Configure Price Quote (CPQ) solutions help manufacturers in a lot of major areas of the sales process from price configuration and setting to quotes and future projections. They have been around for a long time but their uptake was lagging because they were awfully expensive, extremely complex and hard to use. However, with technological input shifting towards easier functionality and affordability of systems, CPQ software has become a go-to for a lot of manufacturers. There remains a number who are still unsure of whether to cross the line into the CPQ software platform but the benefits of CPQ solutions are far too great an asset to ignore.
Increase in sales efficiency
Using manual systems exerts an undue amount of pressure on the sales teams and takes too much of their time therefore reverting their attention from their goal and reducing their efficiency. CPQ software reduces the work load on the sales teams so that their attention is focused solely on their tasks and goals without deviation. Similarly, the generation and production of quotes and prices is much easier when CPQ solutions are used. This in turn increases sales and may result in product and market expansion.
Increased accuracy in pricing
Coming up with the perfect price is a very hard task for a manufacturer. The price has to benefit both the manufacturer and the consumer and finding the middle ground is a challenge for most and consumes a lot of time and effort. With CPQ solutions, you get a much more accurate price that benefits both the consumer and yourself (the manufacturer) with less time and effort.
A lot of manual processes involved in sales such as spreadsheet configuration rely on human input. Based on a lot of factors, including emotional and psychological, human input results in a lot of errors that could very well destroy the whole sales process. CPQ software however, being an automated process, provides the overall solution to all the errors. There is therefore less fall out due to mistakes in the configuration.
Better review of previous sales data and increased accuracy in projections
Many of the manufacturers sales projections are reliant on sales data from past sales of the product. With the already established fact of human error, there is therefore a very high probability of getting the wrong projections which could be very damaging. CPQ solutions give better sales projections and are efficient in determining times for such things as discounts and price reductions.
CPQ software solutions for the valve industry provide a great deal of benefit for the manufacturer and should be adopted as a solution to all the sales problems.