Part 2 of our "Unshackling Telcos" blog series continues our exploration of the ways telcos can break free from the restrictions placed on them by old and cumbersome technical architecture.
In part one of this series we explored how CSPs struggle to move their business forward due to legacy processes and systems that keep them shackled in place. We outlined the transformation objectives that smart telcos are focusing on:
- Shifting from mere connectivity providers to comprehensive industry solution providers
- Providing omni-channel buyer experiences to customers
In part two, we explore what is needed to achieve these objectives.
In order for telcos to provide an omnichannel experience and become more than mere connectivity providers, transformation needs to occur. At the heart of this transformation lies CPQ and commercial order management systems that allow for telcos to meet customer expectations and be agile. CPQ and OMS must enable telcos to be agile in the following ways:
- Commercial Innovation
- Solution Selling
- Scalability & Performance
Let’s look at these one by one…
1. Commercial Innovation: Go-to-market faster and enhance customer satisfaction
Commercial innovation is essential for telcos to remain relevant, competitive and profitable in today's dynamic telecommunications market. With rapid advancements in technology shaping the telecommunications industry, telcos need to leverage technologies effectively, offer new services and capitalize on emerging opportunities.
Not only is competition fierce, but customer expectations are constantly changing, thanks to trends in digitization, personalization and convenience. In order to stand out from the competition and attract customers, telcos not only need to continuously diversify and innovate their products and services, but also do so across all touchpoints in order to deliver that superior experience customers crave.
CPQ and OMS empowers businesses to innovate commercially by providing the necessary tools and capabilities. By streamlining processes, CPQ systems facilitate swift product launches, allowing businesses to create and customize offerings at speed. The platform empowers businesses to implement flexible pricing to respond to market dynamics and customer preferences. Businesses can create personalized product bundles that align with specific customer requirements. With the help of CPQ and order management systems, telcos experience a faster time-to-market, increased sales and enhanced customer satisfaction.
2. Solution Selling: Maximize customer lifetime value by upselling & cross-selling
Today’s customers are increasingly looking for comprehensive solutions rather than standalone products or services. Solution selling enables telcos to address the complex and evolving needs of their customers by offering bundled solutions. CPQ systems allow telcos to configure complex, customized solutions tailored to the specific needs of each customer, allowing them to diversify their revenue streams.
Solution selling allows telcos to maximize the lifetime value of their customers by upselling and cross-selling additional products and services over time. CPQ systems can suggest additional products and services based on customer preferences, previous purchases or bundled offerings. This enables sales reps to proactively identify upselling and cross-selling opportunities during the quoting process, maximizing revenue potential and customer lifetime value.
Telcos need to ensure that customers have access to accurate pricing. This is especially important in solution selling, where pricing may vary based on the combination of products and services included in the solution. With the help of a commercial order management system and CPQ, telcos can accurately price solutions and maximize profitability.
3. Scalability & Performance: How to manage an increase in orders across all channels
In today's digital age, customers expect seamless buyer experiences across the multiple channels they interact with telcos on.
With the implementation of CPQ and order management systems, telcos are able to provide a consistent and personalized experience across all channels, allowing customers to switch between channels seamlessly without losing context or experiencing delays.
Telcos often experience spikes in demand during promotional periods, product launches or seasonal events. As telcos grow and acquire more customers, the volume of orders processed through CPQ and order management systems increases. CPQ and order management systems allow telcos to scale resources to meet demand without impacting the customer experience.
A scalable architecture ensures that these systems can handle the growing workload without impacting performance. Having this type of architecture allows telcos to respond quickly to customer inquiries, process orders promptly, and deliver real-time updates regardless of the volume of orders or the channel used by the customers.
