What are the Latest CPQ Software Trends to watch for in 2020?

Businesses producing complex products and services can no longer depend on traditional methods of selling. Excel sheets come with severe limitations, hence using them for quoting complex products isn’t a feasible option. It is important to consider using CPQ tool to handle quoting requirements. Following are trends to look forward to in 2020: Cloud Computing The emergence of software as a service (SaaS) provides customers great amount of flexibility. Customers no longer have to install servers or software tools locally to handle locally. CPQ vendors are now focused on developing cloud-based solutions in which the Sales Quoting Software is accessed via the Web. CPQ tools are being designed in such a way that they are now available as a web-based service. On-premise versions require hefty upfront fees to manage and moreover not easy to scale. The severe limitations associated with on-premise software makes it difficult to adopt in today’s fast changing business environment.On the other hand, due to its inherent flexibility, more and more CPQ vendors are investing in cloud architecture. Portability CPQ vendors are making it more convenient for its customers to handle their complex quoting process. With the increasing usage of mobile devices for business transactions, CPQ companies are now offering the software on various mobile devices including iPhone, iPad, Android devices etc. A tailor-made Mobile Quoting Software will allow your sales reps to work on complex quotes from anywhere and at any time. More and more CPQ vendors are making their software tool mobile ready. The developers that are designing CPQ software are ensuring that the tool is responsive across all devices and screen sizes. This portability feature that will enable sales team to deliver quotes from their mobile devices, will definitely transform sales. Smartphones and tablet users are now comfortably handling their business transactions using CPQ software. Integration Capabilities Today customers are no longer willing to use CPQ Software as a standalone system. Keeping this in mind, the latest trend that has come into practice is the emergence of CPQ tools with strong integration capabilities. Integration has now become a must-have feature in quoting tools. Customers now want to deal with vendors who can integrate CPQ tool with their existing software applications including CRM and ERP. With so many benefits of an integrated system, customers expect vendors to connect their CPQ with their applications. Changing Portfolio of CPQ The usage of CPQ tool was restricted to the manufacturing industry. Early CPQ solutions had severe limitations, hence it was not possible to use it in another sector. With more and more features being added in this Business management software, its usage and scope has widened dramatically. Various industries can now use CPQ tools to manage their complex tasks more easily. Due to advances in CPQ functionality, industries that can benefit from using this software include Health Care, Life Sciences, Automation and Transportation etc. There is little doubt that the need for CPQ will continue to grow in the coming years. The lofty expectations of B2B buyers cannot be fulfilled unless you incorporate CPQ technology into your business.