staff Medical devices and supplies are critical to patients, requiring a precise supply chain that minimizes errors. CPQ solutions enable med device manufacturers to deliver accurate quotes with fast response times.
In addition to speeding up the sales process and enhancing product configuration accuracy, CPQ also delivers significant cost savings through improved production planning and inventory management.
Streamlined Sales Process
CPQ streamlines your sales process and gives teams the confidence to provide customers with accurate quotes. When dealing with highly configurable medical device manufacturing CPQ, having a centralized rules engine ensures that all channels are selling the right product for each customer.
With CPQ, you can set up approval processes (like requiring a certain discount percentage to go through an approver) and route quotes to the appropriate team member to make quick decisions.
Medical equipment improves or saves lives, and you need to know your customers are purchasing correctly configured products based on their unique requirements.
With a CPQ solution, you can eliminate manual steps and provide accurate pricing in the field with guided selling interfaces, visual product configuration capabilities, 2D and 3D bills of materials, CAD drawings, and more.
Streamlining the quoting and pricing process with a CPQ solution helps you to increase lead conversion rates and sales rep productivity while reducing overall quote-to-order cycle times.
CPQ also improves order accuracy by ensuring that all quotes are based on valid product configurations and pricing data so you can avoid selling non-compliant products to customers and losing revenue.
Moreover, CPQ allows you to efficiently cross-sell and upsell by showing associated products in one easy-to-navigate screen. This feature is essential for medical device manufacturers who sell capital equipment and compatible single-use items to hospitals and clinics.
Automated Quotes
Medical device manufacturers can use CPQ solutions to automate the quoting process. It frees staff to spend more time nurturing leads and less on manual processes like product configuration, pricing management, and discount applications.
It allows your team to create accurate quotes for each customer regardless of whether they’re requesting single-use equipment or capital equipment.
Complex manufacturing often requires extensive customization, making calculating accurate prices and quotes challenging for sales teams. CPQ solutions offer advanced quoting features that eliminate manual calculations and allow reps to quickly and accurately quote complex products without error.
CPQ solutions also provide comprehensive visibility into the products your business offers. It helps you improve order forecasting and prevent production delays caused by insufficient availability of materials or manufacturing capacity.
The smart quoting logic of CPQ ensures that your sales team only sells the right products for each customer. It means you can decrease the friction points in your buying process, maximize your customer satisfaction rate, and ultimately boost revenue.
Whether you manufacture medical devices, aerospace products, automotive equipment, or industrial machinery, CPQ solutions can help streamline your end-to-end sales process for a first-time-right buying experience that drives customer satisfaction and revenue.
Reduced Errors
CPQ solutions eliminate mistakes from quoting, allowing reps to prioritize sales. Human errors are expensive and time-consuming. Various things, such as incorrect pricing, misunderstandings over formal or informal approval processes, and duplicated work, can cause them.
CPQ reduces the likelihood of these errors by automating manual tasks such as product configuration, price calculation application of discounts, and generating sales quotes.
Moreover, CPQ can help medical device manufacturers create more comprehensive quotes by including additional products or services that fit a customer’s needs that were not requested initially. It can lead to increased customer satisfaction and loyalty.
Additionally, CPQ can make it easier for companies to manage warranty and service agreements for their customers by automating the generation of contracts, pricing and terms, and ordering.
In addition to reducing costly errors, CPQ solutions can increase a company’s revenue by increasing the number of completed sales.
A CPQ solution can improve the accuracy of quotes, speed up the quote process, and enable sales representatives to make more accurate product recommendations to their customers.
It can also reduce the time it takes to get a quote back to customers, which allows companies to respond quickly to inquiries and win more business.
Increased Revenue
Medical equipment improves and saves lives, so the right product must be configured correctly and delivered as ordered.
CPQ software helps sales teams achieve these KPIs by standardizing the go-to-market process, automating quoting and pricing calculations, improving the buying experience with cross-selling and upselling and protecting margins through rules-based optimization of pricing models.
Complex products often require a lengthy training period for reps to learn how to configure them and which options or upgrades work best for the customer. CPQ software reduces the time needed to train sales reps by offering a simplified, guided selling interface that makes it easy to configure even the most complex products and product bundles.
It also provides a range of product visualization capabilities in 2D and 3D, which can help to speed up the processing of orders and CAD drawings by production teams. With short product lifecycles, medical devices, and high-tech manufacturers must be able to quickly update configuration rules and pricing to stay competitive with rivals.
CPQ solutions make this possible by allowing teams to rely on a central repository that can update all channels with the latest product information and pricing in real-time. It will enable sales teams to offer the most up-to-date pricing and configuration rules and ensure that customers always get a fair price.
