The integration of CPQ in the market has increased product customization in highly complex products and has helped buyers and sellers alike. Every buyer or customer has their own goals and distinct needs, and the manufacturing industries in a competitive marketplace thus need to configure products based on the specific requirements of their customers. Customers expect unique products adjusted to their needs; therefore, companies are shifting their thinking to more customer-oriented approaches.
With sales configuration, companies not only strengthen their workforce productivity but also make customers happy with increased choice and satisfaction and provide the firms with increased sales of their products. This strengthens the relationship between the business firms and the consumers.
Before discussing more, first, understand what is product configuration!
What is product configuration?
If you are looking for the answer to what is product configuration, your wait is over. Here is the answer. Product configuration is a CPQ integration for customizing a product to meet the specific needs of a particular customer. It allows customers to create custom orders to change a product's color, materials, features, accessories, etc. A product configurator also works as an online guide to help customers to specify a product with the desired specifications by choosing from all available options. The tool helps to transform customer requirements into BOM, a list of features, cost estimations, and, ultimately, rapid manufacturing of products.
Benefits Of Product Configuration
CPQ integration has led the manufacturing team to work strategically to meet customers' customized needs quickly. This has also made them invest less in inventory, thus helping in less inventory loss. It has vastly changed the facet of the manufacturing industry by keeping them updated with the changing demands of the market and customers.Here are some more essential benefits of Product Configuration:
In the e-commerce platform, numerous products have different features and complex identities. Thus a product configurator helps customers assemble all these features by themselves, giving them a vast range of product capabilities.
The conventional quote generation process took a long time to generate customer quotes. These handwritten or typed quotes on spreadsheets often had many human errors. But, now just integrate CPQ with the product configurator and automate the price calculation process to help generate quotes within minutes. The automatically generated quotes based on all the inputs are more accurate and cater to the needs of every customer.
With a price configurator, customers don't have to wait for the sales associates to provide them with the price of the configured product. The product configuration software generates the costs of the product in real-time. Sales configuration helps in real-time price generation that allows the customers to know the exact prices of the product, and through this, they can compare the costs of the product at other firms as well. This dramatically shortens the sales cycle and provides the firms with the opportunity to build on other projects.
The exact order of the customer is met through the production of authentic products demanded by customers. When you integrate CPQ into the existing process, it only accepts those orders by customers whose manufacturing material is available in the inventory. This gives the firm knowledge of the stock loss and helps fill the inventory. Through automatic product configuration, human errors are reduced, and customers can be confident in the accuracy of the product ordered by the company.
With an excellent marketing spirit, the firm provides customers with great discount incentives. The discounted, customized, and configured products have shown greater customer engagement than their static counterparts. Customizing the products companies provide to their clients helps them generate more profits through increased sales, and engagement also promotes their brand name.
Summing up
The product configurator ensures that each customer gets exactly what they ordered. Integrate CPQ powered by KBMax so that businesses can allow customers to customize their products in real-time. And send to the company's manufacturing team at the moment. This improves team productivity and saves them from getting through the customer's customized demand for the product. All this ensures that customers feel safe, knowing there won't be any issues and they will get the desired product.