Word of the Day & Pop Quiz: CPQ software

Word of the Day: Daily updates on the latest technology terms

Word of the Day Daily updates on the latest technology terms | September 29, 2020 CPQ CPQ (configure, price, quote) is programming that helps sales representatives and self-service customers quickly generate accurate quotes for configurable products and services.   CPQ software is typically used to generate quotes for products and services that have a lot of feature options. The software is rules-based and can be customized to address variables that affect profit margins.   Key features of CPQ software include: The ability to create a bill of materials or service level agreement based on a particular customer's configuration choices. The ability to quickly adjust a quote in response to a change request. The inclusion of templates that can be used to digitally generate proposal documents and contracts.   Although CPQ software can be purchased as a cloud service, it is most often purchased as part of an organization's enterprise-level CRM or ERP platform. Continue reading... Take the Quiz! The answer choices are listed below.   1. What is a bill of materials? a. It's a comprehensive inventory. b. It's a claim for payment. Answer   2. What do you call a formal proposal for an adjustment or alteration? a. change request b. request for proposal Answer   3. ERP is modular software designed to integrate the main functions of an organization's business processes into a unified system. What does ERP stand for? Answer Today's Takeaway "As its order-to-sales process became more complex, Hitachi Data Systems Corp. turned to configure price quote (CPQ) software to improve its pricing and proposal process." - Jim O'Donnell Eye on Tech Videos Bill of Materials A bill of materials keeps the manufacturing process efficient and organized. Watch to learn more about how a bill of materials can be useful to businesses. Continue Learning How to understand DRaaS pricing and budgeting Learn how to get the most value out of your disaster-recovery-as-a-service investment by conducting a thorough business impact analysis and following a few simple steps. Cloud is key to linking digital manufacturing technologies Customers these days are very demanding. They want goods that are personalized for them, and they want them delivered tomorrow -- if not sooner. Manufacturers turn to servitization for competitive advantage Manufacturing is increasingly shifting from traditional production and distribution of goods to a servitization model, where companies sell outcomes and services around products rather than just the products themselves. How GE uses a 'Humble AI' approach to manufacturing GE executive Colin Parris explains why a deliberate approach to deploying AI is needed when dealing with products that cost hundreds of millions of dollars to make. Pop Quiz Answer Key   1. It's a comprehensive inventory 2. change request 3. enterprise resource planning Stay in Touch   Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact me at mrouse@techtarget.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List