The year 2023, despite the global economy being positioned at a critical juncture, is holding a promise to businesses that are looking to drive forward and create opportunities with resilience and adaptability. The reason for this optimism is a business report that is projecting the global market growth for Configure, Price, Quote (CPQ) software to reach $7.3 Billion by 2030 at a CAGR of 16.4%.
Regardless of the volatile financial markets, growing trade tensions, the Russia-Ukraine war, slower growth, high inflation, and other factors, the demand for cloud-based technologies and offerings such as CPQ plays a vital role in empowering businesses to become strong, robust, and profitable.
In this write-up, let us learn how CPQ is promising a profitable 2023.
What Is a CPQ Solution?
The CPQ solution is a software system that is used to generate accurate quotes for complex and configurable products/services. The CPQ software is programmed to improve the effectiveness, productivity, and success of your sales cycle.
And how does it work?
The solution creates the right product configurations in a matter of seconds, produces the right quotes instantly, and prepares proposals without any delay. In short, a CPQ solution eliminates the risk of incorrect quotes even for the most complex and configurable products and/or services.
Confident of getting the right data promptly, the sales team has a better chance of building a positive relationship with the customer and providing a positive buying experience. With the new year, advanced features are being added to the Configure, Price, Quote solution to further enhance the customer journey.
What Are the Latest Trends in CPQ?
CPQ technology is continuously advancing to address growing business needs across industries. Here are some of the latest developments in CPQ:
1. Cloud-based CPQ for Scalability
Though the on-premise CPQ market is projected to grow at 15.1% CAGR and reach $3.6 Billion, the flexibility and scalability of cloud-based CPQ solutions are becoming increasingly popular. The ability to access and manage data from anywhere, at any time, and get real-time data is fascinating for businesses.
2. Integration with CRM and ERP
CPQ is often integrated with Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) systems to create a seamless sales process and help the sales teams manage their customer data more effectively. A unified sales process ensures all the data is real-time, synchronized, free of errors, and more impactful.
3. Artificial Intelligence (AI) and Machine Learning (ML) Integration
AI and ML technologies are being integrated into CPQ solutions to enhance the accuracy and speed of quote generation. These technologies can quickly decode big datasets, make exact product recommendations, understand different configurations, and accordingly generate the right pricing. Thus, eliminating the risk of inaccuracy or lost opportunities.
4. Personalization for Enhanced Customer Experience
One of the latest trends in the CPQ market is to enthrall customers with a personalized experience. Enterprises are utilizing the CPQ tools to provide customized product recommendations, offer different promos based on customer preference and buying behavior, and recommend special pricing deals.
5. CPQ on Mobile Application
The hottest trend in the CPQ market is providing CPQ solutions on mobile. Mobile CPQ solutions enable sales representatives to create quotes on the go while they are out in the field. Mobile-friendly applications are improving the efficiency of the sales process.
CPQ technology is being constantly developed to address the growing needs of businesses and customers. Organizations can stay ahead of the curve and remain competitive by leveraging the latest trends in CPQ.
Conclusion
Staying relevant in the market largely depends on your ability to adapt technologies. If you are also considering modernization of your quoting processes, adopt the CPQ solution. Get ahead of your competitors with Forsys’ CPQ end-to-end service offerings – from assessment and advisory to managed service. We are the implementation and integration partners of Conga and Salesforce CPQ solution.
Talk to our experts on the latest trends, offerings, and more.