This MGI 360 Rating™ is designed to help buyers, suppliers, and investors assess the product functionality, management teams, channel breadth, marketing strategy, and financial positioning of Workday‘s Configure Price Quote (CPQ) tool.

Workday receives an MGI 360 Rating of 57 and a Neutral analyst outlook in the Configure Price Quote (CPQ) market. Workday’s Services CPQ product, currently in the early adopter stage with approximately 20+ customers, is specifically designed to address the quoting needs of professional services organizations. The advantage of Workday’s CPQ solution is its ability to abstract key elements of service delivery and its integration into Workday’s PSA, HCM, and Financials offerings. The product today handles low-to-medium complexity and volumes of quotes. While it is still in an early stage of maturity, initial customers report surprisingly high satisfaction with the product due to its ability to shorten and automate the quote process, as well as improved access to more granular, relevant project data. Workday CPQ receives exceptional praise for customer attentiveness and support. Even with a young product, the customer base is already a quarter of the size of many CPQ vendors. The roadmap is ambitious; Workday is investing heavily (talent, money, and channels) to make this a strong option for pure service businesses (e.g., professional services) today, and broader use cases (e.g., tech companies selling a combination of services, physical, and digital products) in the near future.

*This graph highlights how CPQ vendors, including Workday, compare with one another across a combination of key factors. Workday’s go-to-market and solution strength are broken down in depth in the report. A fully labeled version of this graphic can be found inside the CPQ Top 25 Buyer’s Guide.

Who Is Workday?

Workday (Nasdaq: WDAY) is a mega enterprise software vendor with an expanding set of integrated applications in human capital management (HCM), financials, planning, and select vertical industry solutions (e.g., PSA and higher education). Workday adheres to a unique hierarchy of priorities focused on employee, customer, and shareholder. The firm consistently receives high customer satisfaction scores and strong customer retention. Workday has over 19,900+ employees in key global economic areas.

What Is Configure Price Quote?

Configure Price Quote (CPQ) is a software discipline that enables companies to automate complex sales processes. It is typically packaged as a mini-suite of related capabilities enabling precise product configuration, accurate pricing, and rapid quote presentation across all types of channels – direct, indirect, partner/reseller, self-service, guided e-commerce, and OEMs. CPQ is a key element of the agile monetization platform.

CPQ solutions promise a smooth end-to-end customer experience, reduced friction in the sales process, and improved precision and accuracy of product combinations, pricing, terms, and conditions. When properly implemented, CPQ reduces the possibility of quote rejection due to human error. It makes the sales channel smarter and faster, and makes the sales process and downstream outcomes more predictable.

CPQ allows mass customization of relatively complex product lineups, enabling channels to sell complex products at scale. This applies to a broad range of product types – from digital subscriptions and financial services to cars and wind turbines. CPQ has applications in a broad spectrum of industries and business models across a range of stages of maturity: B2B and B2C, physical, digital, and hybrid combinations of goods and services, across myriad channel combinations.

What Are MGI 360 Ratings?

MGI 360 Ratings™ are a comprehensive structured system for evaluating technology companies. The MGI 360 scores reflect analyst opinions based on a scale of 0 to 100, combined with an analyst outlook (Positive, Negative, or Neutral). The 360 Rating system is comprised of 149 unique data points across five pillars:

  • PRODUCT: How strong is the product’s competitive position?
  • MANAGEMENT: How competent and experienced is the management team?
  • CHANNELS: Does the company have a sales capability and channels needed to bring products to market?
  • STRATEGY: Does the company have a realistic view of the opportunity and a compelling strategy for success?
  • FINANCE: Is the company growing and profitable?

 

360 Ratings in Configure Price Quote condense hours of research and customer references into simple, easy-to-understand ratings and recommendations to clearly demonstrate strengths, weaknesses, and differences among CPQ software vendors. All 360 Ratings in Configure Price Quote are available in the CPQ Top 25 Buyer’s Guide.

MGI clients can download the report below to find out how Workday compares to peer averages in the CPQ market.

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