According to IndustryWeek, by 2020, 50% of manufacturers will be collaborating directly with customers and consumers when developing new and improved product designs through cloud-based crowdsourcing, virtual reality, and product virtualization, realizing up to a 25% improvement in product success rates.
It’s this influx in the need for customer-seller collaboration that renders tools like Configure Price Quote (CPQ) so essential to manufacturers. But not all CPQ solutions are created equal. When choosing a vendor, manufacturers should focus on three traits: flexibility, automation and agility.
Let’s look into these three reasons regarding how CPQ can help facilitate the connection between sellers and buyers.
Three things manufacturers need from a collaborative CPQ solution
The best CPQ solutions allow manufacturers to more quickly meet customers’ changing needs, sell consistently across many channels, and again a competitive advantage. But what are the trains of a truly innovate CPQ solution built for manufacturers?
- Flexible: The CPQ application must enable the highest level of customization but, at the same time, be open and flexible in fitting your way of doing business - now and throughout the progress of your digital transformation initiatives.
- Automated: The CPQ solution features need to make it easier and more engaging for buyers and sellers to do business with you. This means automatically accelerating completion of configure-to-quote, quote-to-order, and engineer-to-order business processes.
- Agile: The CPQ solution should be easy to stand up, maintain and expand. With a vendor that can move at the pace of your business, you can expand the use of your application across business units quickly without placing unreasonable and costly demands on your staff or budget.
CPQ for manufacturing is fit to your business
Given the pace and scope of change in the manufacturing space today, the last thing companies need is a CPQ solution that works with limited CRM, ERP systems and applications. By choosing to go with platform-agnostic solutions, manufacturing companies can future-proof their businesses by ensuring their CPQ investments will continue to deliver value even as other technologies change.
To learn more about why CPQ is a must-have for manufacturers looking to bridge the gaps between their business and their customers, contact us and our experts can explain how FPX CPQ has helped numerous other manufacturing companies transform their selling processes to sell more across all channels.