What Types Of Enterprises Can Profit From CPQ Products?

Wasting time and resources when a potential customer might be checking out what your competitors are offering while awaiting a significant order that could make or break your company's bottom line- doesn't fit in with modern requirements.

When you provide the customer with the quote, and they decide to change some of the parameters, this becomes even less efficient. The process repeats itself until you and the customer agree on a suitable product combination.

Enter CPQ products into the picture! What was once a myth to the manufacturing industry is a flourishing reality after CPQ implementation into the existing workflows.

Without the configured software in the picture, manufacturing companies looked for a more practical approach.

Some companies used an Excel spreadsheet to create quotes to streamline this procedure. Others made notes, distributed them, and asked various stakeholders to examine them. These became 20th-century approaches to a 21st-century problem.

In response, the CPQ industry gave convenient solutions.

How Do You Define CPQ?

The manufacturing firms use Configure, Price, Quote (CPQ) software to generate bids and complete orders for items requiring high-level customization.

Let's study each of these concepts:

Configure

Customers demand products that are increasingly suited to their individual needs and want them instantly. 'Mass customization and the 'lot size of one' are trending. Customers should naturally expect the same possibilities from larger producers with the help of configured software.

Price

Pricing aspects may be uncomplicated if your products are available in standard configurations with slight variation. However, if you allow for considerable product customization, CPQ products must be able to determine pricing whether a particular configuration has ever been quoted or purchased.

Quote

A configured software makes everything a piece of cake. Thanks to a wide range of configuration options and precise pricing with CPQ implementation, you may produce a quote for your customer to study and evaluate. The two main factors to be taken into account are the quote itself and how it is delivered while keeping CPQ industry standards in check.

Which enterprises benefit from CPQ products?

Manufacturing enterprises with highly customizable and complex products can blindly go for a CPQ implementation. Such businesses will experience new speed and efficiency once they deploy configured software. Salespeople can close deals fast and move on to the next order in line, increasing productivity.

Additionally, the sales team will be able to train new hires more quickly than ever. Before manufacturing companies could complete the quoting process, they had to spend weeks teaching sales representatives all the industry's nuances. Specialized training is not required since CPQ products handle all product configuration regulations.

With the increasing growth of the CPQ industry, one can observe an improvement in the size of each order as well as an increase in the number of sales in manufacturing concerns. Your sales team can upgrade and upsell orders with the help of CPQ implementation since they have a complete awareness of the prices and margins for each component. Additionally, a more efficient process results in fewer mistakes and a better client experience. It effectively converts one-time customers into recurring customers, which will be highly beneficial to your organization.

Collecting all product data into a single repository of data has further advantages. CPQ software can help dealers and distributors quote items by formalizing the configuration rules. Customers may even receive it directly, enabling them to customize products and make transactions without the need for intermediaries.

Final Words-

CPQ Products for Organizations Seeking to Advance Their Business Levels

Working in tandem with Configure, Price, Quote (CPQ) software updates are crucial for manufacturers. It enables you to rapidly and accurately develop a price quote rather than taking days to collect input from several departments.

Additionally, it enables you to avoid errors that can lose you a transaction (or future sales). Epicor's CPQ products will allow you to expand your company by streamlining, accelerating, and simplifying the sales process to the maximum level.

What keeps you away from the perfect CPQ implementation? Reach us today!