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Biomedical technology and electromedical devices have never been more in demand, both from healthcare practitioners seeking better diagnostics and monitoring tools and patients interested in collecting their own personal health data. As a result, the electromedical industry is booming. The global market for electromedical equipment reached $676 billion in 2022, with electromedical equipment comprising a significant portion of that value. It’s expected to grow to $953.4 billion by 2027.
Even though the electromedical device industry is growing so rapidly, manufacturers face many challenges during the sales process that make it difficult to maintain profitability. Sales teams need an automation solution that can handle a diverse array of customer needs, enable advanced product configuration, and manage the complex quote generation the industry demands. That’s where technology like CPQ comes in.
CPQ (which stands for Configure, Price, Quote) is a software solution designed to streamline and optimize quote generation for any type of customizable product — especially in the manufacturing sector. CPQ integrates the manufacturer’s product catalog and pricing rules to allow users to configure products through a digital portal and receive ultra-fast, error-free quotes.
CPQ solutions use rule-based configuration engines to ensure the customer’s configurations are both technically feasible and financially viable, without the need for oversight and approval from engineering. It even takes into account factors like pricing tiers, discounts, and bundling options. All of this sales automation not only accelerates the sales cycle, but also minimizes pricing inaccuracies, increases efficiency, and improves customer satisfaction.
