The increasing desire for personalized goods is altering how companies produce and market their goods.
Businesses are phasing out mass-produced products in favor of customized setups. To keep up with this trend of mass customization, they rely on optimized configurator solutions.
A strong product configurator might mean the difference between processing orders correctly and dealing with costly manufacturing errors that endanger the company.
CPQ software solutions can automate this time-consuming operation if your company has trouble producing bids on time or delivering real-time pricing.
The Benefits of Configure Price Quote Solutions
Configure Price Quote Solutions hold various benefits for businesses. Here are a few that we will discuss in this blog.
1. Manage all the relevant in one place
Regardless of the product that requires setup, businesses can standardize and manage all the essential configuration information in one location.
Giving sales representatives access to this knowledge enables them to concentrate on consumers. For example, a configurator can prompt a sales representative to cross or upsell products.
Profits can be increased via upselling. However, for sales representatives, finding the ideal set of options for each product can take time. Because of this, rules-based CPQ technology can immediately present the best service options for every conceivable client requirement.
2. Error-Free Quotations
Organizations use product configurators to automate the process of creating quotes and specifications, speed up the time it takes to issue a quote, lower error rates, and significantly cut time to market.
For all firms, order returns are inescapable. But product configurator software can greatly lower their frequency.
No matter how complicated the product is, the configurator disallows invalid entries. As a result, errors are practically eliminated, and order returns are decreased.
Configure Price Quote Solutions Across Industries Utilizing Configurator Solutions to build unique products has numerous advantages for businesses in multiple industries. The ultimate question is how to use CPQ technology that might give businesses a competitive advantage.
3. E-Commerce
Regardless of the channel customers choose to connect with a retailer, many want to provide a consistent customer experience across all their sales channels. Therefore, clients should have the same alternatives when visiting a retailer's online store as they would if they visited a physical location and spoke with a professional sales representative.
The internet store should also enable upselling for the company. For instance, when a consumer purchases an armchair, there should be a recommendation for a carpet that matches the chair's fabric on the checkout page.
The advantages of product configuration to online purchasing are evident once we consider the lower operating costs of an e-commerce business compared to businesses that primarily rely on physical stores.
For instance, an online store allows customers to customize their t-shirts. Before making a purchase, customers can select from various elements on the website, including color, stitching, sleeve length, collar fabric, material, size, and design. When a consumer makes a decision, all alternatives that conflict with that decision are disabled.
4. Insurance
Clients must sometimes fill out a health questionnaire when buying life insurance products. A product configurator can edit or reorder the questions and update the algorithm that sets rates on premiums.
Also, a single risk could be reused in many insurance products but with different attributes. For example, the insured sum, premium ranges, or additional requirements for clients can be changed to meet the needs of each client.
5. Manufacturing
Many companies in the manufacturing industry spend a lot of resources making sure that their configurations comply with all the relevant laws and regulations. One of the ways that manufacturing companies try to remain compliant is by tasking an entire team with checking quotes before sending them to customers. Of course, this is a highly inefficient and time-consuming process. The problem with this approach is compounded by the fact that manufacturing companies are typically very complex organizations.
Summing up
Consumers today demand personalized products and a seamless online shopping experience.
Thanks to KBMax configurator solutions, every configuration is custom-tailored to the customer's needs and the business's profitability. Customers can then move forward with the purchase once they have confirmed their specifications.