CPQ Applications and Deployment for Telco
As a telco business, you're familiar with the challenge of managing complex, ever-changing product catalogs, which can slow down the sales process. In your fast-paced industry, you'll want a tool that helps improve your sales efficiency to gain that competitive edge over others. To streamline your quote-to-cash cycle, consider utilizing Configure, Price, Quote (CPQ) software.
CPQ software can be a transformative tool that can benefit your telco business in more ways than just faster quoting. The positive ripple effect of implementing this tool is significant. Learn how telco companies are using CPQ tools to solve common pain points in the sales cycle for enterprises and how they can maximize your revenue.
What Is Telco CPQ?
CPQ is an acronym that stands for Configure, Price, Quote. It refers to a type of system designed to help sales teams configure complex products and services, set accurate pricing and generate professional quotes quickly. A telco-specific CPQ tool differs from the more generic options.
In addition to basic CPQ features, telco CPQs are also designed to support telco-specific capabilities, such as:
Bundle management
Bespoke pricing logic
Intricate contract terms
Hierarchical account structures
Automated renewals and add-ons
Bulk updates for large-scale deals
Multiregional, multi-currency support
Industry-specific rules and integrations
Scalability without performance degradation
How CPQ Solves Common Sales Hurdles
Telecom companies utilize the automation and streamlining capabilities of CPQ tools to address common sales hurdles within the industry.
Reduces quote errors and revenue loss
Manual quoting processes are slow and prone to errors. But in the competitive telecom industry, there is no time to waste—slow responses can mean the difference between winning and losing a deal. Manual quoting processes can thus be a significant source of revenue leakage.
Understanding how to reduce quote errors with CPQ tools is crucial. CPQ tools help automate these processes by generating accurate quotes quickly through smart, built-in product configuration and pricing rules. There's no need for multiple manual entries. With improved quote accuracy, CPQs inherently help protect telecoms' revenue margins.
Simplifies complex product catalogs
Telco companies often have complex product catalogs. Manually configuring them to be specific to each consumer can be challenging and time-consuming. For instance, reps spend a bulk of their time on non-selling tasks, such as product configuration, pricing and quote building. This time could be spent on meeting potential customers and closing deals.
