GLOSSARY

CPQ Software

CONTENTS

1 - What is AI Market Research

2 - How AI Market Research Supports Pricing Strategies

3 - The Importance of AI Market Research for Business Success

4 - About MARKT-PILOT

DEFINITION

What Is a CPQ Software?

CPQ Software Definition

CPQ (Configure, Price, Quote) stands for the process of product configuration, price calculation and quote generation.

CPQ software is a sales automation tool that helps businesses quickly configure complex products, set flexible pricing, and create accurate quotes. It automates pricing rules, discount structures, and approval processes. This reduces manual errors, speeds up sales cycles, and ensures consistent and optimized pricing strategies. 

What Are the Benefits of a CPQ Software?

  • Faster Sales Cycles: Eliminates manual pricing delays with automated quoting 
  • Improved Pricing Accuracy: Uses real-time cost data and competitor pricing 
  • Higher Sales Efficiency: Sales teams can focus on selling, not manual data entry 
  • Better Customer Experience: Provides clear, professional, and accurate quotes 
  • Informed Decision-Making: Integrates with CRM, ERP, and market intelligence tools for data-driven pricing strategies 
Visualization of CPQ Process
BENEFITS OF AI MARKET RESEARCH

How AI Market Research Supports Pricing Strategies 

AI-driven market research streamlines the analysis of large datasets, such as competitor pricing, customer trends, and material costs. By automating repetitive tasks, it not only saves time but also delivers greater accuracy than common manual methods. This approach is particularly relevant to machine manufacturers aiming for market-based pricing strategies. 

WHY CPQ SOFTWARE

When Is CPQ Software Used? 

COMPLEX PRODUCT CUSTOMIZATION

Configure Price Quote Software is commonly used in B2B industries for products that need custom configurations, volume pricing, or contract-specific changes. These include, amongst others, machine an dplant manufacturers as well as equipment and parts manufacturers. It is essential when: 

  • Products have complex customization options and require automated pricing 
  • Pricing depends on bulk orders, regional pricing, and production costs 
  • Sales teams need to generate fast, error-free quotes to close deals
BENEFITS IN MACHINE MANUFACTURING

In machine manufacturing, where products are highly customizable, material costs change often, and pricing can be complicated, CPQ makes a big difference by simplifying the process.  

For OEMs, machine manufacturers, and spare parts suppliers, CPQ software delivers: 

  • Optimized spare parts pricing using real-time market intelligence 
  • Margin control by dynamically adjusting pricing based on demand 
  • Scalability for manufacturers expanding into global markets 
PRICEGUIDE-featured-image
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About MARKT-PILOT

MARKT-PILOT is a leading provider of software for market-based spare parts pricing in machine manufacturing. The solutions enable OEMs to conduct precise market price research, automated price recommendations and optimized strategies. Customers benefit from increased sales, margins and customer satisfaction in their parts business.

LEARN MORE
PRICERADAR The SaaS solution for market-based spare parts pricing & lead time intelligence

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