Vendavo, a leading provider of commercial excellence solutions, today announced it has been positioned by Gartner, Inc. in the Niche Players quadrant of the Gartner Magic Quadrant for Configure, Price and Quote Application Suites*.
To help sellers quote complex products, Configure, Price and Quote (CPQ) application suites are an integral part of the quote-to-cash business process and have a demonstrable impact on the bottom-line. Gartner estimates “that market revenue for CPQ software was approximately $878 million in 2016, with growth of 20% per year expected through 2020.”
“We consider a position in the inaugural Magic Quadrant for Configure, Price and Quote Application Suites by Gartner further confirmation of our mission to support sales team efforts improve performance and achieve more revenue growth,” said Bruno Slosse, President and CEO, Vendavo. “Throughout this year, we will release added innovation for CPQ with emphasis on where strong process can have the biggest impact to the bottom line – price.”
Vendavo EndeavorCPQ is a SaaS solution that provides integrated guided selling, product and pricing configuration, quotation, proposal and contract support for the enterprise. Sales can now achieve improved performance in the quoting cycle, which means more quotes with increased accuracy and less time spent on administrative burdens and more time in front of customers. Vendavo EndeavorCPQ is set to scale further throughout 2018 with intelligent price optimization integration.
“Today, just 28% of the CPQ application suites are cloud delivered. Separately, Gartner estimated that IT spend continues to shift to public cloud services as these services replace or complement traditional IT systems, resulting in strong growth through 2021**,” Slosse said. “The innovative possibilities around intelligent price science and our big data analytical capabilities with a SaaS-based, feature-rich CPQ solution are virtually endless.”
To be considered for this year’s Magic Quadrant for Configure, Price and Quote Application Suites, the report states that “a vendor must demonstrate that they satisfy the following criteria in relation to their CPQ offering: Front-office product – the product must support the direct sales channel, at a minimum; Current – the product was generally available for sale on 31 March 2017, without restrictions or special approval; Cloud – the product is implemented in the cloud as defined [as follows]: All technology infrastructure managed either in the vendor’s own data centers or those of a third party; Vendor implements upgrades as part of the cloud service, not a third party or managed service provider; The cloud service is licensed on a subscription basis, or metered pay for use; Users cannot have a contract that is only for them (except for minor adjustments), nor can they be provided with a version different to that offered to other cloud customers; Computing resources used to support the cloud service should be scalable and elastic in near-real time, rather than based on dedicated hardware/infrastructure; Modification of source code is not possible. Configuration via citizen developer tools and extension via platform as a service (PaaS; partner, vendor or user) is allowed; A single code line is used for all customers of the cloud service to allow rapid deployment of new functionality by the vendor; Vendor delivers at least two upgrades containing new functionality per annum to all users of the cloud service, and controls the pace of the upgrade cycle; Vendor must offer self-provisioning capabilities for the service (at least for development and test instances) without its staff being involved; The technology used to deliver the service must be shared by multiple customers in order to create a pool of resources from which elasticity can be delivered. Core CPQ capability – the product provides out-of-the-box support for sales force automation integration, product selection, configuration of options, pricing and proposal generation, at a minimum; Growing – the vendor closed deals with at least five new clients for cloud deployment in calendar year 2016; Enterprise grade – the product has at least 10,000 total named users in production and at least three live reference deployments with more than 300 named users. All users must be in the cloud; Viable – the vendor has at least $5 million in annual CPQ revenue and more than 50 employees.”
To read a complimentary copy of the Gartner Magic Quadrant for Configure, Price and Quote Application Suites, download the report here.
Supporting Resources:
- Get a customized report on how CPQ software would deliver you ROI: CPQ Calculator
- Read the whitepaper: Getting your CPQ Strategy Right
*Gartner, “Magic Quadrant for Configure, Price and Quote Application Suites,” Mark Lewis, Melissa A. Hilbert, 29 January 2018.
**Gartner, “Forecast Overview: Public Cloud Services, Worldwide, 2017 Update” David Edward Ackerman et al, 31 March 2017.
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