Oracle NetSuite CPQ solution allows sales teams to accurately and reliably Configure, Price, and Quote (CPQ) complex products inside NetSuite. By selecting product features and applying customizable business rules to make sure that every configuration is correct, the solutions enable sales personnel to act more productively and cut back costs within the pricing process, eliminating the need to double-check and rework orders.
It is important to give sales organizations proper tools that are critical to finishing deals faster and fulfilling ever-increasing client demands – an NetSuite CPQ is a step towards meeting that need.
Customers get help from NetSuite CPQ in swiftly configuring their product offers and generating precise proposals so as to streamline revenue processes and meet overall business objectives.
NetSuite CPQ is the only native configure, price, and quote solution created on the NetSuite platform. NetSuite CPQ brings together NetSuite ERP, CRM, and e-commerce solutions by using NetSuite pricing, inventory, and profitability data as well as integrated workflows. The integrated nature of software ensures that the bill of materials (BOM) is automatically generated once an item is configured and will be used with NetSuite Manufacturing modules like WIPs and Routing, Work Order Assemblies, and Advanced Manufacturing to further improve operational efficiency.
Features of NetSuite CPQ
Save time by using a configurator to use rules that guarantee each configuration of a product’s and service features is correct. NetSuite CPQ enables sales teams to configure complex product bundles, options, and variations with ease. It provides a guided configuration process that ensures accurate and error-free quoting, reducing the chances of costly errors and misconfiguration.
2). Pricing and Discounting
The platform offers sophisticated pricing capabilities, allowing businesses to create dynamic pricing rules based on factors such as volume discounts, contract terms, or customer-specific pricing. Sales representatives can generate quotes with accurate pricing in real-time, resulting in faster sales cycles and increased deal closure rates.
3). Guided Selling
This feature provides an e-commerce-like catalog experience and powerful filtering tools to help customers to seek out the precise goods and services they need from thousands of SKUs. Another related feature is 3D visualization – where as you select the features of the product the 3D image is generated for the use to see.
4). Proposal / Quote Generator
Offer sales teams fully customizable templates so that they may turn out precise, branded proposals for customers’ approval. NetSuite CPQ streamlines the quote generation process, automating the creation of professional and branded quotes. Sales teams can customize quotes to meet customer-specific requirements, attach relevant documents, and track quote versions. This ensures consistency, accuracy, and efficient management of quotes throughout the sales cycle.
5). Approval Workflows
The platform provides customizable approval workflows, allowing organizations to define multi-level approval processes based on deal size, discount levels, or other criteria. This ensures compliance with internal policies and helps maintain pricing integrity.
6). E-commerce integration
Access pricing, products, and quotes in NetSuite SuiteCommerce and other e-commerce solutions while simplifying product configurations.
7). Bill of materials and routing
By dynamically producing and delivering a BOM based on routing instructions created from the NetSuite CPQ rules engine, manufacturing costs can be reduced, and shop floor productivity can be increased.
Benefits of NetSuite CPQ
1. Increased Sales Efficiency
NetSuite CPQ automates time-consuming manual tasks, such as product configuration and pricing calculations. This frees up sales representatives to focus on building customer relationships, improving productivity, and accelerating the sales cycle.
2. Accurate and Consistent Quotes
By enforcing pricing rules and automating calculations, NetSuite CPQ ensures accurate and consistent quotes across the organization. This minimizes errors, eliminates discrepancies, and enhances the professional image of the company.
3. Improved Profit Margins
The advanced pricing capabilities of NetSuite CPQ enable businesses to optimize pricing strategies and identify opportunities to maximize profit margins. Sales teams can access real-time pricing guidance, upsell and cross-sell recommendations, and configure quotes that align with the company’s profitability goals.
4. Enhanced Customer Experience
NetSuite CPQ enables sales representatives to provide customers with accurate quotes, personalized recommendations, and a seamless buying experience. This fosters customer satisfaction, builds trust, and increases the likelihood of repeat business.
Use cases of NetSuite CPQ
NetSuite CPQ is well-suited for manufacturing companies that deal with complex product configurations and pricing structures. It streamlines the quoting process, ensures accurate bills of materials, and helps manufacturers deliver customized quotes and proposals to their clients.
2. Software and Technology
In the software and technology sector, NetSuite CPQ enables companies to handle intricate licensing models, recurring billing, and multi-tiered pricing structures. It simplifies the quoting process for software subscriptions, add-ons, and upgrades while ensuring accurate pricing and compliance with licensing terms.
Service-based businesses can leverage NetSuite CPQ to streamline their quoting and proposal processes. Whether it’s professional services, consulting, or managed services, the platform enables organizations to create accurate quotes, define pricing based on service packages, and track project profitability.
One of the most difficult processes in sales function can be configure, price, and quote. When you use NetSuite CPQ – you have an integrated solution which is tightly linked to your ERP – means Production, Procurement and Manufacturing. This makes NetSuite CPQ different from the CRM based CPQs in the market. In fact with NetSuite CPQ the bar for organizations wanting to manage complex pricing and quoting activities looks to be raised.
NetSuite CPQ solution can improve and automate the sales process for numerous companies across a broad range of industries. The NetSuite CPQ is the solution to go for if you want to improve your sales process and increase your company’s top/bottom line.
NetSuite CPQ is a robust solution designed to streamline sales operations, optimize quoting processes, and improve overall sales performance. By integrating seamlessly with the NetSuite ecosystem, it provides a comprehensive platform for sales teams to configure products, generate accurate quotes, and deliver a superior customer experience. With its advanced features, NetSuite CPQ empowers businesses to enhance sales efficiency, increase profit margins, and maintain pricing integrity. Implementing NetSuite CPQ can revolutionize the way companies handle quoting, setting them on a path to success in an increasingly competitive marketplace.
Connect with our team of NetSuite Consultants to find out how NetSuite CPQ can help your organization.