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Want To Be Successful in 2021? Don’t Wait to Undertake Your Tech Initiative

“I see the value, but we’re not ready. Call me back in six months.”

This is the common answer we hear when we call on mechanical equipment manufacturers.

While we understand there are myriad reasons for this answer when it comes to undertaking a new tech initiative like implementing SCPQ—budgetary limitations, lack of C-Suite buy-in, or simply a perception that the organization lacks the IT resources to undertake such an initiative—there are consequences to postponing such projects for your organization. 

That’s because, whether you act in one month or one year from now, the challenges your business is facing won’t go away. If you have an existing process that is sub-optimal, but allows you to get by, it’s not going to get any better by sticking with the status quo.

Here’s why acting now—as opposed to in six months—can help you remedy pain points and improve sales ASAP.

1. COVID-19 has made digital engagements the norm.

COVID-19 has made digital engagements a norm in all industries. Although some may disagree, this is true for mechanical equipment manufacturing as well—and those who are waiting for things to go back to the way they were are going to be stuck waiting in perpetuity.

This means digital channels, engagement, and sales are more important now—and will continue to be post-COVID—than ever before. Which is why executing tech initiatives that enable guided product selection and configuration, faster quoting, and automate the lead to order process as soon as possible will help you drive new revenue sooner.

2. Competitors are already wise to this digital shift.

Many of your competitors have most likely already taken note of this shift and made the transition to more digital engagements and offerings. It’s not like in years past where implementing new technologies was just for the “big” manufacturers. Software as a Service (SaaS) has reduced the barrier to entry to game-changing technologies across industries and many companies from the mid-market have taken notice. They’re rolling out digital portals for selection, configuration, requests for quotes, and more. The more integrations, iterations, and improvements they make while you wait to take action, the farther you’ll fall behind.

3. You’re missing out on significant ROI.

There’s significant ROI to be had by embracing tech like Selectors and CPQ. That’s because these solutions can help you:

  • Speed up the lead-to-order process with automation across engineering, pricing and proposal generation
  • Add a digital portal/touchpoint for customers, distributors, and others to engage with your business to self-serve and speed the quoting process
  • Increase revenue by quoting more with gained efficiencies
  • Produce more profitable quotes with optimal pricing structures
  • Reduce order and configuration errors with rule-based product selection and configuration based on the customer’s conditions of service

Although it may seem easier to delay implementation and instead continue to stick with what you have today, the truth is that there are significant opportunities to realize measurable efficiencies and ROI by being proactive in modernizing your lead-to-order tools and processes.

4. Implementation is easy.

Many people choose to wait to undertake new tech initiatives because they assume there will be a lot of pain in the process of sunsetting an old solution, adding a new one, and dealing with change management.

But many of the pain points associated with change management can be avoided all together. How? The key is to select a vendor like FPX that is purpose built with a templated approach to delivering a solution for your industry. Our industry expertise (we likely already work with many manufacturers in your space) ensures we make the process much easier and faster because we know your business, how you sell, and the complexity inherent in your products. What’s more, a vendor with this type of functionality out-of-the-box means less time coding a custom solution, resulting in faster time to implementation and value for you.


The challenges you’re facing now won’t go away on their own. You must take decisive action in order to remedy your organization’s pain points, enjoy significant ROI, and ultimately improve sales and drive revenue sooner rather than later. What’s the fastest way to get there? We suggest you take a look at select, configure, price and quote solutions.

 

MEET WITH A CPQ EXPERT
Trygve Dahl, Ph.D. P.E.
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Trygve Dahl, Ph.D. P.E.


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