Browse [LATEST] Apttus CPQ Interview Questions and Answers

Browse [LATEST] Apttus CPQ Interview Questions and Answers

Last updated on 14th Nov 2021, Blog, Interview Questions

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Mohan (Apttus CPQ Consultant )

Mohan has a wealth of experience in cloud computing, BI, Perl, Salesforce, Microstrategy, and Cobit. Moreover, he has over 9 years of experience as a data engineer, financial performance, and analytics. His professionalism was helpful to crack seekers.

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Apttus CPQ Professionals and expert trainers from ACTE systems are providing you with the important questions and answers that might be asked when you face an Apttus CPQ Interview. These questions and answers will help you in the preparation of the interview. Questions are relevant to Apttus CPQ and its applications. The following list includes the best important Apttus CPQ questions for freshers as well as Apttus CPQ questions and answers for experienced candidates to help them prepare for the interview. This complete guide of Apttus CPQ interview questions will encourage you to crack your Job interview easily.

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    1)What Is Cpq?


      CPQ stands for Configure, Price and Quote. CPQ is a tool which helps companies produce accurate, configured quotes and make them using automation C is for configure. Customers can select products that are required. P is for price. make a price for products which are selected. Generating estimation price to Customer for products.

    2)What Is Qtc?


      QTC stands for Quote to Cash and it is an end to end business process which starts from generation of quotes to receiving payments for customers.

    3)What Is Apttus Cpq?


      APTTUS CPQ is one of leading CPQ services provided to clients by a company named as APTTUS.

    4)What Is Product?


      It is Product or services that can be sell to customer in as Standalone, Options and Bundle Standalone: It can be sold individually. Bundle: two or more products can be sold as a bundle. Options: it provides additional choices for products to end users.

    5)What Is Product Family?


      Product Family is a standard feature provided by salesforce and you can segment your products using picklist.

    6)What is a Product Group?


      Product Group is an APTTUS Custom object and it contains a set of products in it.

    7)What Is Category?


      Category is a high-level segmentation of products. It helps end users to select them using the Product catalog.

    8)What Is Product Catalogue?


      Product Catalogue is a place where you can find all lists of products available in your organization.

    9)What Are Bundle Products?


      Bundle Products are a combination of two or more products that provide added value to customers.

    10)What Is Product Hierarchy?


      Product Hierarchy is related to the hierarchy of products which are interlinked to another product.

    Product Hierarchy
    Product Hierarchy

    11)What Are Inner Bundles?


      Inner Bundles are also called multi-level bundles where users select a bundle inside a bundle.

    12)What Are Attributes In Apttus Cpq?


      Attributes are related to features like colour, weight, size and so on.

    13)What Is Product Attribute?


      Product Attributes are related to features of a product like colour, weight, size and so on..

    14)What Is Product Attribute Field?


      Product Attribute Field is a value of features of product which may be colour, size ..etc ex: White iPhone , Here iPhone is a product and White is an Attribute.

    15)What is the Product Attribute Group?


      Product Attribute Group is containing two or more Product Attributes.

    16)What Are Search Filters?


      search filters help us to find results by using their field values. To find products, options we can use a search filter based on their field values.

    17)What Is a Price List?


      Pricelist stores multiple prices of a particular product based on business flow.

    18)What Is a Price List Item?


      Price List Item stores the list price of a product that contains various price lists based on area, location,quantity etc.

    19)What Are Price Rules?


      Price Rules deals with Pricing adjustments on products and it also helps to provide discounts, Special offers and Promotional offers.

    20)What Are Price Rules Set?


      Price Rules sets contain criteria to update Price Rules set on a product?

    Price Rules set
    Price Rules set

    21)What Are Price Matrices?


      Price Matrices is used to adjust pricing for a single product on a price list.

    22)What Are Inclusion Rules?


      Inclusion Rules helps us to generate error messages or promotes to users including both products.

    23)What Are Exclusion Rules?


      Exclusion Rules helps us to generate error messages or promotes to users excluding both products.

    24)What Does Cpq Stand For? Explain What It Is All About?


      Well, CPQ stands for Configure Price Quote. It is a software tool which is widely used by the sales personnel. So basically with this tool, the sales executives within an organization will have an overall view of different aspects of a project quote and help them to reach to an optimum level when it comes to the price quote. All of this happens without any dependency on the other individuals.

    25)What Is More Unique About This Tool?


      With the help of this tool, it gives the flexibility for the sales executives to work on the price quotes based on the latest approved pricing structures and discounting rules and approvals already predefined. So basically all these factors are taken into consideration while generating a particular price quote. All this can happen anywhere and right at their fingertips as on when there is a need. Thus making it a flexible tool and independent tool for all the sales executives within the organizations. It not only makes your sales executives or officials life easier and efficient it also adds to the overall execution of the organization selling strategy.

    26)How Does Cpq Is Actually Closing Your Crm System Gaps?


      Well, when it comes to CRM systems most of them do not cater to the option or flexibility of automating their price quote processes and thus making life hard. With the existing CRM applications that are out in the market, it is difficult to automate the price quote process. Thus forcing the employees to rely on standard Microsoft Word or Excel. By following this process, the entire flow of quote generation is slowed down to a maximum extent.

      Further, they might not be 100% accurate and prone to unidentified risks.Thus being said about the slow price quote process, it will further affect the next steps like having low win rates and also more obstacles to make from potential leads to a customer. Thus, ultimately affecting the revenue for the organization.

    27)What Are The Primary Factors That Are Usually Encountered Within An Organization Where It Calls For A Need Of Cpq Software?


      The primary factors that are encountered within an organization where they see a growing need for CPQ software:

    • Extensive delays in quote creation process.
    • Too many errors during the quote creation process or lot of loose ends
    • It was out of date product related information and the pricing structures
    • Doesn’t take advantage about upselling or cross-selling platforms.
    • Lack of sales process optimization or visibility to grow the sales channel
    • If you observe any of these challenges are actually bringing your sales team to underperform it is your responsibility to invest in a good CPQ software which helps you to be in a good position.

    28)How Does Cpq Software Usage Will Tr orm Organization Sales?


      The following ways are the key aspects of tr orming the organization’s sales, as follows:

    • Increase Speed
    • Eliminate Errors
    • Maximize Deal size
    • Provide accurate and updated information.

    29)What Are The Major Roadblocks That Actually Slow Sales In An Organization?


      The major roadblocks that actually slows down the sales in an organization are as follows:

    • It is practically impossible to find out all the product related offerings and in detailed information about the latest products.
    • Not able to judge what products would suit the customer as per their requirement. This is purely because the sales executive is confused about the product offerings itself because there is no repository of all product offerings and the latest information about them.
    • No proper discount rules defined for products
    • Following up with the approvals from the managers, this will increase internal follows even before sending the quote to the customer
    • Manual quote creation, prone to lot of human errors
    • All these obstacles will be well handled and managed by the team if they have an automated software which helps them to get their price quote up and running in a few minutes.

    30)Can You List Out A Few Bullet Points Why A Cpq Tool Will Have Your Sales Increase Faster And Make You More Productive Straight Away?


      The following are the bullet points which actually let the CPQ tool be so important and why it makes such a good impact.

    • One location where all the products information is available
    • All the latest product offerings are available
    • The tool helps and suggest guided products based on the requirement
    • Basically, the sales users will be able to customize the product offerings from the list as per their requirements
    • Because of its Automated workflow process
    • All this combined generates a Price quote.

    31)How Does Cpq Tool Helps You Make Money Apart From The Sales?


      As we all know, the only way to make money is to sell the products to the market and based on the margin an organization is evaluated in terms of the profit. If the price quotes for the requirements are done manually then usually they are provided with deep discount deals where they have only one intention is to close the deal with the customer at any given point of time. This way, the profit margin is reduced to a very low value.

      If this process is automated with a CPQ tool, we add value to the price quote by providing the right product information and right product price in an organized manner. During this process, all the discounts are actually set and approved so thus there is no manual intervention. Based on the price quote, the profits are actually agreed by the team rather than a single executive. Thus it helps in making more money and profit to an organization.

    32)What Is Quote to cash?


    Quote to cash
    Quote to cash
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    33)What Are The Different Factors That Are Taken Into Consideration While Pricing A Product?


      The following are the different factors that are taken into consideration while pricing a product are as follows:

    • Mainly includes on market demand
    • The competitive pressures
    • The value offered to the customers
    • Timings and the cost to provide the services
    • Business and sales strategy for that product
    • All of these are the different factors which have a dynamic impact on the product evaluation and product pricing.

    34)Why Does Cpq Tool Is Considered As A Modern-day Utility Tool For An Organization?


      It is considered to be a modern-day utility tool because it caters:

    • Offers a superior selling platform
    • Single source of truthful and worthy information about products
    • Targeted price quotes because of the customization.
    • Incentives provided based on the product selection

    35)How Does Cpq Tool Actually Helps You To Turn All Your Quotes Into Contracts?


      Well, it is a known fact that the sales process doesn’t stop after just sending out the price quote to the customer. The sales user should be able to follow up and make sure that customer is turned from potential lead to actual customer to the organization. Thus, the modern-day CPQ tool actually helps you to simply all the information from the Quote to the contract management system, thus eliminating the effort of putting all the price quote information into a contract management system manually. This helps to reduce a lot of time and gives a power to the users to close the deal much faster when compared to the traditional way.

    36)Why Does The Cpq Tool Help Your Sales Executives With Influencing Behavior?


      Well, it is a known factor that the more they sell the organization does make more profit from the sales so it is evident for the organization to actually invest in some sort of a tool which actually makes or inculcates a motivation. So one of such tools is nothing but CPQ, it does provide the right information about the product at the right time. Thus giving out a positive feeling for the sales executive and ultimately motivates him to do this over time.

    37)What Is The Future Of Cpq Tool With Machine Learning?


      There is a lot of future to CPQ tools when it comes to machine learning concepts. With the help of machine learning concepts, it helps the sales users to compare his current price quote with all the previous price quotes of their prominent sales executives, thus providing a comparison environment.

      TThis helps reduce the mistakes in the current price quote and modify according to the suggestion that was provided by the system itself. All together this will help the price quote to be excellent and attract the customers because we are quoting exactly what they were looking out and especially when they see a well-drafted quote they don’t mind spending premium amounts because it creates a trust in the services angle.

    38)Why Is Apttus Stated As A “Quote To Cash” Model?


      Because the tool actually helps the businesses to be more competitive in terms of competing with the target market and also become more agile and dynamic while following up with the customers providing them with a customized environment. In general, using Apttus CPQ tool one can observe a straight jump in their sales revenue as it is the right mixture for the current market need.

    39)Does Apttus Cpq Tool Has an Api Where They Can Connect To Third-party Systems To Do More?


      Yes, absolutely. The tool has API’s available so that they can connect to any other third party systems where they can manage and do more.The integration process is very smooth and easy to start off with.

    40) What is CPQ in SalesForce?


    CPQ in SalesForce
    CPQ in SalesForce

    41)So what does ABO stand for in the Apttus CPQ tool?


      ABO stands for Asset-based ordering platform. S

    42)Does the Apttus CPQ tool have an API where they can connect to third-party systems to do more?


      Yes, absolutely. The tool has APIs available so that they can connect to any other third-party systems where they can manage and do more. The integration process is very smooth and easy to start off with.

    43)Do we have any signature process in the Apttus CPQ tool?


      Yes, the Apttus DocuSign package can be integrated and thus enables the users to avail the signature facility within the Apttus interface.

    44)What are the challenges of contract management?


      The Legal department usually takes care of creating, managing, and maintaining contracts. When Legal manages contracts manually, there is a chance of facing bottlenecks. They might also face some errors like revenue leakage, non-compliance, etc.

    45)What is the middle office?


      The middle office is a department that takes care of financial functions. It sits in between the front and back office. The middle office team manages risks and ensures that the tr ctions have correctly executed.

    46)What are the advantages of Apttus CLM?


      Here are some of the advantages of Apttus CLM:

    • Contracts creation is faster
    • Revenue leakages have stopped
    • Early detection of risks
    • Improves contract renewal rates
    • Increased visibility and compliance
    • Reduced manual errors
    • Deals will be closed faster

    47)What are the offerings of Apttus?


      The following are the top solutions offered by Apttus:

    • Intelligence Middle Office
    • Quote-to-Cash
    • Contract Lifecycle Management (CLM)
    • Configure Price Quote (CPQ)
    • Revenue Management
    • B2B E-Commerce
    • MAX-AI
    • X-Author

    48)What are Apttus CLM contract templates?


      Contract templates provide a standardized format for all your contracts. Any change made to any clause or a term, anywhere the term or clause applies, will automatically have the updated language.

    49)What awards did Apttus CLM achieve?


      Apttus has been announced as a leader in the Forrester Wave for Contract Lifecycle Management.

    50)What are the Challenges on technical side?


    Challenges on technical side
    Challenges on technical side

    51)Who are the customers of Apttus?


      Apttus customers include many of the Fortune 500 companies.Here are some of the customers that use Apttus CLM.

    • Adobe
    • Aramark
    • Citrix
    • Hewlett Packard Enterprise
    • Abb
    • AppNexus

    52)How can Apttus CLM be integrated?


      Apttus can easily integrate with all web applications. Apttus integrates with the below platforms.

    • Jitterbit
    • Salesforce
    • Adobe Sign
    • Mulesoft

    53)Is Apttus CLM and CPQ the same?


      No, Apttus CLM and CPQ are not the same. Apttus CLM is for contract management. Apttus Configure Price Quote (CPQ) is for managing quotes.

    54)Does Apttus CLM provide reporting capabilities?


      Apttus CLM provides detailed search and reporting capabilities. It enables quick access to information on your contracts.

    55)How much does Apttus CLM cost?


      Apttus CLM supports teams of all sizes to gain visibility. It has offered in three pl

    • print CLM
    • Enterprise CLM
    • Ultimate CLM

    56)Why is contract management a critical part of Quote-to-Cash?


      Contract management powers Quote-to-Cash solutions. All the quoted and invoice information has been defined in a contract. It provides the speed and control you need to handle the process improvements.

    57)Can Apttus CLM dynamically generate legal templates?


      There are eight stages for the contract management lifecycle.

      Request – someone in a company requests for a new contract.

      Drafting – involves the creation of every single standard contract.

      Negotiate – both parties negotiate for terms and conditions.

      Approval – get the contract approved by Legal, executives, stakeholders, and the customer.

      Execution – get the contract signed, put it into effect, and place it in a repository.

      Obligations – implementation of the contract line items and meet deadlines.

      Compliance – provide regular reports to internal and external parties and your performance to obligations.

      Amendment/Renewal – before the contract expires, you need to send a new contract for Renewal. I will kick off a new cycle.

    58)How can we manage contracts effectively?


      :Contracts can be managed effectively through 4 steps.

      Consolidation – create one central repository for all the contracts, templates, and clauses.

      Task automation – automate manual processes of the Legal team. It increases process control and reduces manual errors.

      Process efficiencies – create a well-organized contract process to enable faster contract cycle times.

      Contract performance – identify and remedy pain points to provide the best service to your customers.

    59)Why are automating contracts necessary?


    • It will provide clear expectations for all parties.
    • It offers control of resources.
    • It will optimize revenue and cost streams.
    • It also streamlines business processes.

    60)What type of contracts does Apttus CLM use?


      Apttus CLM supports any type of contracts like sell-side contracts and buy-side contracts. It also enables other business teams like HR, operations, IT, R&D to manage their general contracts.

    Type of contracts
    Type of contracts

    61)Name the common contract pain points.


      Below are the common contract pain points.

    • Difficulty in balancing speed and control.
    • Legal team lacks visibility into contract terms.
    • Inconsistent in the use of words and language in the contracts.
    • Tracking the contracts between several departments and locations.
    • The inability to manage changes over time.

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    62)How can we achieve contract management excellence with Apttus CLM?


      Apttus CLM enforces four steps to capture more value to your business:

    • Get your contracts in one place.
    • Define process and performance metrics.
    • Build contracts smarter.
    • Integrate and accelerate contracts with Quote-to-Cash.

    63)Is Apttus CLM on-premise or on the cloud?


      Apttus CLM is a cloud-based solution, and it is not available to download and install on-premise.

    64)Explain about Apttus CLM?


      Apttus Contract Lifecycle Management (CLM) enables the automation of contract processes.It provides higher-quality experiences for both parties. It improves negotiating outcomes, reduces cycle times, and minimizes risk. Apttus CLM is available on the cloud, so it is easy to connect to any CRM.

    65)Explain about clause library


      A Clause library plays a vital role in the contract process. It is like a repository where pre-approved clauses are stored. These clauses have been used for generating contracts. It will speed up the contracting process and reduce risk.

    66)Can Apttus CLM dynamically generate legal templates?


      Yes, Apttus CLM dynamically creates legal templates from the clause library.

    67)Explain about Quote-to-Cash?


      Apttus Quote-to-Cash provides an integrated view of all customers, quotes, and contracts. An organization will have complete visibility to boost revenue growth and reduce errors. It encompasses sales, contracts, and customer relationship life cycles.

    68)Can we integrate Apttus CPQ and CLM?


      Yes, we can integrate Apttus CLM with Quote-to-Cash. It tr ribes the quote elements and populates the purchasing contract automatically. It speeds up the closure of deals resulting in speeding revenue generation. It also increases customer satisfaction.

    69)How is Apttus CLM different from revenue management?


      :The revenue process comes after the contract is signed. It includes invoicing, billing, and order management functions and provides consistency across channels and customer-friendly interactions.

    70)Is Apttus equipped with machine learning?


      Apttus has incorporated Machine Learning in Quote-to-Cash to get smarter and faster with real-time analysis. It can get predictive insights that learn from the company’s data.

    71)Is the Apttus part of Salesforce?


      Apttus Omni has been built on top of Salesforce. Apttus Quote-to-Cash solutions inherit Salesforce properties like mobile access, advanced analytics, etc

    72)Describe Apttus CLM RFP


      Apttus CLM provides a modifiable template that we can use to create a comprehensive RFP. It represents capabilities that buyers should consider when evaluating contracts.

    >73)Does Apttus CLM provide reporting capabilities?


      Apttus CLM provides detailed search and reporting capabilities. It enables quick access to information on your contracts.

    74)How to become a professional in Apttus?


      If you want to enrich your career and become a professional in Apttus, then visit Mindmajix – a global online training platform: ” Apttus Training ” This course will help you to achieve excellence in this domain. 1. What does CPQ stand for? Explain what it is all about?

    75)What is an Apttus product group?


      Product Group is an APTTUS Custom object and it contains a set of products in it. Question 7. What Is Category? Category is a high-level segmentation of products. It helps end users to select them using the Product catalog.

    76)How does CPQ tr orm the sales process?


      By speeding up the sales process, CPQ applications help sales organizations to reduce wasted time and protect more deals from stalling in the sales pipeline. Adding CPQ to CRM increases profitability. Adding CPQ to your existing CRM results in more profitability-both in increased revenues and increased efficiency.

    77)How does CPQ software enhance the buyer experience?


      With a single sign-on, your sales reps can create quotes using a dynamic CPQ solution that reduces errors, produces quotes quickly, and streamlines approvals. Our CPQ enhances the buyer experience by sending quotes and relevant sales content in a personalized DealRoom which aids stakeholders in decision-making.

    78)What is a CPQ and how does it benefit sales teams?


      CPQ benefits sales teams by reducing the amount of time they spend on non-sales activities. A CPQ helps them respond faster to their customers with the right pricing, messaging, and marketing documentation while eliminating time-consuming administrative tasks.

    79)What is CPQ software and how does it improve ROI?


      A properly designed and easy to maintain CPQ system can provide positive ROI based on pricing improvements alone. CPQ software helps each salesperson price a product or configuration for any customer. Infused with AI-based price optimization technology, CPQ tools become smart quoting engines.

    80)What is Salesforce CPQ and how does it benefit your sales team?


      Salesforce CPQ can benefit your sales teams and overall organization in a number of ways: Give sales leaders unprecedented control and visibility. Without CPQ, many sales teams operate under chaotic circumstances. Maybe you’ve seen teams accidentally send out unapproved pricing or promise products that no longer exist.

    Salesforce CPQ
    Salesforce CPQ

    81)Is Apttus quote-to-cash a competitor to Salesforce?


      That me Apttus Quote-to-Cash solutions inherits Salesforce innovations like mobile access, advanced analytics, and the ability to run business in multiple currencies and languages. It is a competitor to Salesforce CPQ itself.

    82)What is Apttus software used for?


      Apttus, in simple terms, is a provider of quote and collection software that drives important business processes between buying from a potential buyer and earning revenue. It is also the organization that is responsible for the main software for the configuration of quotes (CPQ), e-commerce and contract management.

    83)Who are the end-users for Salesforce CPQ & Apttus CPQ?


      Thus, the end-users for both Salesforce CPQ & Apttus CPQ are the Salespeople only. Hence, they can give more time to selling using these software solutions.

    84)What is the difference between Apttus and Apttus Omni?


      Apttus is a B2B cloud service running on the Salesforce platform. Apttus Omni is built on Salesforce, one of the world’s most scalable and secure enterprise clouds. That me Apttus Quote-to-Cash solutions inherits Salesforce innovations like mobile access, advanced analytics, and the ability to run business in multiple currencies and languages.

    85)Who is the founder of Apttus?


      History Apttus was founded in 2006 by Kirk Krappe, Neehar Giri, and Kent Perkocha. The three co-founders reportedly developed the company from ideas written down on napkins in a laundry room. Krappe served as the company’s first CEO, with Giri as Chief Solutions Officer and Perkocha as Chief Customer Officer.

    86)Who is the CEO of Apttus?


      Apttus, which operates a cloud platform to help businesses with the quote-to-cash process, has raised $41 million in a Series B funding round, which was led by Salesforce Ventures. “The opportunity is enormous,” said Kirk Krappe, who is the CEO and co-founder.

    87)Did Apttus buy the Colorado company for $715 million?


      San Mateo-based Apttus Inc. is buying a Colorado company and adopting its name in a private equity-financed deal that is reportedly valued at $715 million.

    88)What does the Apttus-conga deal mean for business?


      “The combination of Apttus and Conga, two leaders in business process tr ormation, creates a new company with significant scale, a unique set of complementary product offerings and a highly skilled management team with an impressive track record of success,” Thoma Bravo Managing Partner Holden Spaht said in the announcement of the deal.

    89)Is Apttus owned by Insight Partners?


      Thoma Bravo acquired Apttus in 2018. However, Insight Partners will retain a significant interest as the lead investor in the original Conga. Conga’s Digital Document generation and tr ormation and Apttus Middle Office solutions are a natural combination

    90)What will happen to Congo’s culture after the merger?


      Matthew J Schiltz, CEO, Conga, announced in a blog that four key things won’t change. The combined company will continue to maintain a culture focused on customer success. The company will continue as Conga.

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    91)Is Thoma Bravo taking the lead in the conga-Apttus merger?


      Thoma Bravo has engineered the merger of Conga and Apttus. Terms of the deal are not known, but it seems like Thoma Bravo is taking the lead in the combination. Thoma Bravo acquired Apttus in 2018. However, Insight Partners will retain a significant interest as the lead investor in the original Conga.

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