CPQ Software Solutions in Manufacturing Applications
By Cheryl I. Part I of this installment can be found here.
Struggling manufacturers often find it difficult to provide prospects with timely and error-free quotes, particularly when selling complex items containing many components.
A sales team is unable to perform at the highest level unless it has easy access to the current information required to quote successfully. Not having this information can potentially lead to:
- Underpricing – compromising company margins
- Overpricing – losing customers to cheaper competitors
- Quoting delays – losing customers to faster competitors
- Quoting to specifications – not providing world-class service by quoting the best solution for each customer’s unique situation (including upsells and bundles)
- Losing top performers – competitors may offer less stress and more income potential
Many accomplished manufacturers – especially those managing thousands of products and/or operating on a global scale – credit much of their success to the use of Configure, Price, Quote (CPQ) technology.
CPQ software makes it easy for a manufacturer to maximize the profitability of a deal. It takes into consideration costs, time, competition, and local economic factors while providing customers with optimally configured solutions at competitive prices.
Sales representatives typically spend multiple hours producing a quote manually. With a CPQ solution, team members are able to create an optimized proposal in under 15 minutes.
CPQ software optimizes the quoting process and offers the following significant benefits:
- Sales teams have less overhead, more time for finding new customers, and more income potential
- Faster quote-to-close time
- Users can work from anywhere, on any device
- Reduced onboarding time through the use of guided selling
Manufacturers seeking growth opportunities can benefit greatly from CPQ software. Reach out to Canidium experts to get all the facts on this stress-reducing, profit-increasing solution.