The first rule of manufacturing quoting: come first, come correct.
It’s that simple. If you can deliver your quote or proposal early while addressing the client’s specific pain points, you stand a higher chance of winning the contract.
That’s where manufacturing quoting software comes in.
It will help you generate and submit accurate quotes in record time while adding the necessary sections and provisions.
Saddle up as we explore the features and benefits of quoting software in the manufacturing industry.
Key takeaways
- Manufacturing quoting software allows you to generate accurate quotes and send them to customers in record time.
- Any solution for handling quotes must have manufacturing estimating software, as well as data analysis and payment integration.
- To get the most out of quote generation software for manufacturing processes, use automated order management and approval workflows to shorten the sales cycle.
Features needed in manufacturing quoting software
Every piece of software used for manufacturing a part or an entire assembly in a machine shop should have the following functionality:
- Bill of materials: This extracts data from cost estimating software and CAD models in order to generate a detailed pricing table.
- CRM integration: The quoting software should be able to integrate with CRMs like Salesforce, Pipedrive, and other solutions to gain access to customer data such as account info, order history, delivery details, etc.
- Payment integration: Integrating gateways such as Stripe and Square with the quote will encourage clients to complete the quoting process earlier.
- Estimation software: Properly configured manufacturing cost estimating software will help you calculate the total or unit price while factoring in machining, shipping, and inspection costs.
- Document management: This is for connecting with cloud storage (Dropbox, etc.) to easily access CAD models, project specifications, and other documentation. It can also help in adding signature fields and other required entities to the customer quote.
- Inventory management: It helps manufacturers keep track of the raw materials and equipment in their inventory.
- Tracking and analytics dashboard: Access to real-time data on a centralized dashboard will help design and manufacturing companies understand the status of the quote as well as changing consumer trends.
- Optical character recognition (OCR): To obtain data from scanned paper drawings, sheet metal patterns, and documents.
- Pricing optimization and configuration: The price configurator relies on preset algorithms and conditions to determine the optimal price for every manufacturing project.
- Automation and approval: You can automate approval workflows by setting event triggers to control what happens to the final quote once the client acts on it.
Benefits of quoting software for manufacturers
There are several ways an advanced quote builder can help your manufacturing company close more deals.
Let’s highlight a few alongside real-world success stories to demonstrate.
- Quoting tools optimize dynamic pricing. They help original equipment manufacturers (OEM), subcontractors, and small companies use price optimization to stay competitive and maximize profit margins.
- Dedicated software streamlines quote creation with real-time consolidation of manufacturing docs. A quick overview of inventory, sales orders, customer quotes, and more is provided via a CPQ (configure, price, quote) dashboard, reducing unnecessary expenses. For example, by opting for PandaDoc CPQ software, PixelFLEX tripled its quotation volume and increased growth for LED display production by 30%.
- Manufacturers’ sales teams can review requests for quotes (RFQs) to make faster, more informed decisions about pricing and equipment. Furthermore, they can accelerate deal closures and improve win rates by integrating the quote builder with payment solutions and (ERP) software. After armored vehicle manufacturer Invaco implemented PandaDoc quoting and proposal software, they not only provided clients with more transparent, customized pricing — they doubled their close rate.
- Finally, a quoting software solution makes it easy to assign tasks to quantity surveyors, technologists, CNC machine operators, and other personnel in job shops.
Best practices for using manufacturing quoting software
Here are the best practices to follow to generate quotes for manufacturing jobs:
Make sure the quote is detailed
The final quote heading to the customer’s inbox must contain all necessary documentation and information about the production schedule, according to industry regulations.
Suppose a customer asks for an RFQ for a sack of M18 steel bolts. The quote should contain the following:
- 3D and 2D representations of the bolt.
- Measurements showing tolerance and other specific requirements.
- The bill for one bolt or the entire job.
- The cost of steel workpieces (metal fabrication) and lathe operation hours.
- Machining steps (if possible).
The list goes on. Adding enough details and supplementary information shows your expertise and leaves no room for ambiguity during negotiations.
Get customizable quoting software
Most CPQ and quoting tools allow only minor adjustments to the default settings. This only slows down getting quotes out the door — not helpful in a fast-moving business environment driven by e-commerce.
However, customizable quoting software greatly extends the range of possibilities when tendering an opportunity.
For instance, PandaDoc allows you to add your company’s logo, explanatory videos, checkboxes, and several custom elements to the final quote. You can also assign different fields and tasks to specific individuals.
Use templates
Unless the order is too specific, always use manufacturing quoting templates.
Why? For starters, these quote templates reduce the time needed to deliver the quotes. This reduces the probability of the client changing their mind or going with your competitor.
Also, store successful quotes in your document repository so you can iterate on them for similar tasks.
Here are the steps for using a manufacturing quote template with PandaDoc:
1. Open the document.
2. Drag in the Quote Builder block. You can also use the Pricing Table block for simple quotes.
3. Retrieve products from the catalog or create one from scratch. You can divide them into sections.
4. Add Discount, Tax, and Fees fields.
5. Add product bundles and optional items, if applicable.
6. Go to integrations and choose your preferred payment option (we’ll use Stripe in this example; other options are available).
7. Set the amount and assign the payer.
8. Add other elements to the document (logo, checkbox, signature fields, etc.).
9. Tag the recipients and signatories via email.
10. Send the quote.
Keep an eye on important data
Monitoring the metrics for quotes will help you, as a manufacturer or subcontractor, determine whether you’re doing something right or wrong.
For instance, the stats will show you whether a bill of materials with images and graphics will bring in more views and closed deals.
Some metrics to track include accuracy, turnaround time, customer satisfaction score, acceptance/rejection rate, request volume, and revenue.
Prioritize security and compliance
Since you’re working with sensitive business data, use encryption and security protocols to prevent unauthorized access.
Implement proper approval workflows and role-based access controls to make sure only authorized users can view or edit the document.
Make sure the manufacturing quoting software is compliant with ISO, GDPR (for personal data use), PCI DSS (for payments), and other relevant regulatory standards.
Quoting software loved by manufacturers
The use of accurate quoting software for manufacturing projects guarantees faster turnaround times, competitive pricing options, and more revenue.
Features like document generators, CRM and payment gateway integrations, and analysis dashboards make it easier to generate detailed quotes for parts and entire machinery — and you can respond to RFQs with detailed data and pricing in minutes.
To learn firsthand how the PandaDoc platform can accelerate turning your manufacturing quotes into profitable contracts, book a demo with us.
Disclaimer
PandaDoc is not a law firm, or a substitute for an attorney or law firm. This page is not intended to and does not provide legal advice. Should you have legal questions on the validity of e-signatures or digital signatures and the enforceability thereof, please consult with an attorney or law firm. Use of PandaDoc services are governed by our Terms of Use and Privacy Policy.
