Oracle NetSuite has launched NetSuite CPQ. A solution to help organisations enable sales teams to quickly configure, price, and quote (CPQ) complex products with complete accuracy and reliability, directly in NetSuite. NetSuite says the new solution is expected to bring efficiency to the sales quote process. They expect it will increase buyer satisfaction with a better purchase experience.
“Empowering sales organisations with the right tools is essential to closing deals faster and meeting ever-increasing customer expectations,” said Evan Goldberg, founder and EVP, Oracle NetSuite. “We have been helping our customers with this for many years with a business system that fuels growth, and NetSuite CPQ is the latest step. NetSuite CPQ will help our customers quickly configure their product offerings and generate accurate proposals so that they can streamline revenue processes and improve overall business outcomes.”
Saving costs in pricing process
NetSuite CPQ enables sales teams to be more efficient and save costs in the pricing process. The solution allows them to select product features and apply customisable business rules to ensure that every configuration is correct, eliminating the need to double-check and rework orders.
Demonstrating the solution at SuiteWorld event in Las Vegas, Allison Auclair, Group Vice President of Product Management at Oracle NetSuite suggested, “CPQ can revolutionise the quote process. It creates a fast, collaborative sales process for complex products and services that ensures enterprises have more profitable sales and accurate production and ultimately happy customers.”
NetSuite CPQ is the only native configure, price, quote solution built on the NetSuite platform. It works seamlessly with NetSuite ERP, CRM, and eCommerce solutions using NetSuite pricing, inventory, and profitability data. It also utilises the connected workflows that automate the transition from sales to delivery. Once an item is configured, the bill of materials (BOM) is automatically created. It can then be used with NetSuite Manufacturing modules such as WIPs and Routing, Work Order Assemblies, and Advanced Manufacturing. These modules can further boost operational efficiency.
Granite Partners, a private equity firm that deploys NetSuite to all its portfolio companies is already using NetSuite CPQ. Rick Bauerly, founder and CEO, Granite Partners commented: “Granite Partners is a private investment and holding company with 10 businesses across different industries. We develop, source, market, and service many products and services. This means we need a sales and engineering process that is flexible, robust, and automated. With NetSuite CPQ, we see how our community of companies can better serve customers. While also providing a great experience for team members. It allows us to connect our front-end processes to product manufacturing and service fulfilment all the way through to the back-end. Ultimately, it increases velocity, profitability, and value creation for all stakeholders.”
Key features
NetSuite CPQ offers organisations the following capabilities:
- Configurator: Save time spent on reworking orders by applying customisable rules that ensure every configuration, across product and service features, is correct.
- Guided Selling: Find the exact products and services needed from thousands of SKUs by providing an eCommerce-like catalogue experience and powerful filtering tools.
- Proposal Generator: Create accurate and branded proposals for customers approval by equipping sales teams with fully-customisable templates.
- ECommerce Integration: Simplify product configurations and access pricing, products, and quotes in NetSuite SuiteCommerce and other eCommerce solutions.
- Bill of Materials and Routing: Reduce manufacturing costs and increase efficiency on the shop floor by dynamically creating and delivering a BOM based on routing instructions created from the NetSuite CPQ rules engine.
NetSuite CPQ is currently only available in North America as an add-on solution. However, NetSuite are looking to roll out the solution to other global markets.
Enterprise Times: What this means for businesses
Configure price and quote is perhaps one of the most complex operations in B2B eCommerce. It often requires close co-ordination between sales, operations and engineering. However, often this involves disparate systems, held together with spreadsheets and other point solutions. Often these processes are cumbersome and difficult to manage for all concerned. NetSuite’s CPQ appears to raise the bar for organisations requiring undertaking complex pricing and quote activities. To help organisations grow sales and deliver a seamless buying experience for customers. NetSuite says its solution will accelerate and simplify the sales process for a range of organisations across several sectors.
