THE EVOLUTION OF CPQ (CONFIGURE, PRICE, QUOTE) SYSTEMS: AI INTEGRATION AND REVENUE IMPACT
Keywords:
Configure, Price, Quote (CPQ), Artificial Intelligence (AI), Machine Learning (ML), Sales Efficiency, Revenue Growth, Impact Of AI On CPQAbstract
Configure, Price, Quote (CPQ) platforms are highly evolved software that automate the sales process, and now artificial intelligence (AI) is powering the next phase of development. With the current research, we dive into how AI is being integrated into CPQ and its effect on effective sales and sales growth. By means of extensive literature review, this study concludes that AI is reshaping CPQ system capabilities, including intelligent product configurator, predictive quoting, dynamic pricing, personalized customer experience, etc. Crafted with an intelligent design, these AI-based CPQ systems help intensify revenue growth, boost sales productivity, improve forecast accuracy, and speed up sales cycles. However, there are still hurdles to overcome, such as data security issues and, in some cases, algorithm bias, but all in all, the future of AI in CPQ is hopeful.Last updated on August 2023 You are reading: The Use of AI in Sales: Revolutionizing Customer Interactions These insights showcase the transformative potential and practical use cases of AI within CPQ, and provide best practices for how companies can use this technology to become a disruptor or dominate the market.
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