CPQ has become a superpower for telecom agents and providers by automating and streamlining the configure, price, and quoting process. In turn, companies have witnessed decreases to human-made errors and consistently received relevant information within minutes, not hours or days.
Still, telecom companies are always looking for ways to innovate faster tools and platforms to further optimize their products. In this blog post, we’ll detail the benefits of the CPQ telecom and how our product works toward perfecting it.
The Primary Benefits of CPQ
According to industry research conducted by Analysys Mason, one forecast predicts that telecom industry service revenue is not expected to return to pre-pandemic levels until 2024. In response, telecom companies are looking for ways to optimize revenue opportunities.
CPQ telecom tools provide companies with a unified revenue ecosystem that streamlines, automates, and integrates the complex tasks that are associated with the revenue lifecycle. CPQ brings standardization and quality control to revenue management, offering more opportunities for users.
Here are three fundamental benefits of CPQ telecom tools:
1. Manage complex configuration and pricing.
With so many available products, services, and configurations, complexity in the CPQ process is inevitable. In addition, pricing comes with its own set of complications associated with contracts, bundles, renewals, discounts, and special offers.
CPQ is made for streamlining all configuration and pricing issues. Working from a single source of truth, CPQ automates configuring custom quotes and pricing, which enables quotes and bills to be generated reliably and rapidly.
Plus, it automates the manual research process that telecom sales teams often spend countless hours conducting.
2. Seamlessly integrate into existing platforms.
A part of the complexity in managing revenue is the responsibility to ensure all bills are generated accurately and sent at the right time. Without proper integration between sales systems and management systems, errors and unneeded labor becomes a part of the equation.
CPQ software is meant to be not interruptive to avoid any friction in the integration process. By seamlessly integrating into back-end systems, an automatic, continuous flow of error-free data is possible. This means that sales teams don’t need to waste their time organizing this data manually, and all revenue is collected.
This type of integration between the quoting operations and billing can be so successful because the CPQ quoting operations are integrated into the product catalog. This is true of the MasterStream ERP product but not for our competitors, whose software functions separately from the full product catalog.
3. Provide valuable customer insight.
Customer expectations for telecom service are constantly changing. Telecom companies need to be responsive to new trends—faster pricing, more services, special pricing offers—to remain competitive.
By gathering hyper-specific data on the needs of customers, CPQs provides telecom companies with real-time insights in order to keep existing customers and attract new customers.
How MasterStream CPQ Is Next-Level
Although CPQ has allowed companies to take long strides toward optimizing their business functions, traditional CPQ solutions have not kept pace with the complexity of telecom quoting and serviceability.
In response, we created an approach that goes beyond just configuring, pricing, and quoting. API-based quoting as a service (CPQaaS) addresses the limitations of CPQ.
Telecom businesses can benefit from unlocking the following capabilities of CPQaaS:
- Connect to service providers and our ecosystem of connected sellers.
- Extend portals to sales teams, VARs, and agents.
- Take full control over automating distribution channels to increase revenue while decreasing operating expenses associated with selling.
- Receive quotes at lightning speed, not hours or days later.
- Navigate through a clean dashboard to stay on top of opportunities.
- Fully integrate the tool into your product catalog, allowing for streamlined paperwork and orders.
Complex quoting doesn’t need to be a source of friction. By adopting CPQaaS into your current telecom sales infrastructure, you can experience new efficiencies, optimize performance, strengthen your business model, and improve the customer experience.
But don’t take it from us. Read how we improved sales velocity and CPQ speed for a leading unified communications-as-a-service provider.