Advantages of CPQ software for manufacturers

More accurate pricing

Within the manufacturing business, pricing requires a delicate balancing act: set prices too low, and also you’ll eat into the overall profits of the business. Set them too high, and you risk driving away customers. Your sellers may put their best efforts into creating accurate costs, however the fact is, pricing is simply too important to only rely on guesswork and intestine feelings. A CPQ software answer can arm your sellers with pre-established pricing models that make it quick and simple to turn out accurate costs, even for very advanced product configurations.

Faster quotes

A recent report from CRM Search factors out that standardised product choices are on the decline in the manufacturing trade, that means that made-to-order choices 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 client’s palms, which in turn relieves among the pressure positioned on sellers.

Automation of the tedious, error-prone configuration process

There’s a reason spreadsheet-based configuration processes result in so many errors: they are guide, which means there’s plenty 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 some of the most time-consuming facets of the configuration process. The CPQ software guides users through the product configuration process, only allowing the seller to decide on suitable features and options. As a result, the potential for the seller to make a mistake throughout the configuration process is removed altogether.

Enables sales to give attention to selling

Selling should be your sales workers’s key focus, and every 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 answer helps sellers spend a larger portion of their time with customers. Because of this, your sellers will be able to meet with more leads in a day, and establish more sales opportunities.

Current, accurate sales data to assist forecasting

Within the manufacturing industry, having an up-to-date and accurate understanding of what you’ve sold previously is a key part of predicting what your future product demand will look like. Many businesses have attempted to implement sales forecasting, but have been stymied by sales data that is out of date or inaccurate. With a CPQ resolution, you sales data can flow directly to your buyer database, to be able to really feel assured your sales data is always correct.

Final ideas

In business, there will always be transformational technologies that fully rewrite the way key processes are performed for the better. CPQ software is an instance of one such answer, but an organization must implement CPQ earlier than it can start to reap its benefits. Start considering if a CPQ solution could be proper for your small business today.

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