What Does Configure Price Quote Software (CPQ) Mean?
Configure price quote software (CPQ) is an industry term for products that help companies to adopt more data-aware systems. CPQ solutions can help businesses to keep prices more in line with current market conditions. This software is sometimes written as "configure, price, quote" to illustrate that these software products can help with all three of these core operations for setting and controlling prices.
Techopedia Explains Configure Price Quote Software (CPQ)
Essentially, CPQ software solutions help companies to streamline some of their core processes around the prices that they set for customers. CPQ utilities or programs can help companies to understand market conditions at a glance, such as to figure out when a certain discount or lower price may be appropriate. This software, and its popularity in the business world, illustrates the very particular nature of price-setting, where companies have to walk a fine line between profit margin and market share. Vendors selling CPQ software often advertise their products as helping companies to set the right prices to get sales or contracts accomplished quickly.
Common features of CPQ software systems include handy interfaces for price sheets, cloud-based hosting and other easy features for handling and storing data. Other visual components of these kinds of software can help companies to move quickly through multiple stages involved in price quoting. In many cases, these types of products may involve detailed analytics that will help businesses to not only set current prices, but to project future demand and price quotes. As this kind of software becomes more common in enterprise resource planning, a variety of alternatives will present companies with different options for handling the important process of setting and resetting prices.
CPQ Software, Configure, Price, Quote