PROS Smart CPQ makes the quotation and pricing process automatic for a sales team. PROS CPQ allows sales teams to generate accurate personalized quotes in real-time. PROS CPQ is unique from its competitors in the use of AI and machine learning to drive its quotation and configuration capabilities.
PROS CPQ has been reported to help its customers increase revenue up to 15% with its powerful quoting capabilities. It also integrates with CRM platforms like Microsoft Dynamics, Salesforce, and more.
Why this product is good
Positives of PROS CPQ software
Product Details
What is PROS CPQ?
PROS CPQ is a cloud-based configure, price, quote (CPQ) software with features designed to help businesses with configurable products and complex pricing models to automate the creation of sales quotes and contracts.
Features include:
- Centralized product catalog
- Guided selling
- Approval workflows
- Flexible configuration engine
- CRM Integration
- Subscription management
Centralized product catalog: PROS CPQ’s product repository supports multiple attributes, rich content, and 2D/3D product visualizations for multi-channel use.
Guided selling: Users can customize their workflow to navigate various selling choices within their Product catalog. The guided selling feature gives sales reps AI-powered recommendations for opportunity creation, pricing, discounting upselling, and cross-selling with customer-specific personalization.
Approval workflows: Trigger native SFDC and MS Dynamics approval processes to enable approvals.
Flexible configuration engine: The product configuration feature is very easy-to-use, as you can use different options, preferences, or parameters to bundle specific products for a customer. PROS CPQ’s configuration capability includes product features, services, amounts, and more. These options take into account the availability of the product and whether or not the customization is possible.
CRM Integration: PROS CPQ has native integration with Microsoft Dynamics and Salesforce CRM for product catalog, configuration, and quoting. Attachments to quotes can be sent to customers in the form of videos, PDFs, or other files, which enhances the sales-customer relationship.
Subscription management: PROS CPQ offers pricing and quoting workflows to support recurring subscription products and services. It enables sales teams to manage subscription pricing rate plans including one-time and recurring pricing models, fixed-rate, tiered, and usage-based. Includes support for subscription lifecycle management as well.
Advanced analytics and price optimization: Integrated quote performance and waterfall charts help sales teams analyze deal performance and evaluate profitability for every quote. Buying patterns, customer segmentation, real-time market data, and price sensitivity analysis help reps deliver optimal pricing every time.
What are the advantages of using CPQ?
PROS CPQ’s Benefits
There are many benefits to using PROS CPQ, including:
- Automated pricing, configuration and quotes save time
- Reduces errors in quotes and proposals
- Personalized products and quotes increase customer satisfaction
- Analyzes deal performance and buyer behavior
- Increases sales efficiency
- CRM integration automates opportunity creation
What industries are CPQ solutions best suited for?
PROS CPQ for Industries
PROS CPQ is designed to address the challenges IT services, Manufacturing, and Consumer Goods companies face when quoting complex products and services. Here’s how it caters to them:
IT Services and SaaS
Complex Configurations: PROS CPQ can handle intricate IT service bundles, ensuring accurate pricing and reducing the risk of errors for both the sales team and the customer.
Subscription Management: PROS CPQ can handle recurring revenue streams from IT service subscriptions, streamlining the quoting process for these types of offerings.
Personalized Offers: PROS CPQ can consider factors like customer history, buying patterns, and market data to personalize product configurations and pricing, potentially increasing sales and customer satisfaction.
Manufacturing
Validation Rules: PROS enforces business rules to prevent invalid configurations and ensure quotes are accurate.
Real-time Data: PROS Smart CPQ uses real-time product information and pricing to eliminate errors caused by outdated data. PROS helps manufacturers uncover profit drivers and track deal health using quote performance metrics and waterfall breakdowns.
Guided Selling: PROS has guided product configuration tools that help customers choose the right options for their needs.
Consumer Goods
Improved Margins: PROS CPQ can help consumer goods companies optimize pricing strategies and manage complex promotional structures, leading to improved profit margins.
Efficient Order Processing: Integrates with order management systems to ensure accurate order fulfillment and avoid delays.
Prices
PROS CPQ Pricing
PROS CPQ has multiple editions. The ‘Essentials’ edition is $60 per user per month. This option is best for businesses beginning to digitize and streamline their quoting process.
The ‘Advantage’ edition is $75 per user per month. This is for businesses that sell more complex and configurable products and want to better manage the sales and billing lifecycle.
The ‘Ultimate’ edition is aimed at large-scale enterprises that need to create lengthy quotations and who want to use AI to gain every edge they can when trying to win new business. Price is available by contact their sales department.
Is there anyone else out there?
Competitors and Alternatives to PROS CPQ
There are several competitors to PROS CPQ, each with its features and benefits. At the enterprise level, businesses need features like advanced pricing and configuration abilities, scalability, and team collaboration. Other important factors to consider include price, integrations, ease of use, and customer support.
Top 3 PROS CPQ Alternatives
Salesforce CPQ
Salesforce CPQ is an all-in-one tool for generating sales quotes and delivering contracts. It handles complex workflows with many features and a very easy-to-use user interface. Salesforce CPQ is a cloud-based solution that integrates with existing Salesforce software for easy use. Users praise Salesforce CPQ for its ability to enable sales teams to plan, price, quote, negotiate, communicate, and finalize deals with ease.
Oracle CPQ
Oracle CPQ is known in the industry for its fantastic user interface and visualization features. Oracle CPQ provides salespeople with intelligently designed pricing and discount information, such as optimal price determination, average selling price (ASP), last price paid, and other relevant deal comparisons that can help streamline pricing variability. This enables sales teams to close more deals faster with higher accuracy, leading to higher profits.
Conga CPQ
Conga CPQ has received praise for its ability to integrate and connect multiple departments and systems to allow more collaborative work. Conga CPQ offers product and pricing configuration, contract management, document generation, and more. Conga supports multiple pricing models for one-time, recurring, and usage-based charges. This makes it a good choice for businesses with complex pricing structures.
Valuable Insight From Real Customers
Gartner Peer Insights
PROS CPQ has a rating of 4.2 out of 5 stars on Gartner Peer Insights. In their reviews, users note the software’s ability to create customized quotes and boost average transaction size. However, some users mention that support could be improved.
The reviewers and customer demographics are as follows:
Reviewer’s Company Size
- Less than $50M: 8%
- $50M-$1B: 37%
- $1B-$10B: 33%
- Over $10B: 23%
Reviewer’s Industry
- Manufacturing: 35%
- Consumer Goods: 15%
- IT Services: 12%
- Construction: 8%
- Other: 31%
Reviewer’s Deployment Region
- Europe, Middle East, and Africa: 42%
- North America: 34%
- Asia/Pacific: 17%
- Latin America: 8%
Gartner Peer Insights affirms that PROS Smart CPQ offers sophisticated tools to generate customized quotes, as cited by the featured review on their site.
FAQs
Common Questions and Answers
Smart CPQ uses data science, AI and machine learning to automate and optimize the configure-price-quote process.
PROS CPQ is a low-code platform that enables customers to rapidly develop, deploy, and manage customizations.
Sales teams in a wide variety of industries use PROS CPQ, including airline and travel, consumer goods, manufacturing, healthcare, transportation, and technology.
Like any other sales tool, it takes time to learn how to use PROS CPQ effectively. How long it takes to learn PROS CPQ depends on several factors, including your previous experience with CPQ software, your willingness to learn, and the amount of time you can dedicate to learning.
Rhonda Bavaro excels in boosting SaaS companies’ growth through innovative content marketing, thriving in the dynamic sales tech industry amidst evolving technologies that drive revenue acceleration.
