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Advantages of CPQ software for manufacturers
More accurate pricing
Within the manufacturing industry, pricing requires a delicate balancing act: set prices too low, and you’ll eat into the general profits of the business. Set them too high, and you risk driving away customers. Your sellers might put their finest efforts into creating accurate prices, however the reality 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 easy to turn out accurate costs, even for very advanced product configurations.
A current report from CRM Search factors out that standardised product choices are on the decline within the manufacturing business, 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 customer is to walk away from the sale. CPQ software speeds the process of creating the quote and getting it into the client’s palms, which in turn relieves a number of the pressure placed on sellers.
Automation of the tedious, error-prone configuration process
There’s a reason spreadsheet-primarily based configuration processes end in so many errors: they're manual, 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, an organization can overcome this problem by moving away from spreadsheets and automating among the most time-consuming features of the configuration process. The CPQ software guides customers by means of the product configuration process, only permitting the seller to decide on compatible features and options. Consequently, the potential for the seller to make a mistake in the course of the configuration process is removed altogether.
Enables sales to concentrate on selling
Selling must be your sales staff’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 resolution 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 determine more sales opportunities.
Present, accurate sales data to support forecasting
In the manufacturing trade, having an up-to-date and accurate understanding of what you’ve sold up to now is a key part of predicting what your future product demand will look like. Many businesses have tried to implement sales forecasting, however have been stymied by sales data that's old-fashioned or inaccurate. With a CPQ answer, you sales data can flow directly to your buyer database, to be able to really feel confident your sales data is always correct.
In enterprise, 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 one such solution, but a company must implement CPQ earlier than it can start to reap its benefits. Start considering if a CPQ solution may be proper for your business today.
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