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How CPQ Software Improves Medical Device Manufacturing Profitability

Angelica L. Cox , April 9, 2019
medical device

The software requirements for medical device manufacturing are getting more complex every single day.

Compliance regulations and growing customer expectations are just a few of the many issues medical device manufacturers have to deal with on a daily basis.

For many medical device manufacturers, configure, price, quote (CPQ) software can be an invaluable (and relatively inexpensive) way to solve these problems and stay competitive and profitable in today’s rapidly changing marketplace.

3 Problems Medical Device Manufacturers Face

1. Quickly Changing Market Landscapes.

Medical technology is changing at a rapid pace.

So do compliance regulations. Making product life cycles is relatively short - and the time to market is much longer than it used to be just a couple of years ago.

This means manufacturers have to find ways to update product configurations at a rapid pace (and get their sales reps up to speed) faster and faster.

2. Low Sales Margins.

The R&D and compliance expenditures of medical device manufacturers are higher than those of almost any other industries, which leads to low sales margins.

3. Quality Control Issues.

Medical devices save lives - which means that any quality control or configuration issues that arise during the manufacturing process can be incredibly costly.

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How CPQ Software Improves Medical Device Manufacturing

CPQ software helps manufacturers deal with all three problems mentioned above by streamlining and standardizing the quoting and ordering process across your entire organization.

CPQ Software impacts across departments:

Sales

CPQ software ensures optimal pricing across all product configurations and helps you manage discounts and promotions to maximize revenue.

The guided selling functionality of CPQ software improves product knowledge at the point of sale and gives sales reps the tools they need to maximize cross-sells and upsells as a result.

In addition, it greatly decreases time-to-quote, shortening your sales cycle and enabling your sales reps to sell more, faster.

With CPQ software, you will be able to adapt quickly to changing compliance regulations and digitize tribal product knowledge, giving everyone in your organization access to information they need to sell as efficiently as possible.

IT

CPQ software allows companies to create a centralized location for managing pricing, rules, and roles across your entire organization.

It integrates your sales office, back-office, and engineering into one application, improving transparency and simplifying day-to-day maintenance.

Finances

CPQ software helps combat low sales margins by giving you a faster return on your R&D investments, minimizing compliance costs, and significantly reducing time to market.

It also reduces the risk (and associated expenses) of quality control errors, like accidentally quoting non-compliant configurations of life-saving medical equipment.

Why Choose Verenia CPQ

Verenia CPQ was built for manufacturers of complex, configurable products in mind - and it shows.

Our dynamic, cloud-based product configurator can handle even the most advanced pricing matrices.

No matter how complex the medical device you are building, you can do it (and do it profitably) with Verenia CPQ.

So far, we have helped our clients shorten their sales cycle by 27%, increase deal size by 105% and nearly eliminate their sales training costs.

How much would these types of results do for YOUR company’s bottom line?

Your Next Steps

Want to see Verenia CPQ in action?

Schedule a free demo now.

 


Request a Demo
 
See how your organization can increase sales, reduce costs and differentiate your brand by using Verena's CPQ and CRM solutions
 
 
Schedule Demo
 
 
 
 

Request a Demo
 
See how your organization can increase sales, reduce costs and differentiate your brand by using Verena's CPQ and CRM solutions
 
 
Schedule Demo