CED National Accounts Improves Proposal Response and Hit Rates with Parspec

• Challenge: CED National Accounts faced missed business opportunities due to the labor-intensive proposal preparation process and variable deliverable quality.
• Outcome: With Parspec, CED National Accounts has reduced time to quote and prepare submittals by 50% while improving deliverable quality and consistency. This has significantly boosted revenue opportunities by increasing deal volume, enhancing business opportunities, and achieving higher win rates for both new and existing customers.

Challenges

Before implementing Parspec, CED National Accounts faced a labor-intensive quoting process. This process involved manually transcribing the Bill of Materials from a PDF RFQ into an Excel file with macros, and then converting it back to PDF and a CED internal systems file. This approach often extended response times and increased the potential for errors, impacting business opportunities and win rates.

Ben Kerstens, a Specification Sales Manager at CED National Accounts, recounts a time when their current quoting process directly impacted his team: "A quotations specialist at one of the National Accounts locations received a nine-page quote from a manufacturer and had to turn it around to the customer within a few hours. She was distraught because of how long and difficult the process was.”
 
In addition, CED National Accounts was seeking a more professional visual presentation for their quotes. "If we are trying to convince someone to become a partner of CED National Accounts we wanted something that looked better”, Said Ben. “That's why we were using a custom-made Excel document. However the macros would frequently break, and the learning curve was steep. It often caused more headaches than it solved.”

Ben sums up CEDs historical challenges with quoting into three main camps:

• Complex Quoting Process: Handling intricate, multi-page quotes from manufacturers under tight deadlines increased stress and the likelihood of mistakes.
• Manual Data Processing: The existing system relied on labor-intensive manual input for document conversion and cleanup, such as converting PDFs to editable Excel sheets, making it both time-consuming and error-prone. The brittle Excel file made it difficult to consistently produce a high-quality deliverable on time.
• Lack of consistency and visual professionalism: Inconsistencies in document presentation and a lack of visual professionalism often undermined the team's efforts to maintain a high standard of communication and branding. This made it challenging to present a polished and professional deliverable to clients and partners.

These challenges led to delayed responses to RFQs and reduced responsiveness to existing customers, resulting in possible missed business opportunities and lower win rates. To address these issues, Ben and his team sought out new solutions to enhance their operational efficiency and win more business.

Solution

After a successful pilot, CED National Accounts signed on with Parspec to streamline their quoting and submittal processes. Parspec’s solution provided several key improvements, including automated BOM extraction, instant identification of alternates, and polished quote generation, all while seamlessly integrating with CED internal systems.

Parspec has also streamlined the management of complex documents, particularly aiding in the quick conversion of detailed PDF quotes into manageable formats. These are efficiently managed and uploaded into Parspec, simplifying the overall workflow. Ben reflects on the independence the tool has offered him, "I am able to personally manage multiple customers and RFQs, allowing our project management team to focus on other projects and existing customers.”

The onboarding process was notable for its personalized support and direct interaction with the Parspec team. Ben described the experience: “It was unique... I was able to explain my needs directly to someone who was going to be able to make sure my needs were implemented.”

This direct feedback loop and tailored approach facilitated by Parspec’s customer support helped the CED National Accounts team effectively integrate the software into their processes from the outset quelling any change management fears the team had.

The team utilizes the following key features from Parspec:

• Seamless Integration with CED’s internal systems: One of the most significant improvements is the seamless export of data from Parspec directly into CED internal systems.
• Automated BOM Extraction: Parspec automatically extracts the BOM from customer RFQs, significantly reducing manual effort and the potential for errors. This is a marked improvement over the labor-intensive manual transcription process previously used.
• Creating Kits and Components: The team can easily create kits and list their components directly within their BOMs, streamlining the process and ensuring accuracy.
• Organized Client Information: Parspec allows for storing, managing, and accessing all client information, which leads to more consistent, organized, and polished quote deliverables. This is a significant enhancement over the fragmented storage methods used previously.
• Automated Part Number Entry and Annotations: This feature reduces the number of manual tasks and the risk of error, enhancing the accuracy and completeness of quotes.
• Polished Quote Generation: Parspec instantly identifies alternates and generates polished quotes that better represent CED National Accounts’ brand and professionalism. This addresses the previous dissatisfaction with the visual presentation of quotes.

Results

The impact has been substantial. A 50% reduction in quote and submittal generation coupled with more accurate quotes have allowed CED National Accounts to bid on more projects, significantly increasing deal volume and win rates. Dave Polasky, Lighting Quotations at CED Washington DC, also felt this improvement: "Time to quote with the level of detail in the quote is incomparable. Since using the tool, the number of quotes I can confidently put out has increased. The final product is cleaner, and modifications and changes are easier to implement". The polished, professional quotes have strengthened customer trust and credibility.

This newfound productivity has enabled the CED National Accounts team to handle more projects simultaneously. As Ben notes, "When a customer asks if we want a shot at a project, I can say yes almost every time because I can manage so much more now." This efficiency boosts internal operations, enhances customer satisfaction, and drives business growth.

Parspec has also enhanced CED's market positioning. Ben explains, "I'm not sending a quote. I'm sending a presentation with pricing." This improved branding and higher trust have led to more wins, showcasing the impact of effective brand building. This approach sets CED apart from competitors and increases customer satisfaction.

The organizational capabilities of Parspec are invaluable. Ben uses the dashboard feature to track customer interactions and quotes, increasing deal velocity. He shares, "The dashboard also functions as a daily reminder of what projects and customers we are waiting to hear back from. We can ensure follow-ups are done promptly and keep us engaging with clients." This ability to follow up on past quotes and maintain ongoing engagement has directly contributed to more wins and higher customer retention.

Overall, the integration of Parspec has streamlined CED National Accounts' quoting process, fortified business operations, and led to significantly increased productivity, higher revenue, and improved win rates.