SAP has two products that could be considered as successor of the IPC: SAP Variant Configuration and Pricing (aka CPS) and SAP Solution Sales Configuration (SSC). It depends on the use case which of the products is most suitable for you. Simplified one could say: single-level configuration and multi-level configuration with BOM -> CPS; multi-level configuration without BOM (bottom-up system configuration) -> SSC.
This note might help: 2711932 - System Requirements for SAP Variant Configuration and Pricing
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