Transforming Sales and Revenue Growth in the MedTech Industry Using Salesforce CPQ

Like many industries, medtech is being pushed to provide better, faster, more personalized services to its customers — both virtually and in person. Alcon, a leading global eye care device company, responded to the rising expectations by implementing Salesforce’s configure, price, quote (CPQ). Customer satisfaction soared.

Get insights on the approach Alcon took to select and implement Salesforce CPQ in an on-demand webinar with experts from Wipro (formerly known as Appirio), Salesforce, and Alcon. Or read below for the key takeaways these medtech leaders shared and why improving your CPQ can get you started on the path of deeper customer satisfaction.

Many companies still have fragmented systems and labor-intensive, manual processes for contracting and providing pricing quotes to customers. This can stretch the overall sales cycle to weeks, threatening customer satisfaction and leading to revenue loss.

The pandemic forced medtech organizations to move to more virtual sales. “It’s a big change, especially in an industry where in-person sales [have] been prominent over the years, given the nature of the products being sold,” said Raj Krishnamoorthy, General Manager, Healthcare and Life Sciences, Appirio.

“As the industry continues to navigate this period of change, we’ve also seen a tremendous amount of innovation reach the market in terms of new products, new services, and new methods to engage healthcare consumers,” said Derek Carless, Manager, Global Healthcare and Life Sciences at Salesforce.

This won’t change, even when the pandemic subsides.

Alcon was already on the Salesforce CRM platform when it decided to look for a way to improve its quote-to-cash systems. The company wanted to fix systems that were:

• Disconnected, and slowed by many manual processes,
• Inefficient, with complex quote approvals and poor management visibility — a big source of frustration

After implementing Salesforce’s CPQ, just one part of the Transform Virtual Sales solution, Alcon saw:

• Average time for quote approval drop by 75%
• Satisfaction increase by more than 50%
• Quote acceptance increase
• 74% standard (cash) quotes approved within one day
• 70% equipment financing quotes within five days, many within three days — a huge improvement

“It was a win-win-win from the customer, sales, and management perspective,” said Ramya Moorthy, Program Manager and Service Delivery Expert, Alcon.

The Salesforce CPQ combines all relevant customer information into one place, giving the Alcon sales teams the right data to sell more effectively, said Sandeep Menon, CPQ Practice Manager, Appirio. It also gives management a clear view into the sales process.

Another benefit: It allows customers to self-quote while empowering sales teams to review historical data to ensure each customer gets the right price every time. Further, sales teams get more accurate reads on existing stock so they can quote based on inventory. “The solution can be tailor-made to fix specific business processes if the goal is driving efficiency and accelerating that revenue growth,”" Menon said.

As medtech organizations prepare for a future that is more virtual, find out how you can go digital quickly, accelerate value, and transform your business with the Salesforce Transform Virtual Sales solution. Learn the benefits Alcon reaped — revenue growth, greater efficiency, increased visibility, and deeper customer relationships. Sign up for the on-demand webinar.