Gartner defines configure, price and quote (CPQ) applications as software that enables sales organizations to automate and optimize the creation of quotes and capture of orders. A CPQ application is a sales tool that captures the new goods and services a customer wants to buy or the changes a customer wants to make to existing goods and services. While generally focused on assisted sales channels, CPQ capabilities such as product configuration and pricing must be shared with the self-service commerce channel. The new purchases and changes must be priced and a binding contract must be formed with the customer before sending an order to downstream fulfillment systems.
MDM is a technology-enabled business discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, governance, semantic consistency and accountability of an enterprise’s official shared master data assets. Master data has the lowest number of consistent and uniform sets of identifiers and attributes that uniquely describe the core entities of the enterprise and are used across multiple business processes.