How Machined Components manufacturers are enhancing their sales processes

Whether through steel manufacturing, copper manufacturing, or some other method, machined components range from tiny gears to enormous turbines, and each piece requires careful crafting, pricing, and marketing to attract the right buyer. The sales processes for machined components manufacturers can be just as complex as the goods they create, but technology and a digital approach is simplifying this task.

In this article we look at the current state of the precision manufacturing industry, and the different challenges faced when pricing components. We then look at how Customer Relationship Management (CRM) software and automation software is changing the game, and what you should be looking for to improve the sales processes in your own machine manufacturing business.

An overview of the machined components manufacturing industry

As with many industries, the manufacture of components is spread across multiple niches. This article is looking at precision machined components, which in large are those manufactured with Computer Numerical Control (CNC).

According to Research and Market, the market for global machining centres is expected to reach $27.4 billion (USD) by 2030, growing at a CAGR of 6% between 2022 and 2030.

Market Research Guru looked at the global precision machined components market, and found that the key players (globally) are:

• Ming Cheng Precision
• The Federal Group
• Jonaco Machine
• Quadscot Precision Engineering
• Accura Engineering

and that from 2018 to 2028, the components are primarily divided between gears and gearing, flywheels and pulleys, toothed wheels and chain sprockets, and others. These are then largely divided between automobile, optic, medicine / biotechnology, mechanical, electronics / semiconductors, aerospace and defence, and other industries.

The future of the entire manufacturing and development industry, from precision to CNC, is looking set to be digitally focused, with further development into Smart factories, Deloitte found that 86% of manufacturing executives believe Smart factories will be the primary driver of competitiveness in the next five years.

Challenges faced when pricing manufactured machined components

Regardless of whether your machined component manufacturer is utilising CNC or other methods, there are challenges that must be faced and overcome in order to correctly and accurately price both individual components, and large scale bulk work loads.

Some of the key challenges that businesses in this industry face when setting prices include:

• Difficulty in creating quotes that reflect the use of multiple materials at different cost, such as steel, copper, etc.
• Maintaining up-to-date and accurate stock control, which integrates with ordering systems to allow sales teams to determine what is available at a particular value.
• Lack of reporting or notification of what a particular currency conversion value was at the time of purchase, and what the most up-to-date conversion rate is for repurchase.
• Under stocking of raw materials leading to mixed value quotes, where rush bought supplies are more expensive than other elements.
• Inability to accurately record taxes, import or export duties, and other fees that need to be taken into consideration of the final cost.
• Difficulty in applying large order discounting or manual prices for individual orders.
• Updating costs and pricing for long-term clients who have had set or contracted rates which need regular review.

Many of these challenges see businesses having to spend time, money, and effort to manually fix errors or issues, and this can lead to delays, projects being overlooked (and under priced), and end users or clients being left unsatisfied with the trickle down effect of delays to their projects and product creation, and subsequently looking at procuring new manufacturing contracts.

TEB Apps makes use of a streamlined digital structure, supported by automation and highly accurate data collection, allowing your business to setup and handle complex pricing structures that take into consideration all the different materials and elements you will be using to manufacture your components. This data driven approach not only allows you to accurately price your pieces, but also boost your sales team's performance.

How CRM and automation software is changing the machined components manufacturing industry

CRM and automation is making a massive impact on the entire manufacturing industry. The ability to streamline sales processes, support factory automation, and make better use of internal resources and position staff in roles that allow for more coverage, is allowing businesses to do more with less.

Some of the key benefits that CRM and automation are bringing to machined components manufacturers include:

• Improved stock control and resource ordering processes.
• Real-time updates and notifications on customer records allowing for accurate manufacture of components.
• Strategic reporting and analytics allow for improved forecasting and resource management.
• Data security and legal obligations are easier to manage with specific access permissions and setup.
• Pricing can be done on a per material / per product granular level, and accurately recorded, along with any additional overheads and costs that will impact the final price.
• Quote templates are standardised and improve understandability and brand image.

TEB Apps offers a platform that provides all of these services, and so much more. With a simple, easy-to-use workspace and visualisations that are designed to provide maximum support and data at minimum stress, your business and your teams can be up and ready to go within two weeks from on-boarding.

Enhance your sales with TEB Apps

Machined components manufacturers are taking advantage of TEB Apps pricing features during quote creation with specification, volumetric and bundle pricing in order to work with highly customisable stock management, and send customers quotes that can be calculated from the simplest sale to the most complex sales processes. With TEB Apps, you will:

• Simplify pricing – Streamline your pricing process with specification, volumetric and bundle pricing.
• Automate quote creation – Make quote creation easy with workflow automation and customised quote templates.
• Centralise your quote data – Centralise all of your quote data and easily track how deals are progressing with TEBs quote funnels.
• Automate payment reminders – Set up automation preferences for repeat payment reminders to make sure you never miss a payment.

Your business can benefit from integrated automation, flexible functionality, and a service that scales with your needs. Book a consultation today, and discover what TEB Apps can do for you and your business.