As you may have noticed, we’ve recently been discussing homegrown quoting solutions on the blog.
First, we looked at how to know when it’s time to transition from a homegrown to a third-party quoting solution. Next, we covered the top two objections to using third-party quoting solutions. Now we’re going to dive into how most homegrown quoting solutions compare to those of third-party vendors.
As we mentioned in our first post on the subject, what most homegrown solutions actually deliver when compared to more advanced, industry-specific, and company-tailored third-party solutions would garner a C or D rating.
That’s mostly due to the following four factors:
One of the biggest problems with homegrown solutions is: how do you distribute it to your user base or community (e.g. your sales team)?
If your homegrown solution is based on an Excel spreadsheet, once it’s out there and issued for team use, how will you control it? If you release a new version, how do you prevent the old version from being used? How do you continue to keep the proprietary business information it contains secure and confidential?
Compared to enterprise-quality solutions, any homegrown solutions’ answers to these problems are merely bandaids.
2. Security+Data Protection
Piggybacking off of number one, vendors’ solutions tend to be more secure, ensuring all data is protected—but this is not necessarily the case for homegrown solutions.
Third-party providers often commit to high security standards, like SOC 2 compliance, which ensures high standards of data privacy, security, and processing integrity. Third-party technology also makes it easier to revoke access to users who may leave the company or go to work for a competitor.
3. An Omni-Channel Strategy
Whereas homegrown solutions are usually catered to one type of role in your workforce, a vendor’s omni-channel strategy provides you with a single solution that can be extended across all sales channels.
Whether it’s for your internal sales team, sales engineers, distribution partners or even direct online customers, an enterprise-quality solution with an omni-channel strategy will leverage the same data and deliver the same experience across all channels.
We’ve heard many companies object to implementing an enterprise-quality solution by saying “we’re small and can't afford it.” But here’s the truth—when you start to add up the costs it takes to maintain a homegrown solution, you’ll soon realize you’re probably paying quite a bit.
These costs include the salaries of whomever is running and maintaining your solution, an additional one or more admin and/or support personnel, and a programming team that can reach up to 20 people. FPX solutions can often be delivered for the cost of less than one employee or, for some homegrown solutions, the cost of one to three. Large teams of 20 are surely better served with an FPX solution.
What's more, at FPX, our solution is value priced, meaning it’s priced for the value you get out of it—and that’s more cost effective than any homegrown solution.
Yes, adopting new technology means we’ll have to give up some systems and processes we’ve become accustomed to. But these more advanced, industry-specific, and company-tailored quoting solutions can take your business into the next generation and beyond.
Not only do enterprise-quality solutions offer more value overall, your company will be equipped to better manage its solutions and remain agile over time.