Which Industries Use CPQ?
As businesses look for new ways to streamline their processes, enhance customer experience, and improve efficiency, Configure, Price, Quote (CPQ) software is one of the solutions that is being adopted across a range of industries.
In this blog post, we look at some of the different industries that are adopting CPQ to drive efficiency and business success.
Manufacturing
For a wide range of industries within the manufacturing sector, CPQ has become a game-changer. The ability to create accurate and complex product configurations, dynamically adjust pricing based on different factors, and generate instant customized quotes has significantly reduced the sales cycle. CPQM (CPQ for Manufacturing) solutions go one step further by combining CPQ features with the automatic creation of all the documents and data required for manufacturing complex configurable products.
Technology
In the technology industry, where products and solutions are often intricate and customizable, CPQ is a valuable tool. Technology companies use CPQ to quickly generate quotes for customized software packages, hardware configurations, and IT services. CPQ also provides the data for tech companies to have detailed sales insights and drive new product innovation.
Healthcare
CPQ is being used in the healthcare industry to provide a solution for complex pricing structures and customized solutions. From medical equipment manufacturers to healthcare providers, organizations are using CPQ to effectively manage intricate pricing models, comply with regulatory requirements, and improve the overall efficiency of sales processes. The integration capabilities of CPQ also ensure efficient data flow with other systems. This reduces the time spent on administrative tasks, enabling healthcare professionals to focus on patient care.
Automotive
CPQ solutions are being used by automotive manufacturers and dealerships to streamline the sales and quoting process, allowing customers to easily customize features and options while ensuring accurate pricing. This not only improves the customer experience but also enables efficient order management and production planning.
Financial Services
For organizations in the financial sector, where services are intangible and complex, CPQ is making an impact. Banks and financial institutions are adopting CPQ to offer personalized product offerings, optimize pricing models, and maximize cross-sell and upsell opportunities. CPQ solutions are also being used to ensure that financial product configurations comply with regulations and have accurate documentation and pricing.
The Benefits of CPQ
According to research from PWC, companies that have a CPQ tool report significant improvements in key business metrics across the sales lifecycle.
DriveWorks enables businesses to build a comprehensive CPQ solution that provides a seamless selling process for configured products.
This streamlined selling process ensures accuracy from the point of order to final product delivery. In addition, DriveWorks CPQ enhances the overall customer experience through guided selling and 3D visualization, making it easier for customers to interact with and understand the products they are interested in. This combination of capabilities makes DriveWorks CPQ a great asset for manufacturers looking to streamline operations, provide better service, and ultimately thrive in today’s competitive market.
Read our recent blog to learn more about the key benefits of CPQ
Learn more about Creating a CPQ Solution Using DriveWorks
Introduction to Creating a CPQ Solution Using DriveWorks
27th February 2024 @ 1pm AEDT and 3pm GMT
Join this webinar to find out more about using DriveWorks to create a CPQ solution for your organization. Our product experts will share their knowledge and give you an introduction to DriveWorks CPQ.
