How can companies transition from the way business was done in the past to how it will be carried out now and in the future? Where does SCPQ fit into this shift?
As we discussed in a recent post, we hosted a webinar last month on what’s changed in digital transformation in the last 12-16 months and how it’s affected the mechanical equipment manufacturing space.
Our panel, moderated by Kyle Priest, Chief Growth Officer of FPX, was made up of the following FPX team members:
- Richard Hearn, CEO
- Trygve Dahl, General Manager and VP
- David Tress, VP of Product
- Mark Bartlett, Chief Experience Officer
After our CEO and Chief Experience Officer broke down what the accelerated pace of digital transformation means for MEM companies—which you’ll find in Part 1 of this series—our panel went on to discuss how business was done in the past vs. how it needs to be done now and in the future, and how SCPQ fits into an enterprise’s digital planning and prioritizing.
Long Gone are the Business Days—and Ways—of Old
When our General Manager and VP Trygve Dahl was asked about the contrast between doing business in the manufacturing equipment and fluid handling space in the past vs. how it needs to be done now, here’s what he had to say:
Let’s roll back 20 years, when we dreamt of a way to digitize the front-end selling process and bring tools to our clients via the internet. What we discovered back then—and what continues to be true today—is that, in the mechanical equipment space, users want 24/7 access to information, and that information starts with a selection process. What COVID has taught us is that when you’re sitting at home and your price books and know-how are sitting in your office, it’s really hard to satisfy the needs and demands of your customers.
Trygve continued by explaining that’s why more and more companies are asking how they can provide faster response times for their customers, partners, and other users. The answer? SCPQ.
Chief Experience Officer Mark Bartlett went on to explain how the new normal isn’t just doing more of the same, but taking a completely different approach—and why the old paradigms have to change:
This moment of limited face-to-face interactions has really upped the contrast between how business was done in the past vs. how it needs to be done now. It has shone a light on how we need to be able to enable the same—if not a higher—level of collaboration through the digital medium and deliver all the necessary information via a seamless user experience.
Platforms like SCPQ, he continued, enable us to create and have collaboration across all steps in the user journey and the buying and selling value chain. It also allows us to deliver modern, web-based experiences that people have come to expect.
Where SCPQ Fits into Digital Planning & Prioritizing for Enterprise
Next, the panel discussed how SCPQ fits into an enterprise’s digital planning and prioritizing process.
Our CEO Richard Hearn explained:
The majority of CIOs, CEOs, and Chief Digital Officers view digital transformation as one of their top three priorities—if not their top priority. The reason behind this isn’t cost savings, but the desire to drive more top-line revenue and improve margins, particularly around pricing. These high-priority, board-level initiatives are meant to drive growth and higher profitability, but the challenge is that digital transformation isn’t a single quarter, two quarter, or even a one year initiative. So how do you break it down into phases, stages, and/or gates?
Here’s what he recommends organizations do: Start with the S (selection) by making information available online; selection will start to drive engagement, more leads, and more opportunities. Next, move into more transactional activities like digitizing the quoting, approval, and pricing processes. As a third phase, start thinking differently about your business in order to create digital-first products (e.g. offering the servicing around mechanical pumps as a digital product in addition to offering the pump itself).
Once you start working through these stages, your business’s growth and margins will really start to take off.