Despite serving as one of the first adopters of application programming interface (API) technology as a tool for building collaborative, communicative business solutions, the telecom industry has failed to leverage the opportunities and efficiencies that come with this innovative software tool.
5G isn’t the only factor driving the buildout of telecom infrastructure. The COVID-19 pandemic, and the rapid increase in demand for high-speed telecom spectrum, has accelerated the construction of this infrastructure by an entire decade, bringing swift and transformative change to the telecom industry.
From service infrastructure to the way brokers quote prices to their customers, digital transformation is touching every part of the telecom industry. As the calendar year changes, the disruption taking place on multiple fronts is going to affect both day-to-day telecom business operations, and the services and performance your customers expect.
As 2021 unfolds, here’s a look at the most significant changes taking place in telecom—and how it might affect carriers, solutions providers, and telecom brokers.
Telecom customers and prospects have high expectations when they solicit the services of a telecom broker. They want the best price possible, and they want a fast quote that can help them make their decision.
Because telecom brokers provide CPQ services across a range of carriers, they need CPQ software that can provide this speed and accuracy for all of their customers—especially as they scale, and especially as other telecom brokers embrace similar tech upgrades.
Adopting new CPQ software gives your brokerage the ability to deliver better services that improve your close rates and your sales revenue. Here are the specific benefits you can expect from this software.
Geographic market areas are always in flux. Customers are moving in and out, and the needs of those customers continue to evolve based on their telecom usage and needs.
Location-based intelligence offers one of the most accurate, up-to-date sources of information related to the telecom behaviors of your target audience. As you plan an entry into a new market, this information should be a key component of your efforts to build a go-to-market strategy and market your brand to these prospects.
Here are some of the biggest contributions location-based intelligence can make to your go-to-market strategy.
As telecom quoting processes embrace more software-driven solutions, telecom businesses face greater pressure to transform their operations and keep pace with the industry’s evolution.
Automation and algorithm-based CPQ (configure, price, quote) processes are key to creating the efficiencies needed to accelerate these services. If you aren’t automating the aggregation of your suppliers, then you’re creating a manual process—which increases your quote intervals and causes you to miss out on more opportunities.
When businesses delay digital transformation, they end up creating more challenges in the future. Don’t let this happen to your telecom business—invest in solutions that keep pace with your competition.
Most telecom businesses view an effective partner portal as a tool to streamline the configure-price-quote (CPQ) process. But the connectivity of this portal also plays a significant role in determining how efficiently your sales teams can generate leads, deliver fast quotes, and close deals to grow your business.
Here’s a look at the benefits that come with adopting a connected telecom partner portal for your business.
When prospects are looking for a new telecom provider, availability matters. Poor availability will lead to service disruptions and dysfunction that increase downtime for the customer, grind workflows to a halt, and quickly turn your customers against your business.
Resellers must keep availability in mind when choosing the best services to provide their customers, but telecom network availability can be complex, and it may vary even in different floors of the same building. Effective CPQ (configure, price, quote) processes leverage analytics and a solutions-based approach to connect customers to the right telecom provider.
Here are some of the factors that need to be considered in this process.
Most telecom businesses understand the value of implementing a quoting tool that streamlines or eliminates time-consuming manual processes, while also offering features that improve both the speed and quality of configured quotes being delivered to current and prospective customers.
If you’re in the market for a quoting tool that can modernize your quoting process, your business might be considering in-house development of a proprietary solution. While this may offer some attractive advantages on the service, it can also create limitations that you aren’t as likely to face with an outsourced quoting tool.
Here are some of the ways an outsourced telecom quoting tool can out-perform any potential in-house alternative.
Digital transformation in the telecom industry has set a pace that many providers struggle to match. The rise of fiber, broadband, 4G, and now 5G LTE, along with fixed wireless and copper networks, has caused enterprise data consumption to explode in recent years. The same is true for managed and cloud-based business applications.
The blurred lines between phone, cable TV, and internet consumption have further increased the demands placed on telecom services. As streaming has increased, so have the number of cloud-based services used by consumers on a daily basis.
Managing this increased data volume requires new data intelligence tools and strategies for telecom services. Here’s a look at some of the innovative solutions that will help you improve data management, and deliver improved quality of service, to your customers.
Whether you’re a telecom carrier, broker, or reseller, the challenge of converting customers is the same: Stocking and converting your sales pipeline is often a time-consuming and inefficient process.
Telecom sales automation gives you the tools you need to build and maintain momentum for your company’s growth, optimizing your engagement strategy to achieve a higher prospect-to-customer rate for those sales efforts.
Here are the 8 proven methods by which telecom sales automation helps enhance customer acquisition rates.
Distributing telecom products and services through the agent channel comes with a wide array of challenges. As options have become more complex, some Channel Chiefs have chosen to deploy a Concierge (white glove) approach to supporting and enabling their channel partners. This approach typically involves a Channel Manager or other resource to personally process quotes and provide support for the agent. The strategy has been successfully deployed in many diverse use cases with varying degrees of success. Let’s take a look at the model.
If you were in telecom a decade ago, you'll remember when it seemed like every telecom Provider that played in the Channel was talking about their need to have a portal to provide quotes and information to agents. Channel Managers insisted that Marketing needed to provide a portal if they were going to have any chance at attracting and retaining agents. Sales leaders championed portals as the holy grail of lead generation. Agents, well Agents, they just wanted the information they needed without having to call a bunch of people or wait on anyone.
For the majority of businesses, the desire to handle lead to cash workflow processes in as few systems as possible has a strong attraction. Most organize their processes around a strong CRM and compliment that with an integration to their order/provisioning/billing system. There are several complex services that pull businesses into more systems, but one such service is quoting.
Being the Texan that I am and knowing how I love to grill, BBQ, and smoke meat, this thought popped into my head: When you’re shopping around and searching for solutions to optimize your business, increase sales, and drive profitability do you want the pork belly or the whole hog?
The term quoteception is meant to be a play on words related to the 2010 science fiction thriller starring Leonardo DiCaprio called Inception. In the film, Dom Cobb (Leonardo’s character) spends his time in a dream world using dream technology in corporate espionage activities. As the story progresses, they move into deeper layers of dream states with each layer becoming more complicated and potentially impactful. As things get more complicated, Dom uses a spinning top to know if he is still in a dream or back in reality. If the top spins without falling, he knows he is still in a dream and if it falls, he knows it is reality.
As software developers, we spend a fair amount of time listening to folks struggling with the question of whether to build “it” themselves or buy a SaaS solution that does “it.” This question seems never to escape their purview as they work through their discovery process. The challenge I’ve seen time and again, beginning with this cost comparison approach, is that in almost every instance the effort and priority given to come to the answer to this question derails companies from the most critical questions they should consider for their business. Unfortunately, as a result, the most important questions a business should be asking are the ones that are never asked.
We all know the tension that can be maintained between sales and operations. Even the best teams struggle with the quality of new orders and the ability to deliver on customer expectations. A slightly misaligned product configuration from a salesperson can produce quota attainment, but that same sale can translate into a missed installation interval for the project manager assigned. Round and round we go … doing our best to hit the sales number and also hit the installation-revenue numbers. All the while dealing with challenging customers who don’t understand or appreciate the complexity behind the scenes.