In the “Our Experts Answer” series, our experts chime in on both the common and tough questions people want answers to regarding Selectors, CPQ tools and the lead-to-order process.
Pricing can be a difficult part of any SCPQ process, especially if you’re using an outdated homegrown solution or still relying on spreadsheets, etc.
That’s why having a project management portal integrated directly into your CPQ tool can make your life a lot easier.
What is a Project Management Portal?
A project management portal, or PMP, is essentially a quote manager. Here, you’ll be able to adjust pricing or bills of materials, store quotes, manage multiple quotes, and put parameters on specific accounts.
PMPs are great because they act as a one-stop shop: a centralized, virtual filing cabinet for quotes. Different people from your organization (sales, resellers, etc.) can access the PMP to pull up a quote, replicate it, make changes to it, add discounts, and more. This not only makes collaboration easier, it helps get quotes out the door faster.
How PMPs Work
Compared to a generic PMP, a project management portal designed for mechanical equipment manufacturers (MEMs) has pricing rules and negotiations baked in. This means that when you’re configuring an order, the thresholds or goals around margin, overall price, price negotiations, and different types of pricing (for resellers, direct sales, distributors, customers, etc.) all already live within the platform—no work on your end required.
Especially in a global industry like MEM, it’s typical to receive quotes in multiple currencies from around the world in a variety of languages and units of measure. An industry-built PMP provides all the information you need in one place, because it inherently understands the requirements for your industry and business up front.
The Perks of FPX PMP
As part of the FPX Selling Cloud, we offer a truly out-of-the-box, industry-built project management portal for MEMs. While other companies may market their solutions as out-of-the-box, you will probably still need to add it on to an existing solution you use—and pay for that addition. This can also introduce integration complications and more down the road.
Additionally, if an end user updates a product, your team will know that they’re still quoting the correct price for margin—a price that hits benchmarks and abides by any pricing rules. This means they’ll save time and effort not having to send a new quote back and forth to finance every time they apply a discount, specialize a deal, change a part, etc.
Last but not least, the FPX provides you with the ability to easily update data within the platform. This is especially important when frequently updating pricing due to the inherent nature of fluctuating prices of raw materials and more. If you need to make adjustments to pricing data or that of a particular product, FPX makes it quick and easy without the need for back-end quoting.
Ultimately, we do the heavy lifting for you, ensuring you deliver what your customer truly cares about.