Conga Announces Accelerated Revenue And Customer Growth Driving More Innovation In Market Leading Configure Price Quote (CPQ) Product
60% of customers expanded their CPQ product usage
Conga, the global leader in Commercial and Revenue Operations transformation, announced accelerated growth in revenue and customers and increased investment in its market-leading Configure Price Quote (CPQ) products. Conga’s CPQ business has experienced a 78% year-over-year growth rate in 2020. Conga has experienced high customer retention at greater than 90%. Furthermore, 60% of Conga’s existing customers expanded their CPQ footprint with Conga over the past year.
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This strong growth has led to even more investment which includes enhancements in customer success and support to continue improving the customer experience and achieve faster time to value for implementation.
“Conga has experienced strong growth in our CPQ product revenues over the past year. CPQ is no longer a nice-to-have technology, it is a must-have for enterprises looking to simplify pricing and close bigger deals faster,” said Noel Goggin, CEO, Conga. “We are unique in that we help customers holistically manage their revenue operations processes, which include CPQ. We will continue to increase our CPQ investment given the strong growth and interest from customers, who continue to renew and expand their use of Conga’s CPQ products.”
Conga has the industry’s most complete suite of revenue contract management capabilities spanning document creation, contract & lifecycle management and CPQ capabilities that work to automate and manage complete Revenue Operations processes. In a market where you want to get all revenue under management, the value of having a CPQ coupled with a Contract Lifecycle Management (CLM) product is now a necessity to deliver end-to-end business value.
As companies seek to streamline and automate their revenue management processes, having a document generation, CPQ and CLM infrastructure that shares the same data model and provides a unified workflow model all within the company’s CRM has become essential. “Those looking to decrease processing time for complex data, provide new or updated quotes, and respond to customers faster to win more deals in less time have to rely on a CPQ solution,” said Frank Sohn, Owner and Analyst, NovusCPQ. “CPQ products are a great example of a solution that is empowering sales organizations to achieve commercial operations success.”
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Over the past year, Conga innovations have delivered industry leading processing time for complex data, providing new or updated quotes 10x faster than other solutions. Conga CPQ is the most advanced solution at reducing complexity in the quoting process, enabling sales organizations to respond to customers faster and win more deals. Conga CPQ’s ability to handle more lines in a quote, more configuration scenarios, and more pricing rules than many other vendors address the increasingly complex needs of the market. For example, Conga CPQ won a prospect with a complex use case involving 1,600 lines with complex configuration of instruments, rules and subscription services along with applying discounts and negotiating a contract on 1,500+ lines. Conga CPQ was the only vendor that could demonstrate end-to-end quote to contract to order submission in under ten minutes for 1,500+ lines and won the deal.
Furthermore, Conga CPQ has been recognized by industry-leading analyst firms, including the last four Gartner’s Magic Quadrant for CPQ, IDC’s 2020 WW CPQ Apps for Commerce MarketScape and Nucleus Research’s 2020 CPQ Value Matrix.
“I am proud of the progress we have made in significantly increasing our offering in the CPQ space. The strong renewals and expansions indicate that Conga’s CPQ is uniquely meeting the needs of an extremely demanding market,” said Grant Peterson, Chief Product Officer, Conga. “We have not only supported thousands of companies who leverage Conga’s solution to manage and generate proposal and quote documents, but we’ve invested in customer satisfaction to ensure their success. We will continue to build functional enhancements and invest in our product to deliver a superior overall experience to our customers, now and into the future.”
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