How ERP Software Improves the Quoting Process
Are you tracking your quoting process with ERP software? If not, you’re missing out on valuable business data. Without detailed quoting data, you probably suffer from one of two problems (or both!):
- You quote too high, which loses business
- You quote too low, which hinders profit
You can’t manage what you don’t measure. Without data on your quotation practices, you won’t be able to efficiently improve quoting results. Below is how ERP software can help you collect far more accurate data to improve your quoting success.
ERP Improves Lead Times
ERP software has the ability to track how much time it took to complete previous manufacturing jobs. It can also track machine capacity and the current load, so you’ll more easily understand how much production your machine is capable of producing. Once you have this data recorded, you’ll be able to offer your clients more accurate quotes, which contributes to establishing a loyal clientbase.
ERP Tracks Cost of Materials
Some manufacturing companies use a third party inventory management system, but ERP systems have a built-in inventory module that helps track material costs. Once you have accurate data on how much raw materials you have in stock and how much must be ordered, you’ll be able to quote more accurately. The ERP system records the cost of the materials when they’re ordered, so over time, you’ll be able to recognize pricing trends, which enables you to provide the best prices to your customers without sacrificing profit.
ERP Systems Automate and Forecast
Each quote is slightly different, but ERP systems offer templates that help you automate the quoting process to save time and improve accuracy by eliminating human error. The ERP system helps you track past and current quotes, which helps you accurately predict future sales and cash flow.
How Epicor ERP Tracks Quotes
If you’re considering tracking quotation practices with an ERP system, we recommend Epicor ERP. Epicor allows you to easily generate and track all requests for quotation (RFQs) from prospects. The tracking begins at the time of receipt and continues until an order is placed, so you can clearly see time, cost, and profitability. You can deliver more quotes faster and with better accuracy on pricing and lead times.
Estimating & Quoting
Below are some of the ways Epicor ERP systems generate accurate estimates and track customer/prospect quotes:
- Cost-based estimating (utilizes material, labor, and subcontract costs)
- Confidence levels of estimates for pipeline analysis
- Customer part cross-reference
- Same as BOMs and routings
- Customer specific templates
- Online inventory availability
- Historical quote analysis
- Part advisor wizard
- Quote tracker
If you’re interested in implementing an ERP system and would like to discuss potential feasibility, return on investment, and best fit, we’d be happy to help. Contact us to learn more.