As the telecom space becomes increasingly more competitive, the tools used in the industry have become increasingly specialized and customized. A one-size-fits-all approach to finding the right connectivity is no longer feasible.
Because of the sheer number of businesses seeking or providing connectivity, complications can arise, especially when it comes to pricing. If there was one type of connectivity and the factors that contribute to the price were limited, people would not need a tool to help them price. However, this just is not the case.
Luckily, quoting CPQ solutions exist. A CPQ is a configure, price, quote software system used by sellers to produce accurate quotes for complex and configurable products.
Interested in learning how quoting CPQ solutions can take your services to the next level? This blog post goes over how the tools work, what benefits they provide, and how to know if you should be using one.
How does a quoting CPQ solution work?
Telecom carriers often implement a quoting CPQ solution because they need a way to increase sales productivity and velocity.
A CPQ is made up of three elements:
1. Configure
Product configuration is the act of selecting and arranging products based on specifications to fulfill a request. A quoting CPQ solution can configure complex products to a customer’s specific needs. It can also detect upsell opportunities.
2. Price
With complex configuration needs comes complex pricing. In real time, a quoting CPQ solution can account for the complex variables that come with customer buying patterns and market research, which can greatly impact pricing.
3. Quote
Before purchasing connectivity solutions, customers often look at multiple offerings. A quoting CPQ solution can offer personalized quotes without expensive time and labor expense. In fact, the best solutions provide quotes within minutes and without the need for multiple software programs.
What are the benefits of a quoting CPQ solution?
The most significant benefits to using a quoting CPQ solution include:
Saved Time
Users can save time on tasks that are menial but nevertheless very important. Without a solution, quotes are being created manually, subjecting the quotes to human error and slower turnaround times.
Reduced Quote Intervals
Without a quoting CPQ solution, a prospect is on a quote interval that can take hours, days, or weeks. Instead, a quoting CPQ solution has an interval of a few minutes. Saved time also means a shortened quote interval.
Better Overall Sales Velocity
There are also opportunities for collaboration for accurate quota creation, integration, increased sales efficiency, higher revenue streams, and savings.
How do you know if you need a CPQ?
These days, there are so many programs out there that offer CPQ solutions, this question cannot be taken lightly. Many organizations implement too many software solutions, to the point where operational efficiencies decrease. Instead, you need a single software program that performs the entire product configure, price, quote process.
To help you know if it is the right time to implement a quoting CPQ solution, answer a few of these questions:
- Is your sales quote interval turnaround time too long?
- Do you have highly complex pricing models for your connectivity solutions?
- Are your reps having trouble accurately and efficiently creating quotes?
- Do you need experts to peer review the quote configurations before sending them out?
- Are any solutions over-discounted, making you lose out on revenue?
- Can those quotes only be viewed by the rep who created them?
- Do you have multiple systems to get the job done?
If you answered yes to any or all of these questions, it’s time to implement a quoting CPQ solution.
Take the next step toward a faster, more accurate CPQ solution.
In an industry that continues to become more and more competitive, you need a quoting CPQ solution that will help you manage quotes and stay on top of opportunities. MasterStreamERP has the leading quoting CPQ software in the telecom industry. Our software allows carriers and sellers to configure, price, and quote faster than ever before.
For more information about the products and services we offer customers to help them stay ahead of the competition, download your copy of Maintaining a Competitive Edge in a Changing Telecom Industry.
