Advantages of CPQ software for manufacturers

More accurate pricing

In the manufacturing trade, pricing requires a fragile balancing act: set costs too low, and you’ll eat into the overall profits of the business. Set them too high, and you risk driving away customers. Your sellers could put their best efforts into creating accurate prices, however the reality is, pricing is simply too vital to only depend on guesswork and gut feelings. A CPQ software resolution can arm your sellers with pre-established pricing models that make it quick and straightforward to turn out accurate costs, even for very complicated product configurations.

Sooner quotes

A current report from CRM Search points out that standardised product choices are on the decline within the manufacturing industry, which means that made-to-order offerings are more and more important. These types of customised orders place quite a burden on sellers, and the longer it takes for a seller to turn out a quote, the more likely the client is to walk away from the sale. CPQ software speeds the process of making the quote and getting it into the customer’s hands, which in turn relieves a few of the pressure positioned on sellers.

Automation of the tedious, error-prone configuration process

There’s a reason spreadsheet-based configuration processes end in so many errors: they’re manual, which means there’s loads of room for the seller to make a mistake, and tedious, which compounds the problem and makes the seller even more likely to make a mistake.

With CPQ software, a corporation can overcome this problem by moving away from spreadsheets and automating a number of the most time-consuming features of the configuration process. The CPQ software guides users through the product configuration process, only permitting the seller to choose appropriate options and options. Because of this, the potential for the seller to make a mistake in the course of the configuration process is removed altogether.

Enables sales to focus on selling

Selling must be your sales employees’s key focus, and each hour they spend building configurations, creating proposals, and pricing orders is an hour they won’t be working directly with customers. By automating time-consuming configuration and pricing processes, a CPQ software solution helps sellers spend a bigger portion of their time with customers. In consequence, your sellers will be able to satisfy with more leads in a day, and identify more sales opportunities.

Current, accurate sales data to support forecasting

Within the manufacturing business, having an up-to-date and accurate understanding of what you’ve sold in the past is a key part of predicting what your future product demand will look like. Many businesses have attempted to implement sales forecasting, however have been stymied by sales data that’s out of date or inaccurate. With a CPQ resolution, you sales data can flow directly to your customer database, so to really feel confident your sales data is always correct.

Final thoughts

In business, there will always be transformational applied sciences that completely rewrite the way key processes are performed for the better. CPQ software is an instance of 1 such resolution, however an organization must implement CPQ before it can start to reap its benefits. Start considering if a CPQ solution might be right for your enterprise today.

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