Buying behavior of customers is ever evolving. An organization’s Configure Price & Quote (CPQ) application serves as the backbone for the sales team to support this evolving buying behavior of customers. Every modern business in the world turns to its CPQ system to produce correct quotes and effectively sell its products, thereby generating revenue. This makes ‘quotes’ a very critical entity for any organization’s relationship with its customers. Any miss of critical clauses or incorrect pricing can cause anomalies in the quotes that can lead to serious losses to businesses.
Anomalies can occur in quotes due to operator data entry errors, incorrect or outdated pricing, varied business lines with varied terms & conditions, competition pressure etc. These reflect in the sales cycle as loss in margin, missed terms and conditions, and lower prices which can pose serious risk for the business. Anomalies like missing of key compliance clauses such as HIPAA, ISO etc. in Contracts or overlooking of items like termination date or expiry date during contract renewals or amendments can cause legal complications. This is where integrating an AI solution with Oracle CPQ Cloud can help business mitigate risk.
Oracle CPQ Cloud provides an automated & centralized system for Products, Discounting, Configuring, Pricing, and Quote functions – empowering sales reps to cross-sell and up-sell, thus increasing margins.
Wipro HOLMES™ is Wipro's Artificial Intelligence (AI) and automation platform. It is the bridge between foundational AI algorithm builders and Applied AI. Wipro HOLMES™ is a one-stop applied-AI platform which empowers enterprises to easily and quickly build and deploy intelligent solutions for their digital and automation journey. The platform offers robust, carefully curated frameworks like Cognitive Search, Cognitive Image Processing, Deep Text Extraction, Intelligent Process Automation, and Intelligent Conversations to name a few, from its repository of services.
Bringing AI to Oracle CPQ Cloud:
Wipro HOLMESTM AI-powered Pricing and Contract solution complements the features of Oracle CPQ Cloud by providing AI-driven pricing and contract anomaly detection, giving business the complete peace of mind in their Quote to Order process. Machine Learning enables the AI platform to learn and train itself. This learning is then applied to future quotes and contracts to determine any anomalies.