The increasing demand for personalization is transforming how businesses produce and sell their products. Brands are pivoting away from mass production and moving towards customization. In order to meet this mass personalization trend, they’re using product configurators
Product Configurator: A Definition
A product configurator is a software solution that helps users in choosing product features to meet their needs.
Product configurators automate manual processes such as generating quotes and specifications. Configuration tools dramatically speed up the amount of time required to issue a quote while reducing the likelihood of errors.
Should You Use a Product Configurator?
If a company is having a difficult time generating proposals in a timely fashion, then the executives should consider implementing a product configurator to help streamline various business processes.
The Advantages of Deploying Product Configurators
Product configurators are designed to reduce the likelihood of errors while also bringing the onboarding time for new hires down. It also grants businesses stronger control over production processes by enhancing communication with clients.
Software tools that can be utilized by both the staff members and clients provide organizations with the options to determine who should be handling the configured order.
Improved Sales
In order to enhance the sales cycle, companies use cpq solutions that give users the ability to configure, price, and quote products. This way they are able to issue quotes at a faster rate, which significantly reduces the approval of new sales and the onboarding times of new sales employees.
Reduce Potentially Expensive Mistakes
An effective product configurator prevents incorrect data input, irrespective of the complexity of the product.
Product Configurators Are Used In Various Sectors
Companies across industries enjoy enormous benefits from adopting product configurator solutions.
Online Retailers
Many e-commerce businesses use multiple sales channels, which is why they want their customers to have a consistent experience when interacting with the brand.
Therefore, when a potential buyer visits a retailer’s online store, they should have the same choices as a customer who went to a physical store and interacted with their sales representatives.
Insurers
Potential policyholders are occasionally asked to complete a health questionnaire when purchasing life insurance.
A product configurator refreshes or reorders the questions while updating the algorithm that determines rates.
The Best Type of Product Configurator
Historically, businesses relied on spreadsheets to streamline their processes and keep track of products, pricing, and features. Unsurprisingly, important information would become stale, or sometimes even duplicated, resulting in inaccurate or incomplete quotes.
A product configurator that has a business rules engine running under the hood can help companies reach unprecedented levels of growth.
Product configuration software solutions help companies to:
- Streamline business operations by doing away with inefficient manual sales processes that rely on spreadsheets.
- Enable customers to customize complex products by themselves.
- Issue quotes that cover all the necessary features and get rid of the need to resubmit a quote due to missing or inaccurate data.
And finally, perhaps most importantly, product configurators scale without having to invest in expensive and complex IT infrastructure.
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