Revealing the Prolonged Sales Cycles of Industry 4.0 Technology
The Fourth Industrial Revolution is already affecting businesses, with factories successfully transitioning to Industry 4.0 experiencing improved product quality, productivity, reduced costs, and increased profits.
However, manufacturers of I4.0 products are facing a significant challenge: prolonged sales cycles. The prolonged sales process leads to missed opportunities, lost leads, and clients losing interest in the product, creating a threat to the success of the deal.
The reasons for the long Industry 4.0 technology sales cycles are varied. In this article, we aim to shed light on why the sales cycles are so prolonged and provide practical solutions to help speed up the sales process.
By implementing the tips outlined in this article, manufacturers can overcome the drawbacks of prolonged sales cycles and ensure the successful adoption of Industry 4.0 technologies.
Uncovering the Mystery Behind Prolonged Industry 4.0 Technology Sales Cycles:
Industry 4.0 products and services are known for their complexity, technical specifications, and enhanced connectivity. This leads to an increase in the number of stakeholders involved in the purchasing process, making the sales cycle longer.
Consider the scenario of selling a smart lighting system to a building owner. The system must be integrated with the building's HVAC, fire, and security systems, which may require reconfiguration.
This requires the sales team to coordinate with IT teams, integrators, and other design teams to ensure the system meets the necessary specifications. If components of the lighting system are sourced from suppliers, the sales team must also engage with them to discuss changes.
The numerous discussions and coordination required to ensure a successful sale contribute to the prolonged sales cycle of Industry 4.0 technology.
Bigger network of providers:
Industry 4.0-enabled smart systems are powered by a combination of technologies such as Big Data and the Internet of Things (IoT). These systems aim to increase productivity, reduce labor costs, and enhance revenue growth.
To achieve these benefits, the manufacturer must ensure their systems can either be incorporated with or into other complementary service providers' systems, or they must have the support of these providers.
For example, the manufacturer of a smart lighting system must coordinate with building architects, builders, HVAC providers, and other relevant stakeholders to ensure a successful installation and seamless operation.
When the customer is negotiating the sales agreement with the sales team, all these providers will have a say in the process and may offer insights on how to best integrate the smart lighting system with the building's systems. The involvement of multiple stakeholders can prolong the sales cycle, but it is necessary to ensure the success of Industry 4.0-enabled systems.
New products and services:
Smart, connected products generate data that can be monetized by selling data analyses. This presents new monetization opportunities for firms selling such products.
Customers who switch to smart systems are aware of this potential, but they need the data to be analyzed in a way that leads to valuable insights that drive action. Sales teams play a critical role in this process by understanding the customer's needs and coordinating with internal teams to identify technical performance possibilities.
The sales team must work closely with the engineering and analytics teams to gain product, customer, and operations insights based on new design changes. This information is then used to determine the appropriate price for the data-based solution.
Finally, the sales team presents this information to the finance team to understand the cost of the solution and ensure that it aligns with the customer's needs and budget. In summary, sales teams play a crucial role in the monetization of smart, connected products through data analysis.
Maximizing Revenue with Aftersales Support Services:
Traditionally, manufacturers of equipment have not focused on providing aftersales support as they lacked the knowledge of how and when their customers used their products. With the advent of Industry 4.0, this is no longer the case.
Industry 4.0-enabled products allow manufacturers to access valuable post-sale data about their equipment, enabling them to offer aftersales support that traditional equipment manufacturers cannot. This provides a unique opportunity for manufacturers to differentiate themselves and offer added value to their customers.
The availability of post-sale data also allows manufacturers to engage in discussions with their customers about the modalities of aftersales support, leading to a longer buying process. This process not only benefits the customer but also allows manufacturers to build stronger relationships and increase customer satisfaction.
In summary, Industry 4.0 opens up new opportunities for manufacturers to provide aftersales support and differentiate themselves from their traditional counterparts, leading to increased customer satisfaction and a stronger competitive position.
Conclusion – How Qviro Can Help Speed Up The Sales Cycle?
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