Vendavo, the market leader in commercial excellence solutions, today announced it has been positioned by Gartner, Inc. in the Visionaries 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 by helping the enterprise win more deals and maximize profit. In the report, Gartner estimates that “in 2018, the CPQ market grew by 12.4% to an estimated $1.2 billion.”
“In our view, it’s very rewarding to have been recognized from being a Niche Player to a Visionary in this year’s Gartner Magic Quadrant for CPQ Suites,” said Bruno Slosse, President and CEO, Vendavo. “From the beginning, our focus has been to infuse unparalleled profit intelligence capabilities within the CPQ workflow for powerful, profitable deal making. We have a long history and deep expertise in B2B price optimization and today, with CPQ, we deliver commercial excellence capabilities that are critical to today’s digital enterprise.”
In the report, Gartner defines Visionaries as: “Visionaries are ahead of most potential competitors in their product plans and understanding of the market. They anticipate emerging and changing needs, and move the market into fresh areas. They have a strong potential to influence the direction of the CPQ market, but are limited in terms of execution and/or track record.”
Vendavo CPQ Cloud 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 CPQ Cloud also integrates with Salesforce Sales Cloud, Microsoft Dynamics 365, SugarCRM and others which lowers cost of implementation.
In the report, Gartner says ‘clients consistently request cloud solutions when evaluating CPQ vendors and their offerings.’ Separately, Gartner has estimated that the ‘worldwide public cloud service market will grow from $198 billion in 2018 to $360.2 billion in 2022, reaching a compound annual growth rate of 16.6%’ **. “A feature-rich, SaaS-based CPQ solution with intelligent pricing science that can be seamlessly integrated with enterprise CRM and ERP systems is an important piece of the puzzle for organizations seeking smart contributions to their digital business strategies and bottom line growth,” Slosse said.
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 it satisfies 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 15 May 2019, 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 that is not the end customer; Vendor implements upgrades as part of the cloud service. Upgrades are not performed by a third party, managed service provider, or the customers themselves; The cloud service is licensed on a subscription basis, or metered pay-for-use basis; All major application capabilities (end-user features, administration and customization) are implemented using standard internet technologies and are available in a web browser. Customers cannot modify the application source code. Customization via citizen developer tools and extension via PaaS (partner, vendor or user) or APIs 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. Upgrades may be pushed by the vendor or implemented at a time agreed on by the vendor and customer. 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 between 1 April 2018 and 31 March 2019; Enterprise grade – the product has at least 5,000 total named users running in the public cloud, in production. The list of customer references provided for the reference survey must include at least three references with more than 100 named users each in the cloud. Those references must confirm the size of their deployment in the reference survey; Viable – the vendor has at least $5 million in annual CPQ revenue or 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.
- Get a customized report on the ROI that CPQ software would deliver your organization: CPQ Value Assessment
- Read the whitepaper: Top 5 Capabilities of Modern CPQ Solutions
*Gartner, “Magic Quadrant for Configure, Price and Quote Application Suites,” Christina Klock, Mark Lewis, 28 October 2019.
**Gartner, “Forecast Overview: Public Cloud Services, Worldwide, 2016-2022 4Q18 Update,” Colleen Graham, Fred Ng, Sid Nag, 8 February 2019.
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Vendavo powers the shift to digital business for the world’s most demanding B2B companies, unlocking value, growing margin and accelerating revenue. With the Vendavo Commercial Excellence platform, companies develop dynamic customer insights and optimal pricing strategies that maximize margin, boost sales effectiveness and improve customer experience. With an annual margin improvement totaling more than $2.5 billion across companies in chemicals, distribution, high-tech and manufacturing, Vendavo delivers cutting-edge analytics and deep industry expertise that help companies stay one step ahead. Vendavo is headquartered in Denver, CO and has offices around the globe. Learn more at Vendavo.com.