Many American manufacturers are finding it challenging to drive revenue in today’s competitive landscape. Whether shops are struggling internally with inefficiency or externally with a lack of demand, winning and fulfilling additional work can feel impossible these days, especially without the right quoting software for manufacturing. There’s also the fact that many shops are dealing with the daunting reality of 80% of their revenue coming from just 20% of their customer base. The inability to expand into new industries, coupled with quoting inefficiencies, puts immense pressure on operations. This can lead to additional pressure put on estimators, leading to rushed work and costly mistakes.
Quoting software for manufacturing provides significant benefits to deal with bottlenecks to driving revenue and provides shops with a competitive edge. Read on to learn how.
How Quoting Software Increases Revenue for Manufacturers
Here’s a breakdown of how quoting software for manufacturers can increase revenue for your shop:
Easily Provide Dynamic Lead Times: Manufacturing quoting software can enable manufacturers to enhance their competitiveness by offering dynamic lead times. This can help increase the likelihood of winning contracts, as original equipment manufacturers (OEMs) tend to prioritize a speedy delivery over cost. By allowing customers to communicate their values upfront, manufacturing quoting software can reduce unnecessary back-and-forth, streamlining the decision-making process for both parties.
Offer Discounts: Discounts are a powerful tool for increasing revenue and attracting desired work, creating a sense of urgency, and incentivizing buyers. Quoting software for manufacturing can simplify the discounting process, allowing estimators or owners to easily apply and customize discounts based on various factors such as customer priority level, order volume, material, or complexity. Discounts can not only enhance perceived value but also improve the chances of winning contracts by helping you stand out from the competition for those that are tighter on budget.
Provide Add-On Options: Accurately capturing additional costs beyond material and labor, such as engineering consulting or tooling fees, is crucial when building a quote for manufacturing. Utilizing add-ons, like first article inspection or special packaging, not only allows for capturing extra revenue but also serves as a marketing strategy, showcasing your shop’s unique capabilities and justifying premium pricing. Additionally, add-ons prevent customers from using purchase orders as a negotiating tool for services that should be rightfully compensated, addressing potential issues like poor file submissions that require redesign.
ROI of Implementing Manufacturing Quoting Software
Higher Win Rate: Quoting software for manufacturers enables a faster turnaround time compared to competitors. Oftentimes, the first to the job is the one to win the work.
Proactive Sales Cycle Management: Leveraging customer insights and data, manufacturers can proactively manage their sales cycles in a centralized quoting software, staying ahead of market trends and customer expectations.
Customer and Revenue Diversification: By closely tracking RFQs and order forms in a historical database, manufacturers can focus on diversifying their customer base and revenue streams, reducing dependency on a select few clients.
Choosing the Right Quoting Software for Your Shop
Each software platform is different and can provide your shop with a unique variety of benefits. So how do you choose the right quoting software for your shop?
When evaluating options, it’s essential to consider factors such as ease of use, flexibility, and the ability to address specific challenges in your shop. Another contributing factor that many shops tend to overlook is making sure you will have a reliable customer success team. Having champions who know your shop and care about your shop’s success can make or break your quoting software experience.
Paperless Parts offers all of the benefits mentioned in this article. With comprehensive features, including dynamic lead times, discounting capabilities, and add-on options, Paperless Parts is the solution your shop needs to boost your bottom line.
The Benefits of Using Paperless Parts
Paperless Parts helps shops enhance efficiency, improve the customer experience, and ultimately drive revenue. As a reliable and innovative tool, Paperless Parts helps manufacturers that are seeking a competitive edge in precision manufacturing.
Here are 5 additional ways that Paperless Parts can help increase revenue for your job shop:
Quick Evaluation of RFQs: Paperless Parts allows manufacturers to quickly evaluate incoming Requests for Quotes (RFQs) and enables swift decision-making.
Integration into ERP Systems: Seamlessly integrate quoting software into your existing Enterprise Resource Planning (ERP) system to reduce data entry and enhance overall efficiency. Find out if Paperless Parts integrates with your ERP system here.
Expedite Revenue Capture: Easily display expedite options to customers and capture additional revenue streams for your business.
Visibility into Sales Pipeline and RFQ Tracking: Gain valuable insights into your sales pipeline and track RFQs efficiently, empowering strategic decision-making.
Modern Customer Experience (Digital Quote): Provide a contemporary and digital quoting experience to your customers, showcasing your commitment to innovation and efficiency. Additionally, offer and/or require credit card checkouts to alleviate risks and provide a seamless checkout experience.
Paperless Parts can address key pain points and ultimately drive revenue for job shops. Revolutionize your quoting process, boost efficiency, and position your shop for success in America’s competitive manufacturing landscape.
Schedule your free custom demo with Paperless Parts today.