Account for market and channel fluctuations. Supervise rules and pricing at higher levels and delegate work at local levels. Construct dynamic pricing rules and incorporate market and competitive data into the models. Implement and change rules according to market conditions. Compute component value in two ways and apply localized bills of materials for region-specific pricing rules. 
    • Competitive Pricing: Monitor the competitions’ product costs through web-scraping technology. Use relevant, accurate market data to create localized pricing. 
    • Options: Provides parallel price lists, tiered support and formula-centric pricing. Facilitates multi-tier pricing. 
    • Profit Split: Control profit split by managing internal and external transfer prices. Ensure accounting compliance by applying profit split and transactional net margin methods. 
    • Client Pricing: Record time-sensitive, detailed pricing and discounts for exclusive clientele. Apply agreements during quotes and forward details to ERP and billing modules for correct orders. 
  • Pricing Analytics: Uncover profit trends and identify margin leakages and pricing opportunities: 
    • Workspaces Analysis: Develop, direct and organize target analysis, shareable to relevant decision-makers via dashboards. Collaborate as teams, develop charts and tables, compare data across multiple data sources and leverage customizable filters to dig deeper. 
    • Dashboards: Review opportunities and track price compliance through configurable dashboards. Dynamically update after every input, execute comparative analysis and view groups with highest and lowest margin contributions. 
    • Advanced Visualizations: Run break-even and ABCD analysis of products and customers. Observe the relationship between volume, price and mix across multiple business dimensions. Use analytical charts and reports to visualize opportunities and factors. 
  • Notifications and Alerts: Track business metrics and send customized alerts based on severity levels to decision-makers. Notify relevant team members of potentially unsafe accounts. 
Pros Award
Pros
Pros
Start Price
$60
Per User, Monthly
Analyst Rating
77
SelectHub’s Analyst Rating for Pros, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked Pros

PROS is an AI-powered solution that assists businesses with quote management, price optimization and complex product configurations. Reviewers have praised its price guidance and application versioning modules. They also liked the flexibility of the click-and-configure feature. Its analytical tool gives a detailed overview of business and price performance. Other well-liked capabilities include third-party integrations, prompt support and process automation.
On the other hand, reviewers felt the platform’s speed is quite slow, particularly for workers accessing it off-premises. Some users also noted that the onboarding process is complex and requires a dedicated support team. Overall, PROS is a strong CPQ solution, with automation and analytical capabilities further adding to its functionality. It’s well-suited for SMBs looking to automate their CPQ processes.

Pros & Cons

  • Integration: 72% of reviewers who mentioned this feature said that the platform easily integrates with CRMs, ERPs and other PROS modules.
  • Support: The vendor provides speedy and accurate tech support, as stated by 60% of users mentioning this element.
  • Ease of Use: Over 80% of the users who mentioned this aspect appreciated the ease of setting up user administration and managing pricing components.
  • Functionality: According to 69% of users who reviewed this feature, the solution offers robust CPQ modules like price guidance, complex configurations and workflow approvals.
  • User Interface: 70% of users who reviewed this element mentioned that the UI is user-friendly and loads quickly.
  • Configuration: The tool is highly flexible and configurable, according to 83% of reviewers talking about this aspect.
  • Automation: All the users who referenced this element said that the platform’s automation capabilities are a standout feature.
  • Implementation: The implementation process can be challenging and requires training for admins, as mentioned by 75% of users reviewing this element.
  • Speed and Performance: All the users who reviewed this feature mentioned that the platform has stability issues and could improve its performance.
  • Cost: 86% of reviews speaking of cost reported that software maintenance and subscriptions are expensive.

Key Features

  • Price Optimization: Increase revenue and margin growth through AI-based pricing and segmentation strategies. 
    •  Maintain strategies by building and modifying guided formulas. 
    •  Deliver optimized and personalized pricing based on dynamic demands and market segments. 
    •  Coordinate prices across contracts and clients with a master price list. 
    •  Receive alerts for extreme pricing changes. 
    •  Gain a comprehensive view of pricing data to identify revenue and margin leakages. 
    •  Create, analyze and modify multiple rebate variations and add accrual rules. 
    •  Equip sales reps with customized negotiation price guidance. 
    •  Maintain competitive pricing based on industry standards with real-time data inputs. 
    •  Include dynamic variables in pricing strategies. 
    •  Create scalable and updated pricing lists with a real-time pricing engine add-on. 
    •  Receive price recommendations according to price-volume relationships. 
    •  Expand to e-commerce platforms and incorporate cross-sell recommendations. 
  • Guided Selling: Streamline quote-to-cash processes with sales acceleration modules. Shorten sales cycles and reduce dependency on manual labor through automated sales tasks like lead generation and quoting. 
  • Opportunity Detection: Identify new opportunities, uncover behavior patterns and analyze transactions. Automatically add opportunities to existing CRM systems with supportive insights for every suggestion. Use the forecasting algorithm to detect diminishing buying patterns, taking into account seasonal dips. 
  • Integrations: Connect existing tech infrastructures to CRMs, ERPs, PLMs and ecommerce platforms. Integrates with Salesforce, Adobe, Magento and more. 
  • CPQ: Create accurate, customized and feature-based product configurations. Sales teams can find the right product, manage approvals, calculate prices and generate proposals within the organization’s CRM. 
    • Real-Time Collaboration: Coordinate simultaneously with sales reps and internal pricing crew members. 
    • Self-Service: Clients can configure products on ecommerce platforms based on their requirements. 
    • Performance Analysis: Gain insights into deals and profits with integrated performance tools and waterfall charts. 
    • Visualizations: Incorporate 2D and 3D drawings and augmented reality technologies into quotes. 
    • Documentations: Create tailored sales agreements, proposals, bids, RFPs and terms and conditions. 
  • Security: Ensure data protection with GPR, SOC 2 Type 2, ISO 27001 and Cloud Security Alliance’s Cloud Control Matrix compliance. Provides product, platform and physical security through Final Security Review, stack monitoring, threat protection programs and disaster recovery. 
Tacton
Tacton
Analyst Rating
72
SelectHub’s Analyst Rating for Tacton, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked Tacton

Tacton has garnered positive feedback for its ability to handle complex product configurations and pricing rules, particularly in industries like manufacturing and engineering. Users appreciate the platform's flexibility and customization options, allowing them to tailor it to their specific needs. The ability to create and manage complex pricing models, including discounts, promotions, and bundles, is a significant advantage. Tacton's integration capabilities with other enterprise systems, such as CRM and ERP, streamline data flow and improve efficiency. Some users have noted that the initial setup and configuration process can be intricate, requiring careful planning and potentially additional support.

Compared to similar products, Tacton stands out for its robust configuration engine and ability to handle intricate product structures. Its strength lies in managing complex pricing rules and calculations, making it suitable for businesses with diverse product offerings and pricing strategies. While some users find the interface less intuitive than competitors, they acknowledge the platform's power and flexibility once mastered. Tacton's focus on configuration and pricing makes it ideal for companies with complex products and pricing models, particularly in industries like manufacturing, engineering, and high-tech. Its ability to streamline sales processes, improve quote accuracy, and reduce errors makes it a valuable tool for businesses seeking to enhance sales efficiency and customer satisfaction.

Pros & Cons

  • Guided Selling: Instead of sifting through endless product options, users appreciate Tacton's ability to guide them towards the right solution by asking relevant questions and narrowing down choices based on their specific needs.
  • Visual Configuration: The platform's visual product configurator allows users to see their customized products come to life in real-time, providing a clear understanding of what they're getting and reducing the risk of errors or misunderstandings.
  • Streamlined Quoting: Generating quotes and proposals is a breeze with Tacton, as it automates calculations, ensures accuracy, and allows for easy customization to meet individual customer requirements.
  • Integration Capabilities: Tacton seamlessly integrates with existing CRM and ERP systems, eliminating the need for manual data entry and ensuring data consistency across platforms.
  • Steep Learning Curve: Users report that Tacton can be challenging to learn due to its complex configuration options and extensive feature set. The initial setup and ongoing maintenance often require specialized knowledge or external consultants, which can be a barrier for smaller businesses or those with limited IT resources.
  • Customization Challenges: While Tacton offers a high degree of customization, some users find the process to be cumbersome and time-consuming. Adapting the platform to specific business requirements may involve intricate configurations and coding, potentially leading to delays and increased implementation costs.
  • Integration Complexity: Integrating Tacton with existing CRM, ERP, or other enterprise systems can pose challenges due to the platform's intricate data structures and APIs. Ensuring seamless data flow and process synchronization between different systems may require significant technical expertise and ongoing maintenance.

Key Features

  • Pricing Support: Set advanced pricing models with price lists and multiple currencies. Provides time-based service subscriptions. 
  • Quoting: Create proposals, offers, product sheets and user guides in Word, Excel and PDF. 
  • CAD Automation: Auto-generate 2D and 3D CAD drawings for customized product variants. 
    •  Automatically update 3D CAD models after every change. 
    •  Preview multiple results in the CPQ-front end. 
    •  Create CAD documents with a single click. 
    •  Supports formats like STEP, PDF, JPEG and Engineering BOM. 
    •  Provides add-in for Product Model connection with CAD assembly within the system. 
    •  Offers add-ins for Autodesk inventor, PTC Creo and SolidWorks. 
    •  Map drawing without macros, tables or coding. 
    •  Test individual mappings or entire configurations. 
    •  Manage and store CAD documents in the cloud. 
  • Product Configuration: Delivers error-free, constraint-based configurations for complex items and high user loads. 
  • Visual Configuration: Showcase product portfolios through visual configuration and augmented reality. 
    •  Customers can create personalized products or collaborate with sales reps. 
    •  Configure layouts through the drag-and-drop module. 
    •  Facilitates bi-directional communication in real time. 
    •  Configure parametrically by using spatial rules. 
    •  Enables 3D visualizations according to linear and HDR pipeline, dynamic lights, shadow effects and Physical Based Rendering. 
    •  Supports live linking to vendor CPQ sessions via mobile app for iOS. 
    •  Navigate faster through viewpoints. 
    •  Integrate images in quotes. 
    •  Include post-effects like SSAO, Bloom and temporal anti-aliasing. 
    •  Supports browser plug-ins with WebGL. 
    •  Provides a specialized C and M environment complying with exchange file formats like FBX, OBJ, JPG, HDR, PNG. 
  • Integrations: Use open API to integrate with Salesforce, SAP CRM and ECC, Microsoft Dynamics, Enovia PLM, and e-commerce platforms. 
  • Analytics: Uncover product, business and margin insights through the integrated analytical module. Gain an overview of bill of materials information, client needs, quote versions and sales cycles. Design region-, customer- and market-specific configurations, and reduce portfolio junk. 
  • Omnichannel Sales: Deliver a uniform, personalized buying experience across direct, reseller and online channels. Provides guided selling, online configurations, customer self-service and multi-lingual support options. 
  • Design Automation: Automatically generate configuration-specific 2D and 3D models within the CAD module through integrated design automation. Customize and update products with customer-centric add ons and intuitive rules. Available for Solidworks, AutoDesk, PTC Creo and Inventor.  
Powertrak
Powertrak
Start Price
$500
Monthly
Analyst Rating
71
SelectHub’s Analyst Rating for Powertrak, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked Powertrak

Powertrak receives praise for its ability to streamline the configuration, pricing, and quoting (CPQ) process, particularly for complex products or services. Users appreciate the automation of tasks such as quote generation and approval workflows, which saves time and reduces errors. The software's flexibility and customization options are also highlighted as strengths, allowing businesses to tailor the platform to their specific needs and sales processes. Powertrak's integration capabilities with other business systems, such as CRM and ERP, are seen as valuable for data consistency and efficiency. Some users note that the initial setup and learning curve can be challenging, requiring dedicated training and support.

Compared to similar CPQ solutions, Powertrak is often recognized for its robust feature set and scalability, making it suitable for businesses of all sizes. Its focus on automation and customization sets it apart from competitors that may offer more standardized or rigid solutions. The ability to handle complex product configurations and pricing rules is another differentiating factor, making Powertrak a preferred choice for industries with intricate sales processes, such as manufacturing, technology, and telecommunications.

Powertrak is best suited for businesses seeking to optimize their CPQ process and improve sales efficiency. Its comprehensive features and scalability make it a valuable tool for organizations with complex products or services, multiple sales channels, and a need for automation and customization.

Pros & Cons

  • Guided Selling: Powertrak's guided selling functionality helps sales teams ask the right questions and recommend the right products, reducing errors and ensuring customer satisfaction.
  • Streamlined Quoting: The platform simplifies the quoting process, allowing sales reps to quickly generate accurate quotes with all necessary details, including pricing, discounts, and terms.
  • Improved Accuracy: Powertrak helps eliminate errors in orders and quotes, ensuring that customers receive exactly what they expect and reducing the risk of costly mistakes.
  • Increased Efficiency: By automating many of the tasks involved in the sales process, Powertrak frees up sales reps' time so they can focus on building relationships and closing deals.
  • Limited Flexibility: Powertrak's strength lies in its pre-built product and pricing rules, but this can be a drawback for businesses with unique or evolving needs. The platform may not easily accommodate customizations or complex pricing structures, potentially hindering adaptability.
  • Learning Curve: While Powertrak offers a user-friendly interface, mastering its advanced features and functionalities can require dedicated training and effort. This learning curve may pose challenges for teams seeking a quick and intuitive CPQ solution.
  • Integration Complexity: Integrating Powertrak with existing CRM or ERP systems can be intricate, demanding technical expertise and potentially incurring additional costs. Seamless data flow between systems is crucial for efficient CPQ processes, so integration challenges can impact overall effectiveness.

Key Features

  • Custom Configuration: Work with a support team to design best-practice implementation features. Personalize setup and rollout plans to optimize customer experiences.  
  • Timely Calculations: Calculate and coordinate price quotes faster with an open, table-driven platform that completes requests without complex coding. 
  • Integration: Boost program effectiveness by integrating with CRM, ERP and e-commerce platforms. Work with programs like Microsoft Dynamics 365, Salesforce and Oracle.  
  • Technical Support: Receive thorough training, continued support and personalized advice from professionals tailored to any company’s given structure. 
  • Mobile Compatibility: Communicate with customers and review price quotes on the go with a mobile-friendly interface. Access features from any web-compatible devices. 
  • Predictive Visualization: Utilize VR visualization technology to connect with prospective customers. Display complex products to improve understanding.  
IBM Sterling CPQ
IBM Sterling CPQ
Start Price
$700
Annually
Analyst Rating
67
SelectHub’s Analyst Rating for IBM Sterling CPQ, is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked IBM Sterling CPQ

IBM Sterling CPQ receives praise for its user-friendly interface, making it simple to establish and manage pricing and quoting rules, even for those without extensive technical expertise. The platform's robust reporting engine provides valuable insights into pricing and quoting performance, empowering businesses to make data-driven decisions and optimize their sales processes. Users appreciate the flexibility and scalability of IBM Sterling CPQ, allowing it to adapt to the evolving needs of businesses of all sizes. However, some users note that IBM Sterling CPQ may have a steeper learning curve compared to other CPQ solutions due to its extensive features and functionalities.

When compared to competitors like Salesforce CPQ, IBM Sterling CPQ stands out with its strengths in price management and platform capabilities, particularly in security. Salesforce CPQ, on the other hand, excels in areas such as AI-based capabilities and contract management. The choice between the two often depends on the specific needs and priorities of the business. For instance, organizations with complex pricing structures and a strong focus on security may find IBM Sterling CPQ to be a better fit, while those seeking advanced AI-driven features and robust contract management capabilities may prefer Salesforce CPQ.

IBM Sterling CPQ is well-suited for businesses of all sizes that require a comprehensive and scalable solution for managing their pricing and quoting processes. Its user-friendly interface, powerful reporting capabilities, and flexible architecture make it an ideal choice for organizations looking to streamline their sales operations and improve efficiency. The platform's ability to handle complex pricing models and its robust security features make it particularly suitable for businesses operating in industries with stringent compliance requirements or dealing with sensitive customer data.

Pros & Cons

  • Guided Selling: Users appreciate the guided selling capabilities, which help sales teams ask the right questions and recommend the best products or services to customers based on their specific needs. This can lead to increased sales and customer satisfaction.
  • Streamlined Quote-to-Cash: The platform streamlines the quote-to-cash process, from creating quotes and proposals to managing orders and contracts. This can help businesses save time and money, and improve efficiency.
  • Complex Configurations: Sterling CPQ excels at handling complex product and service configurations, making it a good choice for businesses with a wide range of offerings or highly customizable products.
  • Integrations: The platform integrates with other business systems, such as CRM and ERP, which can help businesses improve data accuracy and visibility.
  • Customization Challenges: Implementing custom requirements can be complex and time-consuming, often requiring significant development effort.
  • Usability Concerns: The user interface can feel outdated and cumbersome, leading to a steeper learning curve and potential inefficiencies for users.
  • Performance Issues: Users may experience slow response times, particularly with large or intricate product configurations, impacting productivity and user satisfaction.

Key Features

  • Self-Service Channels: Streamline configuration quote processes using self-service channels to reduce errors and delays. 
  • Automated Sales Processes: Configure bundles and price quotes to speed up sales processes. Access automated cross-sell and up-sell opportunities to improve customer satisfaction and reduce costly phone calls. 
  • Quote Management: Create sales opportunities, build digital storefronts and present multiple quotes to clients. Increase visibility into quote cycles by converting price quotes directly into orders. 
  • Real-Time Insights: Track purchase trends, meet period product flows and avoid overcompensating during slow periods with real-time information on order status, history and activity reports. Use capacity details to schedule inventory shipments. 
  • Centralized Pricing System: Maintain pricing consistency and automate changes with a centralized system. Eliminate manual pricing execution and shorten long cycle times. Manage single orders across channels to reduce redundancies and track items for purchase. 
  • ERP Integration: Bundle with existing ERP services to seamlessly complete buying processes using built-in service-oriented architecture. 
  • Digital Order Capture: Optimize the selling process with standardized, automated and web-based order capture. Manage order, invoice and return operations using personalized workspaces. 

COMPARE THE BEST CPQ Software

Select up to 5 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of CPQ Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
Conga CPQ
88
$35
Per User, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Conga CPQ
Salesforce CPQ
85
$150
Per User, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Salesforce CPQ
Oracle CPQ
83
$240
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Oracle CPQ
Infor CPQ
81
$25,000
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Infor CPQ
SAP CPQ
80
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
SAP CPQ
Vendavo
77
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Vendavo
Pros
77
$60
Per User, Monthly
No
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Cloud On-Premise
Mac Windows Linux Chromebook Android
Pros
Tacton
72
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Tacton
Powertrak
71
$500
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Powertrak
IBM Sterling CPQ
67
$700
Annually
No
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Cloud On-Premise
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IBM Sterling CPQ

All CPQ Software (46 found)

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Dock Designer

by RoleModel Software
Dock Designer
Dock Designer is an up-and-coming software application that ranks 42 among all CPQ Software according to our research analysts. Starting from $0, Dock Designer is priced initially at no cost and is most applicable for all company sizes. Dock Designer can be deployed online. Similar alternatives to Dock Designer include Momenteo, Backstore and iQuoteXpress.
Cost Breakdown
$10 or less
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Deployment
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Flexile

by Opvia
Flexile
Flexile is an up-and-coming software application that ranks 43 among all CPQ Software according to our research analysts. Starting from $50, Flexile is priced more competitively, has offered a free trial in the past and is most applicable for any sized business. Flexile can be deployed in the cloud. Similar alternatives to Flexile include GleanQuote, Expedite Commerce and QuoteCloud.
Cost Breakdown
$10 - $100
Company Size
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Deployment
Cloud On-Premise
Platform
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GleanQuote

by GleanView LLC
GleanQuote
GleanQuote is a rising solution that ranks 44 among all CPQ Software according to our research analysts and 4 crowd-sourced reviews from 1 source. Starting from $25, GleanQuote is priced more competitively, commonly offers a free trial and is most suitable for small or medium sized businesses. GleanQuote can be deployed online. Similar alternatives to GleanQuote include Flexile, Expedite Commerce and QuoteCloud.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
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Deployment
Cloud On-Premise
Platform
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FPX

by FPX
FPX
FPX is a cloud-based solution to configure quotations for manufacturing equipment. It offers a purpose-built selling engine, domain expertise, collaborative selling and quoting, rapid deployment, and fast ROI. Users can minimize sales cycles, create accurate orders and quotations, and increase operational efficiency. It extends a selling cloud, product selector, configuration and pricing, project management, and business intelligence. It caters to both fluid handling equipment and mechanical equipment.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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Deployment
Cloud On-Premise
Platform
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IBM Sterling CPQ

by IBM
IBM Sterling CPQ
IBM Sterling CPQ is a software designed to help businesses streamline the process of creating and managing quotes and proposals, especially for those with complex products or services. It aims to improve sales efficiency and accuracy, leading to increased customer satisfaction. Key benefits include faster quote generation, reduced errors, and a more positive buying experience for customers. Popular features include a user-friendly interface, extensive functionality, integration with other business systems, and flexible pricing options. User experiences suggest that IBM Sterling CPQ is highly effective in its primary purpose of simplifying the CPQ process. Its comprehensive features and ease of use make it a valuable tool for businesses seeking to improve sales operations. Pricing for IBM Sterling CPQ varies based on factors such as the number of users and desired features. Potential users should contact IBM directly for detailed pricing information as it can change over time.
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Powertrak

by Axonom
Powertrak
Powertrak, a cloud-based product configuration solution from Axonom, streamlines the process of configuring, pricing, and quoting products, especially for businesses with complex offerings and diverse pricing structures. Powertrak's automation tools and robust rules engine enhance efficiency and accuracy in the quoting and ordering process, leading to improved customer satisfaction. Key features include guided selling, quote generation, and product visualization tools, all accessible from any browser-enabled device. User reviews highlight Powertrak's ability to simplify complex configurations and ensure accurate quoting, reducing rework and boosting sales. The platform's flexibility and integration capabilities allow it to adapt to various business needs and grow alongside the company. While specific pricing details may vary, Powertrak typically follows a subscription-based model, with costs potentially influenced by factors such as the number of users and desired features. Exploring the Axonom website or contacting their sales team directly would provide the most current pricing information.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
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Buyer's Guide

CPQ Software is All About Creating Accurate Quotes for Products Based on Variables

By Christina George, Technical Content Writer at SelectHub

CPQ Software BG Header

Choosing the right software to streamline your sales process is easier said than done. Just like smartphones, social media and online shopping, CPQ software has been rising up the ranks as a winning bet.

If you’re aiming to increase the sales effectiveness, volume and efficiency of your business, investing in a CPQ platform is a great option.

Studies show it takes non-CPQ users 73% more time to generate a quote or proposal, and it’s been proven that sellers who can create accurate and complete quotes faster win the deal at least 60% of the time, if not more.

Read on to get the scoop on CPQ software, deployment, benefits, features, price considerations and trends.

Executive Summary

  • CPQ software helps businesses configure products, set prices and generate quotes.
  • Using a CPQ solution helps deal with complex cases, make smart business decisions and improve ROI.
  • Choosing the right software is difficult but possible. It’s important to make the right choice to fit business needs perfectly.
What This Guide Covers:

What Is CPQ Software?

CPQ software is a sales tool enabling companies to quickly and accurately define product prices while considering many variables. Grouping these variables helps you configure products or services optimally, fix prices according to costs, competition and economic factors and quote the absolute best price possible.

Repetition is important when picking up new skills, but offering customers ample scope for configuration and customization is the key to retention. However, that shouldn’t come at the cost of accurate pricing.

Create professional, automated quotes following algorithms and rules, ensuring error-free pricing. CPQ tools determine the price based on certain factors, including quantities, customizations, incompatibilities, discounts, optional product features and multiple revenue types.

CPQ platforms collaborate with ERP, CRM and other technologies, offering accuracy and integrated data.

Deployment Methods

Everything is on the cloud nowadays, including CPQ software deployment. However, you can make a case for on-site servers. Depending on your industry and needs, you can determine the right option for your company.

Cloud

The cloud makes it easier to keep your wallet intact while springing for new software. Essentially, your data and software are hosted by the vendor and other companies who opted for a subscription-based model. It saves you moolah, but the downside is limited customization and modification of the server environment. This is a good option if you’re a smaller or mid-sized company looking for a starter system.

On-premise

Everything is in-house with an on-premise server. You’ll host and manage your data and software. Although it comes with a hefty one-time fee and additional IT costs, you’ll have better data security and flexibility. Ideally, you’d need IT expertise and sufficient hardware, which hikes up costs.

Primary Benefits

Benefits of CPQ

Shorter Sales Cycles

A robust CPQ tool helps you speed up sales processes using streamlined configuration and automated quoting, leading to reduced sales cycles. For B2B companies, shorter sales cycles mean improved productivity.

Enhanced Sales Performance

Sales reps can strategically identify promising cross-sell and upsell opportunities at once via CPQ software. The user-friendly ordering process encourages customers to complete their orders, improving conversion rates and leading to better sales team performance.

Increased Deal Values

Customers can easily choose customization options from the CPQ interface, and greater customization means higher deal value. Sales reps can recommend customers to purchase add-ons or accessories, based on the available opportunities, contributing to increased deal sizes.

Higher Customer Satisfaction

A CPQ solution helps sales executives achieve their CRM objectives. They can receive notifications for contract renewals or product upgrades and utilize the cross- or up-sell opportunities accordingly. The platform helps them quickly and accurately recommend the best products, services or bundles for each customer, ensuring higher customer satisfaction and retention.

Reduced Training

With CPQ software, you don’t need to worry about training sales reps thoroughly — they won’t need to learn the model-specific features. Instead, they can follow an intuitive product configuration process to gather all the essential knowledge. They can also avoid awkward sales conversations and expensive configuration mistakes

Implementation Goals

Before you initiate the buying process, you’ll need to have clear goals in mind. Map out what you want CPQ software to do for your company. Having only a vague vision leaves you susceptible to costs that weren’t on the agenda.

Goal 1

Quicker Turnaround Times

The sooner you respond to client requests for proposals and quotes, the better. Reduce time spent on manual tasks and waiting for approvals with automation and workflow management.

Goal 2

Better Margins

Sunk cost effect is real, and it affects consumption patterns. Price optimization, discounts, intuitive upselling, and cross-selling increase deal values and margins.

Goal 3

Fewer Errors

Sending the wrong pricing in a quote feels like missing the final penalty in a World Cup. Utalize a centralized database with real-time price updates, set discount margins and rules to make it easy to get all your ducks in a row.

Goal 4

Customer Retention

Getting clients is one thing, but keeping them is quite another.

Contract management and pertinent recommendations make renewals and repeat purchases a seamless experience.

Key Features & Functionality

Scheduling and Dispatching

An integral feature, this lets you book jobs, tasks and events, as well as view the real-time locations and availability of field staff. You can also filter and search job orders and tasks as well as track the workload and progress of each staff member.
Product Configurations

Most CPQ platforms are equipped with product configuration, allowing buyers to visualize the final product. You can generate datasheets, proposals and 2D or 3D drawings. While 2D configurations use still images, 3D presentations offer a more realistic representation of the customer’s final order.
Project and Quote Management

Integral to CPQ, this helps you create precise, professional and customizable quotes with quantity configurations, direct chat and interactive pricing tables. You can use templates, replicate orders by saving product selections and proposals, and track sent quotes through follow-up emails.
Pricing

Determining the right price of products or services is one of the key responsibilities of CPQ. This feature helps you calculate and test pricing based on rules, constraints, discounts and commissions. You can streamline lead-to-order processes with optimal costing solutions and develop personalized price sheets, material bills and more.
Reporting Reporting allows you to see where the customers are dropping off during the ordering process, and track which customizations work best for them and how successful your discounts are. You can use the insights derived from reporting to optimize processes moving forward.
Invoicing

You can create and share customizable invoices either using pre-built templates or drafting your own templates. Or, create and send invoices in bulk. Share invoices for timely payments, automate payments for recurring jobs by saving credit card details and follow up on past due invoices.
E-Signature

Enable customers to digitally sign documents on the go and receive electronic certificates after every signature. Most CPQ systems follow major compliance rules thoroughly. Monitor document activities via mobile devices with embedded audit trails for additional security.
Client Hub

Enable your clients with a self-service portal through which they can check and approve quotes, track appointment details, pay invoices, print receipts and share feedback.

Advanced Features To Consider

CAD Viewer

Manufacturers know the importance of a CAD viewer for customizations. Create models for production and sales with 2D or 3D CAD viewing. Use geometric search to view similar jobs and save time creating duplicates.
Contract Management

f you use subscriptions, licenses or recurring agreements as a part of your pricing model, subscription management will keep your customers on the hook. View existing services and contract status, make amendments to terms and get eSignatures and approvals.
Mobile App

Get back to clients on the go. Configure products, view pricing information and create quotes with the mobile suite.
AI Capabilities

Contrary to what the Matrix and I, Robot led us to believe, AI isn’t the enemy. AI increases deal sizes with cross-selling and upselling recommendations and discount guidance.

Trends

As the demand for customization increases, CPQ’s star is on the rise. A report by Global Industry Analysts shows the CPQ software market is set to be worth $4.5 billion in 2027, up from $1.6 billion in 2020.

CPQ Trends

The only constant is change. And that’s especially true with new software. Look out for these CPQ trends going mainstream in the next couple of years.

Increased AI and Automation

Time is money. Automation helps you save time, ergo money, by speeding up sales processes. As AI becomes affordable, you’ll be able to perform complex analysis and eliminate manual tasks leaving you more time for important interactions.

Self-service

When was the last time you wanted to spend an exorbitant amount of time talking to a sales rep before you made an online purchase? With instant gratification becoming the norm, customers want more control over choices and quicker responses. Instant RFQ and quotes make life easier for you and your clients.

Machine Learning

The need for speed in sales responses can never be understated. Machine learning application takes historical data to automate product decision-making and pricing strategies. Save time with suggestions on pricing configurations that otherwise take hours to calculate manually.

Risk Management

If the last few years have taught us anything, it’s that we’ve got to be prepared to pivot. Quote responses should factor in variables like supply chain issues, price volatility and failure rates. Additionally, recommending alternatives will build trust with customers.

Software Comparison Strategy

A CPQ solution, when chosen wisely, eliminates a lot of sales hurdles that might have been slowing down business processes. It enables departments to collaborate and make perfect sales quotes, and ensures enhanced efficiency.

As one study shows, exhaustive business processes consume 64.2% of sales reps’ days, and 50% of buyers choose the vendor that responds first. This clearly indicates the pressing need of investing in a CPQ system to make sure your business is the one to snag those buyers. But the question is how to choose the right CPQ tool for you!

A nice starting reference is to check your competitors’ preferences. Look into their experiences with different industry-leading solutions and how they’ve been leveraging those platforms. Also, check with the organizations who cater to the same target audience and follow similar workflows to those of your business.

However, the final deciding factor is cross-checking if the solution you’re eyeing effectively fulfills all your business needs. Don’t forget to prepare a requirements list that clearly defines your organization’s needs. While compiling this requirements list, consider incorporating opinions and recommendations from other team members, especially those using the tool. Then, compare potential vendors against your requirements list to see which ones stand out.

Cost & Pricing Considerations

Determining the budget for a CPQ software is probably the trickiest part of the entire process. You must consider a few factors such as business size, the number and type of user licenses you require, deployment method and the kind of features you would need most — some of these might require purchase of add-on packages.

It’s also vital to check about scalable pricing well in advance so that you can add or remove users whenever needed, without leading to any confusion or unforeseen charges.

Evaluate any upfront fees and monthly installments. Consider the direct costs such as installation, license, training and support, and data conversion. Additionally, account for indirect costs such as consultation fees, IT staffing and essential system upgrades. Don’t forget to cross-check with the vendor if there are any hidden costs, one-time fees or payment processing fees.

Questions To Ask Yourself

Looking inward doesn’t need to be something reserved for a therapy session. Once you understand what your business needs, you’ll put yourself in a better position to select a software solution. Before you talk to vendors, ask yourself the following questions:

  • What are our business requirements?
  • What’s our budget?
  • Have any of our competitors invested in CPQ software?
  • What features are crucial and which we can skip?
  • How will the software add value to our existing operations?
  • Will this software meet our future needs?
  • Does this software integrate with our current ERP, MES and CRM systems?
  • Will a rules-based configuration work, or do we need something constraints-based? Is our product catalog expanding?

CPQ Software Questions to Ask

 

 

 

Questions To Ask Vendors

Consider preparing a questionnaire to ask the vendor about their services and software. Asking these questions along the way will not only help avoid add-ons but also narrow down your search. Dot all your i’s and cross all your t’s by asking vendors the questions below:

  • Do you offer migration or implementation support?
  • Which solutions does the platform integrate with?
  • What are the offerings of the basic plan?
  • Are there any hidden costs or separate costs for add-ons?
  • What kind of training and support is offered?
  • What are the AI-based capabilities? Do you have upselling, cross-selling and pricing recommendations?

In Conclusion

Manually updating prices, creating quotes and configuring products is like using a landline when smartphones exist. CPQ software makes light work of time-consuming administrative tasks and optimizes your sales processes.

It’s not all fun and games. Picking the right software can seem like participating in an interactive episode of Squid Game — with less drastic consequences. Streamline your choices with our free requirements template.

We hope this guide prepares you for your quest toward successful CPQ implementation.

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About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Christina
By Christina George
Technical Content Writer
An Associate Editor at SelectHub, Christina George creates and edits articles spanning project management, CPQ, CRM, marketing automation and home health software. As a Bachelor of Arts graduate with a triple major in Economics, Political Science and Sociology, her aim is to bring an integrated and simplified approach to long-form technical content. Formerly a food writer, copywriter, and social media sleuth, she has a soft spot for a quality pun. When not crafting articles and editing buyer's guides, you can find her attempting to score goals on the football field, binge-watching Curb Your Enthusiasm, or re-reading Pride and Prejudice for the nth time.
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Joan
Technical Research By Joan Akash
Senior Analyst
Joan Akash, a Senior Research Analyst at SelectHub, holds a Post-Graduate Diploma in Management with a specialization in Marketing. Her expertise as a researcher and reviewer spans diverse software categories, including Project Management, Customer Relationship Management, Live Chat, and Help Desk. Beyond her professional pursuits, Joan is spiritually driven, with a passion for teaching children and a penchant for reading biblical blogs and crafting poetry.
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Manan
Technical Review By Manan Roy
Principal Analyst
Manan is a native of Tezpur, Assam (India), who currently lives in Kolkata, West Bengal (India). At SelectHub, he works on categories like CRM, HR, PPM, BI, and EHR. He has a Bachelor of Technology in CSE from The Gandhi Institute of Engineering and Technology, a Master of Technology from The Institute of Engineering and Management IT, and an MBA in Finance from St. Xavier's College. He's published two research papers, one in a conference and the other in a journal, during his Master of Technology.
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Joe
Edited By Joe Evans
Content Editor
Joe Evans is an Editor and Senior Market Analyst at SelectHub. A seasoned professional wordsmith, he has a bachelor's degree in journalism and electronic media and a decade of professional expertise in crafting top-tier digital content for niche online brands. He leads his small yet formidable team in producing helpful, compelling content in vital categories like HR, payroll, talent management, performance management, marketing automation home health, MES. When not editing and writing, he enjoys sports, quality time with family and dogs, and remains constantly in pursuit of something new and interesting to read or listen to.
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