Quadrant Knowledge Solutions announced today that it has named Conga as a 2021 technology leader in the SPARK Matrix analysis of the global configure, price, and quote (CPQ) market.
The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading CPQ vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
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The CPQ market is currently transitioning from early adoption to the rapid growth stage of the overall product lifecycle. While CPQ has essentially been around for several years, the increasing market traction across industry verticals and various geographical regions is increased due to the adaptation of digital means by both organizations and customers. Additionally, advancements in the offering powered by virtual & augmented reality, 2D/3D computer-aided designs (CAD), robotic process automation, advanced analytics, artificial intelligence, and machine learning has increased traction for CPQ solutions. Businesses around the world are turning to CPQ solutions to effectively configure complex products, setup accurate pricing structures, and automatically generate quotes based on various rules to ensure reduced quotes and proposal errors. Additionally, it also ensures that the organizations do remain competitive through their pursuit of engaging customers throughout the sales cycle, with precise and up to date information.
The COVID-19 pandemic has drastically impacted the global economy of various industries and these industries have also faced significant challenges in terms of negative growth rates. COVID-19 has also impacted the market from overall digital transformation and enterprise software adoption perspective, including the CPQ technology market. Even though most of the manufacturing activity has witnessed a backlash due to the global pandemic lockdown, the CPQ market has been seeing simultaneous traction and surge in demand, as automated processes has helped organizations to reduce manual intervention on repetitive processes, and streamline the end-to-end sales cycle in the process. Additionally, the global CPQ vendors are seeing a significant surge because of direct inquiries from various sized organizations and their partner networks as well.
The CPQ platform presents crucial key value propositions including – configuring, designing quotes, visualizing, and delivering up to date real-time pricing quotes and proposals through comprehensive customer information obtained through various data sources. The global demand for CPQ is increasing due to the capability of the platform to seamlessly configure complex products, automate the redundant processes, and based on various data sources and critical customer information – produce quotes, resulting in uniformity and reduction in discrepancies, apart from reducing the risk of human error across sales channels. Additionally, the platform has the ability to guide the sales team with various upsell and cross-sell recommendations, generate documents in multiple formats and languages, provide customers with virtual & augmented reality experience, create 2D & 3D CAD designs, adapt to the frequent & dynamic improvements in compliances, and ensure adherence to the latest legal regulations safeguarding organizations from future legal actions.
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“Conga, with its comprehensive single data model, enterprise-grade speed and scalability, TurboEngines, solution selling, and ‘X-Author’ a patented technology helping sales reps to pull out data from the CPQ solution, make changes in excel and export the revised information back to the CPQ solution, as it has received strong ratings across the parameters of technology excellence and customer impact, and has been positioned amongst the technology leaders in the 2021 SPARK Matrix of the Configure, Price, and Quote market”, says Pallavi Bothra, Analyst at Quadrant Knowledge Solutions. “With its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Conga is well-positioned to expand its market share in the global Configure, Price, and Quote market”.
“As organizations have continued to face unprecedented business disruptions, the value in implementing CPQ solutions has never been greater. As a result, CPQ is no longer being considered a nice-to-have technology, but a must-have for enterprises looking to be successful and gain a competitive edge,” said Noel Goggin, CEO, Conga. “Our company has experienced strong growth, driven in large part by our CPQ product revenues, over the past year. We are proud that like our customers, the industry is also recognizing Conga as a leader in CPQ. We are energized by our momentum and look forward to continuing to support businesses across every industry with their pricing and quote needs in 2022 and beyond.”
