How Does CPQ Benefit Medical Device Manufacturers?
Improve Time to Market, Minimize Impact of Regulatory Compliance Changes
Medical device technology is changing at a rapid rate, and so are the regulations in your industry. This means your products are either being updated or replaced with greater frequency. CPQ makes it easier to manage the challenges of a short product lifecycle. That means quickly updating configuration rules and pricing and ensuring your sales reps are armed with the knowledge they need to start selling new products right away.
Protect, Increase Sales Margins
You spend a lot in R&D on your new products, so once they’re on the market, you need to protect your margins and maximize the value of every deal you’re making. CPQ helps you protect, and even increase, sales margins with hard and fast pricing rules built into the configuration process. By giving you the ability to better manage specials and discounts–areas that can make or break the value of a sale for the organization–you’re setting standards across your entire sales organization that ensure positive results.
Ensure Quality, Precision in Spec and Build
Medical devices improve and save lives. When stakes are that high, you and your customer need to know they’re getting the product they need, configured correctly and delivered as-ordered. CPQ is a collaborative system that facilitates the go-to-market process across the organization, integrating your sales office, back office and engineers in one application. Everyone is operating from the same playbook, so you can give your customers the assurance they need to buy confidently from you every time.
Additional Resources for Medical Device Manufacturers
Role-Based Product and Sales Configuration Solutions
Your customer-base is demanding and your products are complicated and always changing. Those are tough conditions for anyone to sell in. Cincom CPQ helps you and your sales reps:
- Maximize revenue. 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.
- Improve sales velocity. CPQ reduces time-to-quote and helps you identify and implement scalable and repeatable sales processes, empowering your sales reps to sell more, faster.
- Increase product knowledge at the point of sale. CPQ digitizes product knowledge and puts it in the hands of your sales reps when they need it, minimizing the impact of product complexity and shorter product lifecycles on their ability to generate sales and hit their numbers.
- Increase margins and profitability. Guided selling functionality helps your sales reps identify cross-sell and upsell opportunities, which can increase revenue and profitability and enhance the customer experience.
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:
- Scale sales processes. CPQ Business Intelligence helps you identify successful sales processes and then standardize, scale and repeat across multiple channels.
- Digitize product knowledge. CPQ digitizes tribal product knowledge, giving ownership of critical information back to the organization and point-of-sale access of that information to the people that need it most.
- Combat obsolescence. With CPQ, you can quickly add new products and remove obsolete ones. By reducing time-to-quote and other factors that can extend sales cycles, CPQ helps you move inventory before technology or regulatory changes render your products obsolete.
- Adapt quickly to regulatory changes. CPQ empowers approved business users with point-and-click maintenance of business, product and pricing rules. The ability to build, test and deploy those rules without involvement from other departments or functional areas gives you the agility to quickly adapt to regulatory changes.
CPQ enables IT departments for medical device manufacturers 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 their goals:
- Manage increasing costs. Sales, compliance, R&D–these are rising costs that burden most medical device and high-tech manufacturers. CPQ helps you get return on these investments faster because it helps your products go to market faster through multiple channels.
- Protect margins. With CPQ, you can sell through more channels thanks to standardization of sales processes. The ability to quote faster helps you win more business, while CPQ’s cross-selling and upselling features help your sales reps get more out of every deal.
- Reduce risk. CPQ implementation creates and identifies scalable, repeatable and predictable revenue while preventing sales teams from selling non-compliant configurations or components.
- Compete with pricing. CPQ ensures accurate, optimized and profitable pricing is used across sales channels. Additional rules around discounting give your sales reps the edge they need against competition while ensuring revenue for the organization.