How Does CPQ Software Benefit High-Tech and Electronics Manufacturers?
Combat Obsolescence with Market Responsiveness
High-tech and electronics manufacturers are constantly innovating and updating products, making them “smarter” and more connected. The sooner those innovations and updates get to market, the sooner they create value. CPQ allows you to write rules that make it easy for business users to add new products and components or remove obsolete products and components from your product catalog, all from one location. Cincom CPQ’s guided selling scripts recommend configurations that meet customer requirements while using up old inventory before it goes obsolete, ensuring a return on product investment.
Minimize Risk, Maximize Value of Short Product Lifecycles
Products with short lifecycles make for risky investments. Reduce those risks by realizing value faster from products. CPQ helps manufacturers and distributors get products to market faster. The CPQ rules configurator and guided selling features protect and maximize margins on sales, ensuring profitable pricing across multiple channels, leading to scalable, repeatable and predictable revenue.
Differentiate Yourself through Customer Experience
Facing competitive, global markets with low barrier-to-entry and, in some cases, minimal product differentiation, high-tech and electronics manufacturers and distributors need any and every advantage. The personalized experience you create for customers makes a difference.
CPQ simplifies buying processes. The sale is built around a better buyer experience. Salespeople have all the knowledge they need within the product configurator, and the rules engine ensures they’re accurately configuring, pricing and quoting the product while recommending relevant add-ons and options to ensure customers have what they need. In other words, being easy to buy from will become a key differentiator for your sales team.
Additional Resources to Improve Customer Experience
Role-Based Product and Sales Configuration Solutions
You have to hit quota in a competitive, high-tech manufacturing industry. You do that by simplifying and accelerating the sales cycle. Here’s how Cincom CPQ helps you accelerate the sales cycle.
- Improve margins and profitability. CPQ software ensures optimal pricing on all configurations so manufacturers and distributors can better manage discounts, promotions and specials, allowing you to maximize revenue on every deal and provide better buying experiences for customers.
- Identify additional revenue opportunities. CPQ software facilitates identification of cross-sell and upsell opportunities via guided selling processes and customized business rules that drive the configuration process, providing the most scalable products to fulfill buyers’ needs.
- Reduce time-to-quote and accelerate sales velocity. Automating pricing and quoting functions reduces time-to-quote, enabling high-tech and electronics manufacturers and distributors to close more deals faster. Cincom CPQ helps your sales force spend more time selling and less time pulling together product and pricing information from disparate sources throughout your organization.
- Achieve sales quotas. Reducing time-consuming, error-fraught, manual order entry facilitates faster turnaround times on quotes. Translation: Your salespeople are spending the majority of their time finding and closing sales against quota.
Are your salespeople able to keep up with the constant evolution of the high-tech and electronics industry? Cincom CPQ gives them the knowledge, processes and systems to do just that. Cincom CPQ enables high-tech and electronics manufacturers and distributors to:
- Turn salespeople into product experts. Cincom CPQ software digitizes product and tribal knowledge, making that knowledge available to salespeople before and at the point of sale—no more chasing down engineers, product managers or sales managers to answer product questions or approve sales quotes.
- Reduce process variation across manufacturing, distribution and supply chain operations. By providing requirements for model configuration, Cincom CPQ ensures accurate bill of materials (BOMs) for manufacturing. Track and formalize different variations in the quoting process.
- Reduce costs and execute lean methodologies throughout operations. Cincom CPQ software reduces real costs in terms of people, resources and processes, as well as implied or intangible costs in reworks and the ability to deliver positive customer experiences.
- Minimize product configuration and sales quote errors. Eliminate rework, field returns and other costs associated with an inability to deliver products and services as promised.
- Eliminate manual order entry. Your salespeople will not waste valuable selling time manually entering orders. CPQ software automates order entry and passes error-free BOMs to production scheduling systems.
Proprietary product and pricing data are constantly at risk. The demands for quick turnaround of system updates increases as competition escalates. Cincom CPQ helps IT manage risks, overcome challenges and create more value for the organization.
- Improve transparency. CPQ software makes data secure and accessible through APIs, meaning it’s readily available for mining and output as needed by different employees in different departments and locations.
- Enable collaboration. Cincom CPQ provides a collaborative system for business users, eliminating sales-cycle bottlenecks and facilitating go-to-market processes across the organization by integrating the sales office, back office and engineers into one application/solution.
- Simplify maintenance. Cincom CPQ frees IT resources by providing point-and-click, drag-and-drop maintenance of product and pricing rules for end-users. IT can still control access through roles and permissions, granting administrative functions based on user needs.
- Manage integrations. IT departments can easily manage CPQ integrations via standard API calls into your existing technology, enterprise applications and legacy systems. Cincom CPQ is built on an open-architecture API and uses industry-grade compliance protocols to ensure security.
- Centralize pricing, rules and roles. CPQ software frees your IT team from the burden of managing complicated, maintenance-intense databases of product and pricing information.
High-tech and electronics manufacturing is challenged by low-margin, highly competitive markets and rapidly evolving product requirements. CPQ helps you deliver more value at lower cost:
- Shorten time-to-market. CPQ enables manufacturers and distributors to get products to market faster through more channels, delivering quicker ROI and broader availability.
- Improve reporting. The data captured by CPQ means greater transparency for your executive team when evaluating products, processes, channels, supply chains, margins and overall sales performance.
- Ensure profitability. Rules and processes created through CPQ ensure optimized, profitable pricing is used across multiple sales channels, preserving margins and creating scalable, repeatable and predictable revenue.
- Reduce costs. CPQ reduces real costs in terms of people, resources and process, as well as the implied or intangible costs that come with reworks and poor customer experience.
- Increased reliability of forecasting. Interfaced with business intelligence (BI) and analytical systems, the Cincom CPQ platform delivers reliable, predictive reporting based on accurate data.