Digitalization has opened a wide scope of opportunities across industries. And with constantly developing technologies the way customers or sales channel interacts with the organization has shifted. Emerging technologies have led to rising customer expectations in terms of their experience and CPQ solution offering capabilities. While artificial intelligence and machine learning have been adopted and implemented in CPQ solution by vendors for quite some time now, vendors are now moving towards a more enhanced automated offering and technology variants to enhance the customer experience with visual and graphic capabilities. Due to the COVID-19 pandemic and resultant lockdown in numerous regions globally, various manufacturing industries faced a backlash, and organizations who had been investing in various emerging technologies could see the benefits of the same. Customers could configure and experience products automatically while using various CAD designs, VR and AR technologies, made possible due to advanced CPQ solutions.
Quadrant Knowledge Solutions has been evaluating the CPQ domain for the past few years and adoption of automation, machine learning, artificial intelligence, augmented & virtual reality, and computer-aided design are amongst the most important trends in the same, which are anticipated to impact the numerous configuring, pricing, and quoting offerings in the coming years.
This Market Insight delves into how emerging technologies offer enormous potential for enhancing customer experience and sales efficiency with advanced CPQ solutions. Further, this Market Insight highlights:
- How emerging technologies are impacting the CPQ market?
- Opportunities to site for in CPQ market offering space.
- The focus of CPQ vendors concerning emerging technologies.
- Advantages gained by CPQ with the implementation of emerging technologies.
- Challenges of emerging technologies in the CPQ space.
- Vendor landscape and market development with advancements in CPQ technologies driven by emerging technologies.
“Configure, Price, and Quote (CPQ) market has witnessed a major shift having progressed ahead from manually managing the CPQ processes individually to an enhanced automated process and further extending the capabilities for Customer Relationship Management (CRM). Majority of CPQ vendors are investing in emerging technologies such as Cloud, AI & ML, IoT, CAD, and AR & VR to execute a seamless experience while providing real-time configuration amongst various products and pricing, based on the promotional schemes currently in action and legally compliant quotes.”, according to Pallavi Bothra, Analyst at Quadrant Knowledge Solutions. “CPQ solution offerings are equipped – with technology capability to integrate with legacy platforms to configured multiple sales channels along with the omnichannel presence and promoting the use of multiple languages with advanced machine learning and artificial intelligence capabilities. Additionally, the vendors are also providing a graphical experience with 2D/ 3D CAD designs and further developing virtual and augmented reality offerings as well.”
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