What is Oracle CPQ?
Oracle CPQ Cloud, formerly known as Big Machines CPQ, provides a cloud-based Configure, Price, and Quote system that offers extreme ease of use and the configurability. Oracle CPQ Cloud helps the organizations automate and streamline the opportunity to order conversion cycle and acts as a bridge between front end CRM processes and back end Order Management and Fulfillment systems. The system enables the sales representatives to focus on selling, thus helping organizations to improve the sales force productivity and the bottom line.
Why Does Your Business Need an Oracle CPQ Cloud?
First Understand how Oracle CPQ Cloud helps sales organizations maximize their margins, get the most out of your deals
Configure, Price, Quote. It sounds simple, but what happens when you have thousands of products, complex pricing calculations, a lengthy approval process, and sales reps that just don’t have time to worry about it all?
Sales organizations today need to maximize profit margins to be successful. As products get more complex, it becomes more difficult for the salesperson to make sure customer proposals are accurate and priced correctly. Errors in the quoting process can quickly erode the profit margins. How does this happen? Well, there are many ways, here are a few examples:
• Inaccurate proposals
• Inconsistent sales team collaboration
• Difficulties selling across sales channels
• Configuration and pricing errors
• Non-integrated Tools
• Missed cross-sell/upsell opportunities
• Long quote/order cycles
• No discounting controls or compliance
Each of these mistakes takes away from the dealer’s profit margin. Ultimately it ends up costing the organization opportunities to grow while taking a toll on customer satisfaction.
So, how do you minimize these kinds of leaks in your sales pipeline? That’s where the Oracle CPQ Cloud (Configure, Price, and Quote) comes in. With the Oracle CPQ Cloud, enterprises and mid-size businesses around the world have automated their configuration and quoting processes, eliminating the human error, and cutting quote turnaround time as a result.
CPQ Solution: Providing a Bridge between the CRM and ERP
Modern consumers have set the bar high for seamless, personalized, and immediate experiences. They want the connected data to unify, sync and augment customer information across the entire customer journey –from awareness and purchase to support and advocacy. Customers want connected experiences that power continuous and consistent omnichannel experiences, no matter where, when, or how they begin the engagement. Customers also want connected intelligence to achieve a higher level of insight through advanced capabilities such as artificial intelligence, chatbots, the Internet of Things (IoT), and more.
With CX Cloud Suite, Oracle offers a smarter approach to customer experience so you can meet and exceed expectations. The Oracle CX Cloud Suite is an integrated set of applications that span the entire customer life cycle from marketing to sales and commerce to service.
Within the Oracle CX Cloud Suite, CPQ Cloud is the bridge between the CRM and ERP. Integrated yet independent, CPQ Cloud works with over 20 different ERP systems and has pre-packaged integrations with the leading CRM applications. This makes Oracle CPQ Cloud an important lynchpin in CX Cloud Suite, providing necessary functionality to drive better sales experiences for both, sales personnel and customers alike.
CPQ Trends That Will Transform Your Sales
To sell more, give your sales reps the assistance that they want when and how they want it. Serve reps 24/7 with a comprehensive experience that includes configuration and pricing by creating sophisticated workflows that take advantage of lead generation activities, with seamless handovers to CRM processes. Or, offload low consideration purchases or repeat orders to free sales reps to work on more valuable opportunities.
To sell better, B2B buyers must be able to identify what products go together with upselling or cross-sell options, as well as make sure that every order is accurate. This is accomplished with guided selling that prompts recommendations for configurations, and opportunities for upselling and cross-selling.
To sell differently, sales representatives must have the ability to provide new revenue streams and monetization models with minimal effort. That means activating different channel or partner workflows that may have specific rules and approval chains, and control these workflows with a simple point and click configuration. The same configurations can also be used to address specific user groups, regional differences, product availabilities, or any existing customer agreements. Sellers should also have the ability to explore any recurring revenue opportunities available with subscription services where the customer performs self-service activation and maintenance.
The product Oracle CPQ Enterprise is intended to meet the needs of larger enterprises and Oracle CPQ Express (which is built on the salesforce.com platform) is intended for organizations having less than 500 employees or less than $250 million revenue.
In 2020 and beyond, Oracle expects to see an increase in companies leveraging Oracle CPQ solutions for much broader organizational impact to eliminate functional silos, extend business models, and enable end-user self-service. All of this while growing the revenue and margin on every order.
Oracle CPQ has a market share of 6.67 globally.
GoLogica is offering an instructor-led Oracle CPQ BML Training. Oracle CPQ BML course aims at teaching you to Configure, Price, and Quote products.
With this course, you will be learning – Introduction to BML, Syntax, Variables, Data Types, and Functions, Simple BML Functions, Conditionals in BML, Arrays in BML, Loops in BML, Dictionaries, BigMachines Query Language (BMQL), Library Functions, etc.
The course is designed by experts who are well versed in this domain. By the end of the course, you should be able to understand the concepts of Oracle CPQ BML and how and where it is used. This course covers Oracle CPQ training in detail for you to be able to take up the certification examination with ease. On successful completion of the course and exam, you will be a certified Oracle CPQ Professional. According to Glassdoor’s latest reports, Oracle CPQ professional is paid around $86K.