REDWOOD CITY, Calif.--(BUSINESS WIRE)--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