Why Fluid Handling Equipment Manufacturers Need A CPQ Solution

With such complex products to develop and produce, the fluid handling equipment manufacturing sector has been slow to adapt to the digital transformation. Fortunately, most companies have moved beyond physical price books and encyclopedic product catalogs. But if you’re still using spreadsheets and data software to manage your sales process, you’re missing out on the opportunity to increase your productivity and drive more revenue.

The latest generation of software for manufacturers can virtually automate the entire product configuration process for faster, more accurate quoting. Here’s what you need to know.

What Is CPQ?

Configure, Price, Quote (CPQ) software is a tool that helps sales teams generate personalized quotes for customers without the manual labor and internal discussions that come with manual processes.

Traditionally, sales teams have to check with engineers to confirm viability for every single modification customers make to a product configuration. Then, they have to carefully calculate the impact each variable has on the overall price, as well as production times. The end result is a drawn out sales cycle that loses countless leads and is vulnerable to human error.
CPQ software allows stakeholders to program pre-set rules so sales teams can build custom products with less oversight from engineering. As new configurations are built virtually, the software prevents users from selecting any options that aren’t physically possible or are outside of production parameters. By eliminating internal back and forth and complex price calculations, customers remain more engaged throughout the entire sales process.

Here’s how CPQ helps:

1. Less Chance For Pricing Errors

When configuring complex and customized products, every variable can impact the final price. Traditionally, sales reps have to calculate prices by hand. Rules-based CPQ programs update prices for every change automatically, reducing the chance of human error. Pricing even updates in real time, so it’s easy for customers to assess how each configuration will impact their budget.

2. Faster Time To Quote

Since configurations are selected in a program and prices are automatically calculated, CPQ solutions eliminate most of the time-consuming work that goes into generating a quote. Stakeholders in other departments can even access the platform and leave feedback on specific orders without the need to schedule a meeting. All of this time-saving automation reduces quote time from days to just hours.

3. Higher Sales Productivity

Filling your sales pipeline with worthy prospects is one of the hardest goals to achieve, but if you can’t respond to them in a timely manner, you might be leaving money on the table. With manual processes, fluid equipment sales reps face long timeframes to close each deal. CPQ helps generate quotes in record time so you can respond to more leads at a faster rate. This accelerated timeline reduces churn rate and helps close more deals.

4. Better Integration

CPQ software doesn’t just improve productivity within the sales department, it can impact operations throughout the organization. Other departments, like accounting, customer support, and legal, already use technology to automate their own processes. CPQ software makes sales data more readily available and exportable to other stakeholders throughout the company.

For example, when a quote is approved, sales can automatically route the information to accounting to generate an invoice and submit the signed contract to legal. CPQ essentially eliminates data silos that might happen in sales departments without proper technology.

Go Further With SCPQ

CPQ software is a game changer for any fluid handling manufacturer that implements it in their sales process. You can reap even greater benefits with SCPQ, a newer class of solution that integrates Selector technology with the CPQ platform for even greater efficiency and quality of customer support. Experience the difference yourself with a free trial of Revalize.

With such complex configurations and performance curves to calculate, purpose-built SCPQs can be especially beneficial for fluid handling equipment and pump manufacturers. Learn more about how it can streamline your sales process in our new ebook.
Want to experience the Revalize difference for yourself? Schedule a demo with one of our experts.