This is episode three and we're gonna be focusing today on taking your cpq implementation that oracle will oracle big machines and turn it into a digital channel that your customers can use in less than five months.
March 12, 2019
Transcript of episode:
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hello everybody this is Rohit Garewal and welcome to another episode of agents of change delivering digital transformation for B2B. This is episode three and we're gonna be focusing today on taking your cpq implementation that oracle will oracle big machines and turn it into a digital channel that your customers can use in less than five months. we think this is going to be really really exciting for a lot of you that are looking at making that next jump and the best thing is it's fast its affordable and it already takes a lot of that work that you've already done. so let's go through today's agenda we're gonna be spending about 10 to 15 minutes together today in this episode we're gonna power pack this with a bunch of information that you can use however you need it there's so many people I get asked every day in the b2b space when I'm at a conference or through email or phone calls Rohit how do I do this how do I begin this digital transformation and they've already done a lot of the work they've already done a lot of it they've got cpq and I can't tell you how much of the heavy lifting is is taking that that world out of your ERP and your spreadsheets putting into a system like CPQ and now we're gonna take that next Step. so before we take that next tip though we're gonna realign on what that growth objective actually is like why you want to do this why do you want to expose cpq as a digital channel make sure we're aligned there we're going to restate then the problem that we're trying to solve we're gonna give you the solution then we're gonna give you the roadmap we're gonna give you the architecture it's going to be absolutely free you can take this architecture and use it and build this out yourself and I think that's gonna be really useful for you. we're gonna step back and take a look and make sure that technology is not the only thing you look at as you're going down this digital transformation path and then give you some other items to consider that you might want to invest in and then of course give you some next steps. I really want all of you to be able to walk away and think wow I know what vision I have I know what strategy I'm gonna use to execute it and I know I'm gonna change my culture in my organization to allow customers for the first time in a really meaningful way interact with my brand and maybe you're already doing some sort of interaction with your brand but trust me this level of interaction a game changer for everybody that's gone through this and we really want to first get aligned on what our growth objectives are or our cost savings objectives are I think there's the first step of any kind of digital choice that you're going to be making am I looking to lower my costs I'm gonna looking to increase my revenue and in this particular case and this is one of those rare gems that you're gonna be able to do both. you're gonna lower your cost of sale and you're gonna increase your revenue and this is how: you're gonna lower your cost of sale by taking this concept of transforming high-touch sales to self-service the more time that you can shift of your sales reps that that make X amount of dollars an hour to allow your customers self-service and then just come to them when they're ready to buy that's lowering your cost of sale that's more time that your sales reps can spend prospecting. another side any time that your customers are able to actually work with you and have these multiple digital touch points Forrester has come out and said that that's gonna help you raise your average order value and we're gonna get into this in a little bit more but ultimately we do believe that when customers have more than one touch point to interact with you and especially with one of them being digital average order values go up. So lets restate this problem: then we're looking for in fast affordable referenceable way that's gonna allow you to reduce your cost time to close lower your cost of sale and increase your average order value all the while not causing a channel conflict. so is there a way to do this yeah it's actually in the title of this episode it's taking your cpq implementation and turning into a beautiful customer facing digital channel. and again we talked about the lower cost of sales we talked about the higher average order value but I want to back that up with a recent Forrester study where they came out and said b2b organizations that have more than one touch point and have digital and physical touch points so you've got your sales reps you've got your customer service on the call center and now you add a digital touch point you don't even have to be able to buy on it well they're gonna send up spending 17% more with you then if they only had the standard legacy touch points by themselves I'll repeat if you add even a browse level digital touch point customers are gonna be spending 17% on average more with you and that's going to be huge - yes the answer is yes you can do this what's the road map? well we always recommend our customers and they think of digital transformation as a series of base hits not as a home run. you want to shoot for the gaps you want to go where you have some easy wins one customer actually told me they're not even trying to pick up they're not even trying to pick the low-hanging fruit they're trying to pick up watermelons off the floor and that's what this is so your first three months getting a browse experience out to your customers that's a watermelon on the floor you're able to pick up you take that after three months and you add to it you add a little quoting where they're able to create a quote save quotes edit quotes and then finally you add on to that to allow them to buy. now to be clear you only need that first phase of this roadmap about quoting to get that seventeen percent lift on your average order value. the quoting is going to keep a called a twenty six percent drop on average on your cost of sale and the buying it well that's gonna be really really depending on on your average order values and and what you sell and how you sell and what's the complexity of your sale. so let's focus just on these first couple on browsing and quoting well we think that all you really need to browse your catalogue again given that you've already got your (oracle) CPQ installed is you need to have a wealth form digitally ready SKU catalog what that means is all these products that have been historically been in your database or in your ERP need to be structured correctly so that they're easy to find in the digital world now think about it it's actually really really obvious: when you think about your own buying habits so when you go to Amazon how do you find the product well you types you go to the search or you browse navigation bars and the way search works is all your data is structured data your content your product content is structured product content so there's an algorithm that knows okay I need to search against these attributes or these descriptions and then when you're browsing that's called a taxonomy (read more about this here!) that's the category structure and making sure your products are correctly and really logically put into the right categories as you might want to browse them now this might seem like really obvious and it is because we use it every day but the actual form of going through it might not be so obvious but we can help you there and then once that's done yeah connecting it is really only three months and now I want to show you why it's only three months. this is the architecture piece we're gonna go through a lot of acronyms here but we'll try to explain it and again you can always give us a call if you have any questions beyond this so why is 3 months possible well the first answer is you you've already done all of the heavy lifting so you've got cpq up and running typically most b2b organizations have to do a lot of analysis work and they went through a lot of pain to get data out of the ERP get that configuration data get that pricing data get that quoting data out of the ERP out of spreadsheets and getting it into cpq that is honestly the long pole you've already done it so you've got cpq up and running the cool part is then what's done now then after that so when you've got your configure price quote system and you want to expose it to the digital world you'd be surprised most of the other stuff is done as well or when you're connecting (Oracle) Commerce Cloud OCC to cpq everything that you see here in blue is pre-integrated Oracle's done the other chunk of heavy lifting for you so if you take a look at now this I'm just gonna go through some of these acronyms you've got OCC which is also called Oracle's commerce cloud that's at the top there that's connecting to something called ICS which is the integrated cloud service and then you've got CPU configure price quote so you've already done all the work with CPQ and oracle has already done all the work in connecting commerce cloud to CPQ so first you're gonna notice that number two here we've got a bunch of pricing and configuration data going directly to commerce cloud why is that there well if you take a look at how your users are going to use your site browse view add finalized quotes so if they're browsing your catalogue in OC see all the pricing is coming directly out of your cpq system now that's already built by Oracle and now they're browsing and now you're getting an average order value of 17 percent because their will to find your products they're able to discover products it didn't feel like calling Joe on a Tuesday they just logged in and they're able to see what's going on so all that work has already done what's also already done for the most part is now they say you want to go to that next step of creating a quote well OCC has these api's for creating a quote saving a quote finalizing a quote and let's just say creating a quote what your customer goes into the site in OCC they are browsing products and then they add it to a quote that quote and they're like hey you know what I'd like to create a quote around this and see what the pricing might be I want to see what Joe can give me so they create a quote that quote goes into ICS it gets translated into something that cpq can understand and see people respond back with a digital handshake that says yeah I got your quote and then that quote will go back to OCC in a translated message so I see us as a translator here and it's and this is where the magic is a lot of that magic is happening and this is where a lot of those out of the box connectors are already built so literally with OCC and I cbq most of the heavy lifting is already done and for that small piece and some of that value add that we think should be there we've gone ahead and added that as well as object edge let's take a look at that for a second plugged in the gaps in the main workplaces we've worked here or in the CRM and the ERP system let's start with the easy one the ERP system like I said that catalog needs to be well-formed for that digital channel with a good taxonomy needs to have the right structure and an example I want to give you another example of this structure one of my customers sells this wiring and you know what they really care about is not the imagery even though that's important to make it look nice basically they for discoverability you need customers are looking for well what what material is the wire made out of is a gold as a platinum as a copper is it silver how much amperage can that wire hold how many watts is it capable of leveraging what's the insulation thickness these are things that people that are buying that wiring care about so we make sure that those attributes are put in such a way that's structured so that the search can find it so that's the ERP to the commerce law with it with the catalog we also then make sure that commerce cloud is connected to your CRM system whether it be engagement cloud or salesforce.com we do single sign-on which is the way that you need to make sure you're basically ensure that you're not having too multiple copies of your customer record commerce club with its native hooks can log-in and connect with those other CRM systems and we're gonna be basically bringing it when a customer tries to log in will validate it with your CRM tool to make sure that this customer really belongs from the count that's that can see their specific pricing and they'll be able to browse the catalog and the pricing that's relevant to them that's all kind of custom or that's already kind of automatically working based on some of the rules that are going to be configured so that single sign-on works and then here's something that I'm really excited about imagine that we're talking about not only removing chemical flicked but engaging channel engagement we want your sales rep to be excited that you're going through this initiative so here's one thing that we've created imagine that Joe we're gonna back go back to Joe it is browsing this website on a Tuesday then he comes back on Thursday then he comes back on Saturday you like to work on the weekends and he's looking and all of a sudden he's like hey you know what our system will notice that hey Joe's look at these these wires a couple of times even add it to a quote but never did anything with it well we're gonna take that information and we're going to create an opportunity in your CRM system like engagement cloud so that when your sales are at wakes up in the morning on Monday you don't say whoa where do these opportunities come from and you're gonna be able to raise your hand and say oh that's our system that's our digital channel engaging you and the best part it's a win win your customer was engaging that way through the digital because he or she wanted to and you're in your sales reps are saving time they're not wasting time just trying to go through and create quotes they're just getting the leads and they're able to be more effective in getting your customer what they need to get in the price that they want and give them the customer service that they want it really is a win win and that's why these digital channels are so powerful wrapping up here I do want to remind you that these digital choices that you're making these this that digital transformation is just simply a series of digital choices to help you meet your marketing and sales objectives and those digital choices have impacts and additional choices in a technology choice the digital choice is the business choice for example and like in today's episode the digital choice that you're making is that you want to help your distributors raise their average order value by allowing your end customers to browse your products in a way that's aligned with your and that you control the flow of information well when you made that decision you have to actually look across five impact areas technology user experience data governance change management skew management now I'll go through these technology is obviously what technology going to use cpq commerce cloud ICS your user experience is what's the branded experience you want to use so we in that three-month time frame we have some our agency is produce a beautiful out-of-the-box quoting widgets and Add to Cart widgets that you can use to keep within that three month time frame you want to really look at your data governance we're going to be generating a lot of new data for you so how do you secure the data how do you leverage the data how do you apply the data how do you make sure that data is meaningful your change management are there people that need to be trained on these new on this new channel that you've created new processes perhaps on how to interact and treat these customers and of course queue management we talked about you know structuring your queue data so our firm object edge is built around all five of these we're a digital transformation of marketing and sales firm so we specialize in providing expertise in all five of these areas now and the good thing is there's a lot of great firms out there that can do each one of these things individually so if you've got a preferred vendor please use it we give this information for you for you to be successful if you want to use us we're humble but at the end of day we're just trying to make you successful and make you a relevant growing b2b enterprise in the coming decade follow ups they can use to add value here they are we're going to quickly run through them once you're alive you can go ahead and go back and maybe upgrade your images make sure that the images are beautiful and aligned with your brand to give you a sense about 3000 product will take about three weeks to shoot the right way that's three images of product and you can even do your 360 videos if that's relevant for your customers and you think that will add value and helping them discover your product you might want to think about creating some accessorized product content now I'm not talking about the content structure the product structure I'm talking about you know PDFs lifestyle brands user experience guides care guides if those aren't already exist you might want to produce those with a content strategist and a content writer you definitely do want to invest eventually in creating the right texana me that three months doesn't include this piece because it does take to interview users do card sorting there's a bunch of really cool ways that you can figure in what's the right taxonomy for you and that digitally takes about two to three wait for two to four weeks and I had mentioned that our out-of-the-box experience is Brent is is more of a generic theme that we've created we have a number of them but you can always go for a brand specific personalized user experience through an agency like object edge well we will come in and interview and make sure that you've got the right atomic design that's going to last you for the next decade it's wrapping up for those of you that don't want to dead digital transformation is why we exist the digital transformation of marketing and sales are what we're passionate about is making sure that b2b companies are around ten years from now that they don't get swallowed up by the Amazons of the world that you learn how to a lot to live with them and even benefit from them not get swallowed up by them and not get cut out by them and the answer that is is having your legacy and sales operations and your legacy marketing operation to work with more modern digital channels and it's doable there's a lot of things that are really really easy to get started and that's again why we're here we give this information away we're honored if you use us but really our goal is that you're successful that you have an avenue to learn we know how confusing all this can be we've been in the space for fifteen years and we're here to help and speaking of help we mean it is my personal phone number my name is Road dare wall one of the owners here at object edge one of the partners and all of us here are about firm are here to help you my my number is four one five six eight three six one three eight text me don't call me because if you call me and I don't know your number I want I won't answer but if you text me say hey road I saw episode three I'm really interested in learning about hey I've got a lot of questions about how it can expose cbq ask me I'm happy to help we can carve out some time and and my time is it's free to give I love sharing this stuff you can LinkedIn you can connect me with me on LinkedIn at Road Garrett Road - Gary wall you go to our website we're gonna be adding in you and maybe it's already there if you if you're listening to this a little bit after we published it there's gonna be a free resources area where you're going to get a lot of this free content you're gonna be able to leverage it and hopefully leverage it to make yourself and make your firm successful and if you just have gentle inquiries and want to learn more about us you can always email us at info at op GG comm thank you and until next time take care English (auto-generated)