Power of Decision Making: Your CPQ Project Playbook

If you're about to embark on a CPQ project there are many decisions that need to be made and let's face it; decision making can be a real pain. We all face countless decisions every day, and sometimes it feels like there's no end in sight.

First things first, we need to understand the types of decisions we'll face when tackling a CPQ project. There are big-bet decisions, cross-cutting decisions, and delegated decisions. Each one requires a different approach.

Big-bet decisions are those make-or-break moments that could change the course of your project, like choosing the right CPQ solution. You don't want to mess these up, so bring your A-game, and get ready for some productive debate. Assign someone to play devil's advocate and argue the pros and cons of every option on the table. This way, you'll uncover hidden risks and leave no stone unturned.

Cross-cutting decisions happen frequently and have far-reaching consequences, like determining pricing structures. These decisions require collaboration, so don't be shy—get those business unit heads together, and let the magic happen. The key here is refining the process: clarify objectives, establish targets, and set up a system that works for everyone.

Delegated decisions are the bread and butter of your CPQ project. They happen all the time and are usually low risk. The secret sauce here is empowerment. Give your team the authority and tools they need to make these decisions, and watch them shine. You'll be amazed at the level of engagement and accountability that follows.

Strategies

Now that you know the types of decisions, let's talk about how to supercharge your decision-making game. Here are four strategies you can start using right away:

1. Focus on game-changing decisions: Be strategic. You've got limited time and energy, so prioritize the decisions that will make the biggest impact on your project.

2. Kill unnecessary meetings: Seriously, nobody likes them. Replace those endless gatherings with concise emails and watch productivity soar. When meetings are absolutely necessary, keep them short and sweet.

3. Clarify roles and responsibilities: You know the saying, "too many cooks spoil the broth." Make sure everyone knows who's calling the shots and who's just there to provide input.

4. Push decision-making to the front line: Empower your team to make decisions, and trust them to learn from any mistakes.

Traps

Alright, you've got the tools, but what about guarding against those sneaky cognitive biases that could derail your CPQ project? Here are a few common traps to watch out for:

• Confirmation bias: Be mindful of the tendency to favor information that confirms your pre-existing beliefs. Keep an open mind and be willing to challenge your assumptions.

• Herd mentality: Don't just follow the crowd. Encourage diverse opinions and engage in constructive debate to avoid falling into groupthink.

• Sunk-cost fallacy: Know when to cut your losses. If a project component isn't working, don't cling to it just because you've invested time and resources.

• Ostrich effect: Face the facts, even if they're unpleasant. Ignoring information won't make it go away, so tackle issues head-on and address any challenges that arise.

• Halo effect: Be aware of the tendency to make specific judgments based on general impressions. Stay objective and evaluate each aspect of the project on its own merits.

Timeline

Now, let's talk about timelines. Your CPQ project needs to go live within a year; otherwise, it's as good as dead in the water. But don't sweat it – with the right approach, you can conquer that deadline like a boss. Here's how:

1. Set realistic milestones: Break down your project into manageable chunks, and establish a timeline for each stage. This will help you stay on track and avoid last-minute panic.

2. Monitor progress: Keep a close eye on your project's progress, and make adjustments as needed. If something isn't working, don't be afraid to pivot and find a better solution.

3. Stay agile: In today's fast-paced business world, you need to be ready to adapt to change. Embrace an agile mindset and be prepared to make quick decisions when necessary.

4. Celebrate wins: Acknowledge your team's hard work and accomplishments along the way. Celebrating small victories will keep morale high and motivate everyone to keep pushing forward.

So, there you have it – your guide to decision making and how to rock your CPQ project. Armed with these insights and strategies, you'll be sort of unstoppable.

Now you just need to team up with someone who has done this before. I know just what company that is (link).