How CPQ helps you leverage your “black box” data
Data is what makes the digital world go round. Its importance for business is increasing and companies need to adapt to stay relevant. You could say IoT is the new black box; storing data on usage, operating conditions, and info needed for regular service. However, these are just a few examples. There’s almost no limit to what you could achieve with IoT.
Data is, indeed, an important first step. However, what we should care more about is what comes next: what you do with the data. That’s really what’s crucial. That’s what determines how well your company navigates this new, digital market.
How could you use your data to make better-informed decisions for your customers?
Let’s look at an example from the real world.
A customer needed to invest in a new harvester. This happened to be a customer with a strong focus on the environment. He was very satisfied with the current harvester, particularly because it tracked emission levels. For the upgrade, he was looking for something similar.
The problem was that the product catalog displayed a new, unfamiliar range of products.
Luckily, the sales rep had access to the customer’s data on that harvester. This was set up during the last purchase. With CPQ, we instantly get a suggestion for a model that would minimize the emission level and perform as the previous harvester.
This is possible because of the optimization capabilities in CPQ. This means CPQ suggests the best product alternative, based on our preferred metric (in this case, emission levels).
With the help of 3D visualization, the sales rep and customer could together make sure that the harvester was what he wanted and needed. It was also easy to add on extra features and see how it would translate to the final product.
The customer decided to invest right away. The process was quick, easy, and most important: all his requirements were met.
Your response to your customer’s requests will be crucial for how well you do as a company. If customers get what they want and need, they will be happy. And, a happy customer is a returning customer. It’s as simple as that.
Please note that any similarities to Tacton Systems’ customers in this blog post are accidental.