Why Is CPQ Becoming a Need for Today’s Telecom Industry?

In today’s fierce business competition, going for digital transformation has become vital to businesses. But when it comes to the telecom industry, it is challenging to implement the digital environment. In the telecom industry, work is not limited to buying or selling products or services, but it needs to deal with a complex volume of products, bundles, and offering services.  The need of telecom customers varies with the plethora of requirements like data services, promotional plans, the personalized combination of devices, financing terms, and many other services. It is stressful for the sales representative to put all requirements in one bucket and show the final quote because systems are not built for on-the-spot personalization. Thus, the sales team generates a bad quote, and the resulting order falls out.

As we witness the challenges faced by the telecom sector, to overcome them, CPQ for telecom is an ideal fit. It enables your sales representatives to configure, quote and price any combination of products or services. Creating any type of quote, including ad-hoc, and getting a proper understanding of internal cost becomes relatively easy for them. It gives them the confidence that what is quoted is properly delivered. The representative can automate quote creation as well as incorporate eligibility criteria, financing terms, sales occasions, customer segment, and operator channel.

CPQ in Depth:

CPQ is the acronym for configure, price, quote, a sales tool that enables companies to generate sales quotes accurately and quickly for customers. The solution uses low code software that is easy to integrate with CRM, ERP, and other business technologies to ensure integrated data and accuracy. Quotes generated by CPQ software are automated as per a programmed set of rules which ensures error-free pricing. The business process that complexes to be centralized, automatic, and available in real-time can get great help from CPQ software.  

Sales representatives consume much of their time on generating quotes, proposals, and gaining approvals. They spend just 34% of their time on the actual selling process. CPQ can help:

• Companies generate quotes 10 times faster
• Reduce approval time by 95%
• Moving from quote to cash becomes 2 times faster
• Up to 30% quicker ramp-up

CPQ is a proven tool for getting an excellent return on investment (ROI). With its functionality and potential, it is transforming a whole complex business environment. According to experts, its adoption will likely grow as companies see the real benefits of using it to integrate CRM and ERP systems.

Business Benefits of CPQ:

CPQ works in real-time and helps the sales process with everything required for closing error-free and quick sales. It improves customer relationships by making all sales components available in one place. Apart from that, this wonderful tool helps:

• Reduce sales friction, enhance the level of accuracy in quotes, and manage approved pricing, bundling, and discounting quickly.

• The sales team has access to all product-related information at their finger tip and guided selling for telecom to accelerate sales targets and renewals for existing customers.

• Improve cross-channel visibility, cross-departmental collaboration and management.

• The marketing teams are provided with the opportunity to experiment and build the right innovative products to suit the changing market trends. Thus, they react efficiently to the market changes and discover new ways to help the company grow.  

Conclusion:

Thus, you saw how advantageous CPQ software is. If you are struggling with the sales process and want to automate it, CenturyCPQ would be the best solution to opt for. With features like genuine personalization, power of AI and guided selling, it assists you in creating error-free price quote, and accelerate sales cycles and responsiveness.