CPQ software can help medical device companies sell products that care providers need. It can reduce liability and regulatory risks while lowering costs.
Configure Price Quote software automates product configuration, quoting, and contract management processes. It reduces sales and quoting labor costs while decreasing order error rates. It also frees up back-end ERP and financial systems to perform the transactions they were designed for.
Streamlined Sales Process
In medical manufacturing CPQ, the stakes are high as your products must improve or save lives. That’s why you must ensure that every quote your team sends customers is accurate and complete. CPQ helps you do this by streamlining your sales process and allowing you to configure even the most complex product or service bundle.
It helps your sales team avoid common errors that can derail a deal, such as mismatched product names or pricing or outdated or incorrect prices.
It also helps your teams get quotes out faster by automating much of the quoting process and allowing for pre-set discounts or margin calculations (you can also route quote approvals based on a range of criteria like discount percentage or calculated margin).
Many CPQ solutions allow for visual product configuration through 2D and 3D visualization. Its feature enhances your sales presentations, making it easier to close deals and delight customers.
It can also help speed up the sales-to-engineering process by automatically generating Bills of Materials, CNC cut sheets, parts lists, and CAD files for each configured product.
CPQ also makes it easier to manage the short product lifecycles often required in medical device and high-tech industries. It makes it easy to change configuration rules and pricing for new products or promotions without slowing down the quoting process, and it lets you make all of these changes across your entire global sales network.
Increased Productivity
When salespeople make decisions without complete information, they can use incorrect pricing lists or quotes for the wrong product configurations. It can lead to discrepancies between what is sold and what is delivered, resulting in lost revenue for the manufacturing business.
CPQ solutions are designed to streamline sales processes and eliminate errors in product configuration, price calculation, discounts, and quote generation. By automating these manual tasks, sales teams have more time to focus on selling and creating customer loyalty.
Medical equipment and devices improve and even save lives, so the products must be configured correctly to ensure patient safety. CPQ software can help reduce the number of configuration mistakes made by sales and engineering, thus saving the company money and increasing profit margins.
Many CPQ systems also provide visual product configuration capabilities in 2D or 3D, enabling medical device manufacturers to create detailed bills of materials and CAD drawings for each order. It allows for a smoother and quicker exchange of information and tasks between the sales, engineering, and production departments.
Medical device technology is advancing rapidly, and regulations are changing regularly. Having a CPQ solution allows your team to easily update product and configuration rules so that your sales representatives are always using the latest, accurate information. It will lead to fewer discrepancies between what is sold and the final product that is delivered, which in turn leads to happier customers.
More Accurate Quotes
In the medical device industry, a single error in a quote can lead to lost business. CPQ helps ensure that sales reps are using the latest, accurate product information when creating quotes. It can also set up rules around configurations, discounts, and product compatibility.
It eliminates the need to manually input data into CRM or ERP, freeing time for team members to focus on quoting.
In addition, CPQ can help reduce pricing errors by automatically feeding information into the customer contract management system (CCMS) or ERP to start the order fulfillment process.
When these systems are integrated and automated, they prevent essential data from falling through the cracks and lead to faster, more successful fulfillment and a better customer experience.
Many medical device companies already have an existing ERP or CCMS that houses the inventory and tracking for a significant number of products.
In these cases, rebuilding and moving everything to a new system can be costly and risky, introducing change management issues that can impact adoption.
Instead, building automation between the existing systems and CPQ can be much more cost-effective and reduce the risk of errors caused by manually entering data into a different approach. It is crucial for global companies with unique quoting requirements by region.
Better Customer Experience
Providing a great customer experience is critical to the success of any business, and healthcare-related companies are no exception. CPQ solutions offer an array of benefits that enable businesses to create a better buyer experience, including:
Minimized Errors
Medical equipment must function correctly, as it is used in diagnosing and treating patients. Any malfunction can have severe implications for the patient’s health and well-being.
However, inefficient and confusing processes can lead to errors during product configuration, pricing, and discounting, which can be costly to your business. Using CPQ, you can automate manual tasks and eliminate mistakes.
In addition, CPQ allows your sales reps to quote the right product quickly and accurately. It improves the buying experience for your customers and helps you achieve a higher win rate.
Many CPQ software platforms also include a visual product configurator that provides your customers with the bill of materials (BOMs) and CAD drawings, which can streamline the transfer of orders between sales and engineering or production. It can reduce the time it takes to get new equipment to your customers and enhance their purchasing experience.
