Latest CPQ installment empowers sales teams to
quote up to 35% faster throughout the entire subscriber
lifecycle
Zuora, Inc. (NYSE: ZUO), the leading cloud-based subscription
management platform, today announced Zuora® CPQ X, a new, enhanced
Configure, Price, Quote (CPQ) offering. Zuora CPQ is uniquely
designed to quote for The Subscription Economy®, developed to
manage the varying service terms and frequent changes that occur
across the entire subscriber lifecycle.
Subscription Economy revenue has grown more than 437%1 in the
past decade as buying behaviors have moved from owning physical
products toward accessing ongoing services. With this shift,
businesses are transforming their sales processes as they evolve
from one-time product sales to an ongoing customer relationship.
Subscription services add complex dimensions to the selling
process, such as the length of the service, temporary discounts,
and payment schedules. And although product purchases traditionally
involve one deal and one invoice, subscription companies on average
make four changes2 per service per year, such as to upgrade,
downgrade, or add on new services.
Zuora CPQ X is purpose-built to address these new challenges,
ensuring that both sales and finance teams can support quotes and
orders throughout the subscriber lifecycle. Developed for the
variety of terms with different quotes necessary in any combination
of subscriptions, one-time, and usage-based offers, Zuora CPQ can
natively ramp up deals over time, apply future period discounts, or
even extend the duration of a contract. It’s also configured to
handle changing orders when subscriptions are regularly
modified.
“Modern businesses must be prepared to handle the dynamic nature
of ongoing services that change and grow over time,” said Sri
Srinivasan, Chief Product and Engineering Officer at Zuora. “CPQ X
has redesigned quoting for the subscription-first world, where
unlike the previous product-centric world, quoting is constant.
This means sales and finance teams must be in sync, from bookings
to billings, collections, and revenue recognition.”
Zuora CPQ works with Zuora Billing, Zuora Revenue, and Zuora
Collect to support the full quote-to-revenue process with one
solution.
“Most CPQ solutions focus on customizing physical product
options yet overlook the ability for customers to configure their
contract options, terms and conditions and relate these to
pricing,” said Igor Stenmark, Co-Founder and Managing Director at
MGI Research. “Organizations rolling out modern digital services
seek to empower their customers to self-manage the frequent changes
in the economic relationship. There is an opportunity to remove
friction from this process, improve sales efficacy, foster greater
collaboration and natively connect deal desks, billing and revenue
management teams.”
Zuora CPQ enables companies to configure changing service terms
on a single page, boosting sales team productivity with up to 35%
faster quoting3. Sales teams can measure the real-time impact on
bookings with live metrics, and add any combination of products and
services to their subscription deals.
To learn more about Zuora CPQ X, visit here.
Quotes from Customers
“CPQ X has become a valuable part of our quoting workflows,”
said Robert Brown, Director of Financial Systems at Verisk. “After
collaborating with Zuora and extensively testing CPQ X, we’ve
significantly streamlined the quoting process for our sales team.
In fact, early results show a 76% time savings in generating
quotes.”
“Zuora CPQ helps us to unify our entire monetization process
from quote to revenue, and since it’s purpose-built for
subscriptions first, enhances our agility,” said Florian Rachny,
Senior Director, Strategic Business Operations at Mendix. “Our
first tests look very promising with CPQ X, and we’re seeing new
flexibility to consolidate both subscriptions and one-time charges
on a single quote.”
About Zuora, Inc.
Zuora provides the leading cloud-based subscription management
platform that functions as a system of record for subscription
businesses across all industries. Powering the Subscription
Economy®, the Zuora platform was architected specifically for
dynamic, recurring subscription business models and acts as an
intelligent subscription management hub that automates and
orchestrates the entire subscription order-to-revenue process
across billing, collections and revenue recognition. Zuora serves
more than 1,000 companies around the world, including Box, Ford,
Penske Media Corporation, Schneider Electric, Siemens, Xplornet and
Zoom. Headquartered in Silicon Valley, Zuora also operates offices
around the world in the U.S., EMEA and APAC. To learn more about
the Zuora platform, please visit www.zuora.com.
© 2021 Zuora, Inc. All Rights Reserved. Zuora, Subscribed,
Subscription Economy, Powering the Subscription Economy, and
Subscription Economy Index are trademarks or registered trademarks
of Zuora, Inc. Third party trademarks mentioned above are owned by
their respective companies.
SOURCE: ZUORA FINANCIAL
1"The Subscription Economy Index Report,” Zuora, 2021
2“Subscription Economy Benchmarks,” Zuora, 2019 3Based on Zuora
internal testing
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version on businesswire.com: https://www.businesswire.com/news/home/20211028005319/en/
Margaret Pack press@zuora.com 619-609-3919
Zuora (NYSE:ZUO)
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