Electricals manufacturing is a task full of requirements that have to be met with absolute precision; from safety and legal obligations, to different levels of output, and even the type of plug or power pack you attach to individual devices, the sheer number of moving parts can make costing a project difficult, and having the right type of quote creation package, and management support is vital. In this article, we take a brief look at the electrical manufacturing industry, the key challenges it faces in quote management, and the best way you can manage your quote creation.
According to Statista, the electrical equipment market is expected to amount to $0.40 trillion (USD) within 2024, and grow at a CAGR of 2.99% between 2024 and 2028/ The number of enterprises in the market expected to reach 218.60k in 2024 and grow at a CAGR of 14.96% between 2024 and 2028.
The Business Research Company identify the main types of electrical and electronics as being:
and state that the electrical and electronics market has grown strongly in recent years, and is expected to grow from $3764.98 billion (USD) to $4031.77 billion (USD) at a CAGR of 7.1% within 2024.
Competition is fierce within the industry, with such growth and technological evolution, it is unsurprising to find that current trends impacting the market include:
Quote management is an essential part of your sales toolbox, and a way in which you can standardise your approach to customers, ensure that the right pricing structures are being applied, and to provide transparency on the cost of your goods and services to your clients, whether the order is simple, or something much more complex.
For electricals manufacturers, some of the key challenges faced when handling quote management include:
For manufacturers dealing with clients in different countries, there is also the issue of what can and cannot be imported / exported (for example, if your electrical product is supported by a lithium battery, you may not be able to ship your goods by air, and would have to look at land or sea delivery routes).
Managing your quotes means being fully aware of any additional costs that are going to be involved in the creation and delivery of the products, applicable taxes or fees, and making sure that your client is fully aware of what they are expected to pay, so they can trust you and your business, and not leave you with excessive cancellations or a bad reputation for hidden costs.
Supporting your business with the right software can make your quote management much simpler, straightforward, and cost-effective.
Some of the most appropriate types of tools that will help you manage this include:
In order to keep track of what quotes are being made, what offers might have been applied to orders, and / or what you have historically promised a client, you need to ensure your office management software and activities can support you.
The tools and actions mentioned above are all essential in helping you manage this. TEB Apps is designed to support all of these requirements, and offer solutions that work with your needs, so you can support your sales team in managing leads, developing client relationships, creating and managing quotes, and then ensuring your manufacturing team are ready to make the electricals that are required to fulfil these orders.
Automation, AI assistance, and the use of CRM software is widely considered to be the best way of managing quotes, at each stage of the process, because of the level of efficiency, transparency and accountability in team activities, and speed at which finalised actions can be applied to accounts and sent down to the shop floor to be created.
Whether your business is small and niche, or operating on a larger scale, there are going to be a lot of variables that you need to account for in all of your orders, and using a technologically supported process helps ensure quotes are up-to-date, accurately reflect the right costs and price, and give your brand a consistent and recognisable approach that your clients will be comfortable using.
With an 800% growth year in 2023, TEB Apps is now helping countless manufacturers simplify the way they create, manage and track their quotes when negotiating with clients. You will be able to streamline the creation of your quotes with powerful intelligent automation, making your quote workflow fast and fluid for your sales team. With TEB Apps you will:
Book a demo today and make your quote creation easy to boost revenue and accelerate your growth.
