iQ CPQ for NetSuite in 5 Minutes

00:01hello and welcome to a brief overview of our iQ CPQ for NetSuite solution my name is Jeff Underdahl and I'm the vice president of technical sales and product strategy here at luxent before we jump into the software I'd like to call out a couple of features and functions of the IQ solution and in an effort to keep this recording short we're only going to be focusing on the top two bullets that you see on there the first of which is the product configurator and the second of which is some industry specific functionality tied to manufacturer certainly we have guided selling the ability to generate proposals a call out there that IQ is indeed BFN or built for NetSuite certified but the two features that

00:41we're going to be focusing on in this quick four or five minute video here are product configuration where I have the ability of being able to through selections and entering numerical values and features and options being able to do through advanced math and different rules and dependencies generating pricing bills of materials production routings and even more industry specific functionality this would be if you were a manufacturer distributor and you needed to quote custom products that don't already exist in your next site part item Master file IQ is a great way of being able to manage that uh without needing to create that custom record so without any further Ado let's go ahead and get ourselves into the software and take a look at some of these features where I am right now is in NetSuite

01:24we're looking at a sales opportunity the customer is 3M the title of this opportunity is a new product op right from the opportunity I can create an IQ quote this will launch me into IQ and bring the customer information the opportunity information contact information everything surrounding that down into the IQ header for the quote record and that's what we're looking at right here we've got 3M and all of their data if I scroll down a little bit further you can see further quote details contact details and I can change the name of the quote if I wanted to I can select a status and at the the bottom of that status list you'll notice where we would convert it to a sales order and we'll be looking at that shortly as well once we've entered in all the pertinent data to the header we can select save and next and move oursel onto the line item and although

02:12there's all different kinds of line items that we can quote inside of IQ again in the interest of time we're going to focus on a couple of things the first of which I'll call custom product quoting where if you wanted to come in here and add a custom product to the list I can come in here and call it this uh custom shelf I can give it a product number which could also be a drawing number that you get from your customer I can give it a unit of measure the quantity that we're going to be quoting and if I know what the price of it should be or can be because I just know what the market will bear I can put a price in there and say add and simply add that line item to my quote if I need to do some more sophisticated estimating to it for example let's say this Shelf looks a lot like another Shelf that we've made before and we want to use the manufacturing details of that as a starting point I can come in behind that line look at my materials and labor tab over here and

03:09I've got a feature over here that says I want to copy the details from an existing product so I'm going to say yes I want the operations to and go out and find me everything else with the word shelf in the system and I narrow in on what I'm looking for I select it I can see the single material this half inch tube stock 40 feet of it that came in and I can also see my operations for that shelf that came in as well my three operations being cutting Drilling and grinding and each one of those operations are going to carry with it the production standards to make that other product that original shelf and I can get in here and I can edit any one of those uh parameters if I wanted to if I want to change the setup time or the run time or I want to change the production standard here from pieces per minute to hours per piece if I want to change labor rates and setup rates I can easily do that inside of IQ here

04:00I also have the ability of manipulating the bill of materials so if I decide that a half inch isn't thick enough and I want to delete that off I can and you may want to add another one here of which could be a custom product with a quantity and a cost if I wanted or I could go search my product list find another tube stock here for 3/4 inch say Okay identify the fact that I need 8T of that and save that away now very quickly now that you've done all this great work to estimate that behind the line details tab is a very sophisticated margin calculator so I can open this up I can start to see all of my costs for all my material my overhead my labor and a total product cost down here at the bottom of $114 and then if I wanted to calculate commission into that I can add the 342 to the 114 giving me 117 and then if I'm going to get 40 points as my target margin

04:55that's going to give me a certain price over here over on the right hand side as I can see you also have the ability of marking up each of the individual cost buckets or if you decided that you wanted to get $250 for this what does that do for margin you're looking at about 52.99 so you have a lot of options here to be able to drive into the price if you think the market is going to be 45% I can see that that's 213 and I can update my sales price and watch those dollars come in and also see my margin down here at 45% so very easy to do those custom quoting sides again this product does not exist inside of NetSuite today and that is one example another example that we'll look at very quickly here is a scenario where I'm configuring product so unlike over here where I was adding something custom I'm going to go to my product search here do a type ahead and select that mattress and rather than just simply dropping this on as a line item

05:53it's going to present me with a screen where I can enter the parameters for that part and in this case it's a mattress so I'm putting in things like the length and I'm putting in things like the width and how many layers that mattress has maybe it's two instead of one and the thickness of that first layer could be 5 in and I can then pick the density of that first layer let's say it's 1524 density foam the thickness of the second layer or the top layer is going to be 4 in and as I select the density of that one I can easily do that and then whether or not I want rails over here do I want foam rails around it to give um additional flexibility to that particular foam mattress and by selecting those rails I can say I want them to be 2 in wide and I can also pick the density of that now over here on the right it's calculated my price it's given me a smart string part number I can see all the parameters that I plugged in

06:49I'm doing some advanced math which most people find themselves doing in a spreadsheet today so I've got my thicknesses here I've accounted for that 4in Rail and 74 became 70 39 became 35 I'm calculating my Surface area all the amount of square footage I'm going to need to do for gluing I can see my volume in board feet where I've done a conversion as well as in glue surface area down here for square feet as well similar to the top and ultimately doing a price for me up here as I can see and also equally important generating that ever important bill material and routing as a part of the configurator as well and so when I said okay and get out of that at this point pretty much everything is done there is a bill and a route behind there but the configurator is doing all the heavy lifting for you automatically now at some point you're going to want to go ahead here go to the review and send page and

07:42you're going to want to send out a quote acknowledgement very easy to generate the document and email it right from here but again in the interest of time we're going to move back to the header of this quote and we're going to convert it to a sales order and so by doing so we're going to come here here simply convert it and if I wanted to come excuse me back over here to NetSuite I can come back over here to NetSuite and what is happening now is you might notice at the bottom of the screen here inside of our timeline that there were we started with an oportunity record out here and when I reload the screen in a second you're going to see an estimate that was generated as a result of the quote we did in IQ and then you're also going to see a sales order that was generated where we

08:26actually went and took the configured product and the custom product automatically generated the new part number for it inside of NetSuite added the routing added the bill of material brought the cost over everything is going to be happening automatically for us and we'll see that here shortly and there we are as you can see down there on the bottom both the estimate and the sales order there if I were to open up that sales order real quickly we can see everything came across right directly in from IQ we'll scroll down we'll see those line items there and they're all coming across there's my two for my custom shelf for a product that didn't even exist as well as my mattress we'll jump back over here to the PowerPoint just very quickly just to wrap things up and if

09:13there's any more information you want to see or you want to learn more about IQ and how it fits in with NetSuite we'd be happy to tell you more about it and share some more information with you find us at any one of those contact Vehicles below and we appreciate your time and thanks for watching