We routinely talk about how key industries, like automotive and aerospace manufacturing, leverage the power of modern Configure-Price-Quote (CPQ) solutions to simplify complex processes and manage incredibly diverse and highly configurable product and service portfolios across multiple channels such as direct sales, partners, and ecommerce.
It’s been brought up before, but like the automotive industry, medical device manufacturing is poised to benefit greatly from the capabilities a modern, enterprise-grade CPQ solution provides.
For Med Device Manufacturers, There’s a Lot at Stake
According to information from the U.S. Department of Commerce (DOC), the United States is the largest medical device market in the world with a market size of approximately $140 billion. Representing more than 40 percent of the global med device market in 2015, U.S. exports of medical devices in key product categories identified by the DOC exceeded $44 billion in 2015.
Indeed, the med dev space is on the rise and presents a lucrative opportunity to sellers who can capitalize. Manufacturers are looking for new inroads to customers as numerous changes have altered the space in recent years, including:
- Changing buyer preferences as customers become accustomed to the B2C experience
- Process and purchasing responsibilities shifting away from the physician and into the hands of group purchasing organizations (GPOs)
- More automated manufacturing processes
- Constantly evolving regulations and government oversight
These and numerous other factors are changing how med device manufacturers do business. To keep pace, remain competitive, and attract and retain buyers, medical device manufacturers must embrace new strategies and tools like modern CPQ to deliver accurate, timely, and intuitive solutions and services to buyers.
CPQ Delivers the Right Solution, to the Right Customer, at the Right Price, Every Time
With an enterprise CPQ solution, medical device manufacturers can seize the opportunity by taking their complex, configurable product and service offerings online, selling directly to customers, all while empowering their direct sales teams and partner or vendor channels with the configuration, pricing, and quoting capabilities that are at the heart of CPQ applications.
- With guided selling (and buying) capabilities, new or relatively inexperienced sales reps can start to sell like seasoned pros. The user is guided through the requirements and the solution is built to spec, error-free.
- Dynamic document generation allows users to incorporate spec sheets, instructions and more into high-quality proposal and presentation documents.
- With data synced from across the organization, dynamic pricing and margin analysis can inform product pricing, discounting, and promotions and numerous other optimized pricing features.
- An advanced UI that creates an enhanced user and buyer experience with drop-down lists, shopping carts, radio buttons, check boxes, sliders and other features similar to B2C buying experiences that users know and love.
- Advanced product visualizations allow users to engage with 2D and 3D renderings of product configurations to better determine if a solution fits their needs.
- Provide online and mobile capabilities with the application to field sales as they create product configurations and bundles and deliver quotes directly to the customer.
- Connect the front and the back office with seamless integrations to existing CRM, ERP, and other resources to ensure data is synced and distributed across the entire organization.
An Innovative Industry Deserves the Most Innovative CPQ solutions
At FPX, we understand the unique needs of manufacturers of medical device products because we’ve worked with customers in this space for years. We’ve witnessed changes in the industry, and adapted our solution to solve for the challenges that come with each evolution.
To learn more about FPX and our CPQ solution for medical device manufacturing, reach out to us by completing our online contact form. You can also subscribe to our blog, receive updates, and stay on top of everything CPQ.