When Oracle set out to create a fast, simple way for companies to buy its services, it asked “what would success look like?” With that in mind we developed a working model and transformed our internal operations to offer customers the best possible purchase experience. Oracle also realized we needed to re-engineer the sales organization so our sales reps could better serve our customers
As we transformed from being a product company to a cloud services company, we also drove efficiency improvements that required dealing with the various siloed systems and processes that served niche sets of needs. We had to break down various silos and get individual departments onboard to buy into the overall process.
Much of the buying experience at Oracle is based on our own CPQ implementation. It serves as a logical bridge solution for those various systems and fulfills our strategic vision for offering products, services, and pricing while providing sales governance.
CPQ improves the productivity of our sales organization and liberates them from as much of the internal process complexity as possible. Oracle transformed the sales rep experience by increasing deal velocity with simplified ordering of documents and agreements, streamlined approvals, and self-service quoting. In short, we reimagined the purchase process using our own solutions to deliver the best customer experience possible. Judging by the positive impact on the business, CPQ is a stunning success.
Results with CPQ
- We increased the volume of self-service quotes from sales reps from 2% to 79%. These fully automated transactions don’t require any internal admin support. If you remove the more complex deals that require extra careful attention, the volume pops to 95%!
- Average deal velocity, the time it takes to create a quote and get it accepted by the customer, improved 2X. Reps can now create a quote in less than half the time.
- Guided selling functionality in CPQ means that 100% of the deals created also position value-added services to the core products, maximizing the opportunity to increase the average size of each deal.
- Because Oracle is an acquisitive organization, improving the time it takes to introduce new product offerings is crucial. With the sales process including CPQ, we had a 4X reduction in time and effort to release new products with ease as buying behaviors evolve.
- Modern Configure, Price, Quote (CPQ) cloud solutions start where CRM ends—accelerating the sales strategy where it makes the biggest impact. CPQ centralizes and automates product, pricing, discounting, contract renewals, and business rules. It makes real-time data available so sales reps have everything at their fingertips to respond to customer needs, faster.
- We experienced a 10X improvement in order accuracy because CPQ centralizes product, pricing, discounting and business rules, making data available in real-time. Orders that progress downstream respond to customer needs faster. This improved order accuracy has had a dramatically positive impact on provisioning efficiency and set-up.
From our own experience, we know the power of using CPQ for transformational change within a company. Oracle used CPQ to improve the sales experience by simplifying the process, offering guided selling, streamlining approvals, and enabling greater levels of self-service quoting. All this allowed Oracle to transform the customer’s buying experience.
Oracle CPQ is used by over 600 well-known brand names and by more than 600,000 employees. Internally, we have over 41,000 users and more than $20 billion dollars of company revenue flowing through the tool. Most importantly, Oracle continues to invest in our CPQ’s long-term success with a robust development team and four releases annually.
Interested in more information? Check out the following:
- Oracle CPQ
- Financial Impact of Selecting the Wrong Configure Price Quote (CPQ) Solution Exec Paper
- How Oracle Transformed the Customer Buying Experience to Automate 70% of Transactions with Oracle CX Cloud
- What Can CPQ Really Do For You