Greater competition from smaller, disruptive companies, commoditization of products and services, increasingly fickle buyers that are willing to shift allegiance at a moment’s notice - these and numerous other challenges face modern manufacturers as they look for new ways to sell more, sell smarter, and deliver an experience that attracts and retains buyers.
At FPX, we understand the pressing nature of these challenges and focus on delivering Configure Price Quote (CPQ) solutions that solve them quickly and effectively. But what does CPQ for manufacturers really mean? What can it bring to your organization and what’s the ROI you can expect? Well, we’re here to tell you.
More Revenue. Better Margins. More Customers.
The headline above sums it up pretty well. When it comes to the manufacturing space, CPQ is an invaluable resource that provides fast ROI in key areas like increased revenue, improved margins and customer loyalty.
In a recent study conducted by Forrester Consulting, the numbers show that CPQ provided substantial year over year ROI in the form of top line growth, margin improvement, improved order accuracy, process improvements and technology cost savings. These benefits are quantified into dollars derived directly from the investment in CPQ.
The First Step Toward A Successful Digital Transformation
When manufacturers come to us inquiring about CPQ, many are taking their first steps toward enacting a digital transformation initiative. Oftentimes this means improving internal processes while updating tools and technologies to deliver a better overall user and customer experience.
While updating a CRM system, implementing an eCommerce solution, or other updates may top the list, we regularly encourage companies to consider the fast ROI that can be achieved with CPQ. Not only do manufacturers put money back into the business with CPQ, but the benefits of an improved, streamlined sales process often make the transition to CRM or a new channel like eCommerce much easier.
By beginning their digital transformation journey, the businesses featured in Forrester’s study were able to put the resources the recouped using CPQ back into the business to drive other digital transformation initiatives like eCommerce.
"We selected the CPQ project over CRM and eCommerce projects because we projected a first-year return of more than $5 million to the business, representing a higher return profile than any other project in our IT portfolio. FPX CPQ continues to outpace the rate of return of all other IT spend. We recently re-platformed our CRM system. This was a multi-year, multi-million dollar project. It did not come close to the return on investment that FPX provided... I can say from experience, 'Start with CPQ and then implement these other systems, as you will create quick wins and tangible ROI.'"
Director of sales enablement, storage company
What Does CPQ Mean For Manufacturers? Success!
To learn more about CPQ or to review the findings of Forrester’s Total Economic Impact of CPQ study, contact us and we’ll answer any questions you might have.