For medical device manufacturers, the use of Configure Price Quote (CPQ) software can be a game-changer. CPQ can streamline sales processes, reduce costs, and increase profits, making it a valuable tool for businesses in the medical device industry. Tacton is a leading provider of CPQ software, and they use their own method called Tacton Value Management to estimate, verify, and document the success of their solutions. In this article, we will focus on Tacton Value Management and the expected outcomes for medical device manufacturers using Tacton CPQ.
CPQ software can provide significant cost savings for medical device manufacturers. By automating the creation of accurate quotes, companies can reduce labor costs for sales and quoting. In addition, CPQ can help reduce order error costs, leading to increased efficiency and profitability. CPQ can also increase revenue through increased sales volume, higher prices, and faster time to volume revenue increase. It can also help reduce risks such as liability and regulatory risks, and strengthen a company's brand.
CPQ can also improve the customer experience by providing rich solution, pricing, and CAD details early in the buying journey. This enables customers to make more informed decisions and leads to higher satisfaction rates. In addition, CPQ can enable a first-time-right buying experience, which drives revenue and increases win rates.
The use of CPQ software can help medical device manufacturers streamline their end-to-end operations, leading to increased efficiency and profitability. One way CPQ can do this is by digitizing and automating manual processes, such as quote creation and change orders. This can reduce the cost of sales and enable companies to shift from Engineer-to-Order (ETO) to Configure-to-Order (CTO) for their new equipment sales.
In the medical device industry, products can be highly complex and compliance is of the utmost importance. CPQ software can help companies manage these challenges and reduce costs and risks. One way CPQ can help manage complexity is by hiding it from front-office tools, including self-service portals. This can enable sales teams to be faster to ramp up and maintain, without the need for extensive technical training. CPQ can also reduce the cost of managing regional compliance and sales channels, enabling companies to expand their sales markets globally and create new revenue streams.
In terms of compliance, CPQ can help companies stay disruption-proof of future regulatory frameworks and offer products that are correct, complete, and compatible. It can also reduce liability and regulatory risks by providing accurate quotes and ensuring that products meet all necessary regulatory requirements.
Some examples of the outcomes that companies using Tacton CPQ have experienced include a 30% reduction in sales and quoting labor costs, a 60% reduction in order error costs, and an 8% increase in profit from more orders. These results show the potential for medical device manufacturers to significantly improve their operations and profitability with the use of Tacton CPQ.
Some examples of the types of products that have been customized using Tacton include orthopedic implants, diagnostic equipment, and rehabilitation equipment.
cpq.se is a trusted expert in Tacton CPQ, with over two decades of experience delivering CPQ solutions to manufacturers. The company is focused on serving the European market, but also advises clients globally in industries such as heavy vehicles, med-tech, energy, and power distribution.
cpq.se has a fast and pragmatic approach to CPQ, with a goal of getting clients live with their solution within 5 months. We have worked with companies such as Siemens Healthineers and GE Healthcare in the past, and are well-equipped to help medical device manufacturers achieve success with Tacton CPQ.
If you are a medical device manufacturer looking to streamline your processes and increase efficiency, it is a good idea to book a meeting with cpq.se to learn more about how Tacton CPQ can benefit your business.