You make highly configurable products–pumps, valves, transformers, heavy machinery or other industrial equipment–and your products are always changing, from features and functions to configurations and pricing. Dealing with constantly changing variables that make configuring accurate sales quotes a complex process, how do you update your product catalog so your sales can go to market faster? That’s just the beginning of the challenges industrial equipment manufacturing organizations face; see how Cincom CPQ solves them…
How Does CPQ Benefit Industrial Manufacturers?
Improve Time to Market
Your product catalog is always changing to keep pace with demand and customer needs. CPQ makes it easier to manage your product data. All of your complex product configurations and pricing models are quickly updated on the back-end by your experts, ensuring your sales team always has up-to-date product and inventory knowledge to build accurate sales proposals and close deals.
Grow Revenue, Enable Sales Teams
Once your product hits the market, CPQ makes your company easier to buy from, plain and simple. CPQ creates a more valuable customer experience through guided selling and dynamic pricing, enabling sales teams to improve margins by identifying more upsell and cross-sell opportunities.
Whether at their desks or in the field, CPQ enables sales reps to have up-to-date product information available on-the-fly, on any mobile device. Configuring sales proposals on the spot -- in minutes, rather than days – enables reps to save time, satisfy customers and close deals.
Your product team is keeping pace with the market and your sales team is making deals. In addition to enabling more resource-efficient product launches, CPQ keeps costs down by improving retention among your sales force and accelerating onboarding of new reps.
Role-Based Product and Sales Configuration Solutions
Pipeline, quota and revenue. When it comes to your time and budget, everything has to point back to one of those three numbers. Here’s how Cincom CPQ does just that:
- Grow through more sales channels; capitalize on omni-channel opportunities. Cincom CPQ gives you the ability to quickly capture, replicate and implement your best sales processes globally across all of your sales channels.
- Improve margins. Guided selling functionality helps your sales reps identify cross-sell and upsell opportunities.
- Maximize revenue. Cincom CPQ ensures optimal pricing on all configurations and allows you to better manage discounts, promotions and specials, so you’re achieving maximum revenue on every deal and providing better buying experiences for customers.
- Reduce “desk time”. Cincom CPQ allows you to manage exceptions rather than the rule, so you can spend more time on high-value tasks, rather than reviewing and approving deals.
- Accelerate deals. Simplified sales processes and an easier buying experience for your customer, including reduced time to quote, translate to improved sales velocity.
You’re leading the charge for digital transformation in your sales processes–or at least looking for ways to operate more effectively in the digital age. Cincom CPQ enables the digitization of your sales force:
- Turns sales reps into product experts. Cincom CPQ digitizes hard copy collateral and systemizes tribal knowledge of products, making product knowledge and engineering expertise available at the point of sales engagement.
- Replicate success. Capture the processes of your best sales reps, and leverage them across your sales channels.
- Reduce costs. Cincom CPQ reduces the cost of people and resources through reduced turnover and faster sales onboarding. The CPQ system provides a platform to guide lesser-experienced sales reps through optimal, relevant configurations that meet their customers’ needs.
- Minimize errors. Eliminate reworks and other costs associated with an inability to deliver as promised.
- Eliminate manual order entry. Eliminate the need to manually enter data into multiple systems frees sales reps, allowing them to concentrate on selling products and services to customers.
How do IT departments benefit by implementing CPQ? CPQ enables IT departments to focus on managing the technology your organization relies on to do business. Cincom CPQ helps IT departments:
- Improve transparency. Make data secure and accessible through APIs, meaning it’s readily available for mining and output, as needed, by different departments.
- 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 your sales office, back office and engineers into one application/solution.
- Simplify maintenance. Cincom CPQ allows for point-and-click, drag-and-drop maintenance of business, product and pricing rules. IT can build, test and deploy those rules or simply grant access for other users to make updates without IT assistance. (It’s that simple).
- Manage integrations. Easily manage integration via standard API calls into your existing technology, enterprise applications and legacy systems – Cincom CPQ is built on an API open architecture and uses industry-grade compliance protocols to ensure security.
- Centralize pricing, rules and roles. CPQ provides a single platform to house and manage product pricing, business rules and user roles as they relate to configuring sales and quotes.
You need to show your organization the investments you’ve signed off on are delivering positive results. “Cut costs and grow revenue” are your team’s standing orders. Here’s how CPQ helps Finance departments achieve goals:
- Shorten time-to-market. CPQ helps get your newly developed products to market faster and through more channels, delivering quicker ROI broader availability.
- Improve reporting. The data captured by CPQ means greater transparency for your executive team when evaluating products, processes, channels, margins and overall sales performance.
- Ensure profitability. Rules and processes created through CPQ ensure optimized, profitable pricing is used across 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 implied or intangible costs the come with reworks and poor customer experience.
- Enhance partner channels. CPQ enhances opportunities for partners, such as distributors and dealers, to work with you and better represent your products and services. This is a win-win for your business, partners and customers.