By creating new services and ecosystems, many telecom providers today want to go beyond connection and produce economic value. They are examining new income opportunities and diversifying their product lines to include cloud, security, financial, and digital entertainment items. According to a 2022 GSMA research, MENA providers including Turkcell, STC, e&, and Orange were offering an increasing number of instances of income diversification. The changes in the telecom industry's billing capabilities and the function of oss and bss services in reaching new business objectives.
Increasing Product Offerings and Discovering New Sources of Income
Modernizing BSS systems to create new income sources is a crucial problem. Operators must be prepared for new pricing and invoicing methods as well as cutting-edge customer service techniques as a result of the digital revolution and expanding operator ecosystems. To improve operational efficiency in the more complicated environment, telecom billing systems are being rethought and all billing functions are being moved onto more adaptable platforms.
By going far beyond conventional telecom services, modern BSS is designed to support a wide product variety. For instance, telecommunications companies might provide a subscription to cloud storage, streaming, and other video services. They can also offer more creative packages, such as banking services and billing-on-behalf when the operator assists customers in paying for outside services. The need for more BSS flexibility is highlighted by CSPs' increasing reliance on external partner offerings to keep subscribers interested.
Convergence and Billing System Consolidation
The emphasis on the consumer as the "owner" of revenues and the long-term investment in ecosystems are also influencing how people think about customer service. The ability to manage accounts and services from a single platform is one of the key prerequisites for enhancing the flexibility and diversity of services, as well as the efficiency of client involvement. Otherwise, operators manage several separate subscriber accounts rather than a single "converged" subscriber. As a result of the operator losing concentration and a 360-degree perspective of the consumer and failing to convert possible cross-sell and upsell possibilities, this method considerably complicates the invoicing process and decreases loyalty. Additionally, the complexity and ever-increasing number of tariffs place a tremendous burden on IT systems. In this context, one of the crucial, if expensive, measures to deliver a consistent client experience is to consolidate several siloed systems.
By establishing a single convergent platform to control the whole revenue-generating process, telecom billing vendors may maximise efficiency. To meet this persistent demand, Nexign has unveiled Nexign Revenue Management, which enables operators to concentrate on consolidated revenues and take advantage of innovative services and monetization strategies. The new solution is prepared to operate with any telecom services, digital subscriptions, or third-party goods and bundles and covers the complete revenue management process, from charging and policy administration through billing and collection. Additionally, sophisticated 4G and 5G network monetization scenarios are supported by convergent charging, robust policy control, network exposure, and network analytics.
Lowering TCO
Over the past few years, the burden of telecoms' significant expenditures despite continuous digitization has increased. Total cost of ownership (TCO) reduction is quickly moving up the operator's priority list. The transition to technologies with less vendor dependence and open-source solutions is frequently required to achieve this aim. Additionally, operators work to streamline, combine, and automate their business operations to use resources as efficiently as possible.
Speed of Change
The rate of telecom change is another intriguing problem related to the idea of ecosystems. Five years ago, the operators' pricing strategies determined the level of competition in the telecom industry; today, it depends on a variety of variables combined. For instance, CSPs use enticing packages with a variety of services to try to draw clients. Modern oss software telecom ought to facilitate the quick introduction of such concepts, assist in regulating their effectiveness, and modify them by market demands.
The current digital economy is likened to a constantly bubbling cauldron where fresh thoughts, ideas, and proposals are conceived. CSPs must immediately adopt innovations to be competitive in the market because some of them fail to take off while others have an immediate impact. This tale is reflected in the fact that telecom billing vendors are turning to the IT sector and beginning to create their goods and services.
Conclusion
BSS systems are evolving significantly as a concept. From basic service charges through invoicing, new goods, and customer support, modern BSS should keep an eye on and optimise operational and commercial operations. It should also be adaptable so that it can easily meet the needs of the telecom sector.
The speed of change required from enterprises is rising quickly as we head towards 5G. To open up new income streams and provide cutting-edge services to their digital-first clientele, telecom operators continue to rethink and expand their role in value chains, attempt creative business models, and explore novel business sectors. All of these developments, of course, affect BSS systems and need a focus on enhancing operational effectiveness and maintaining a high pace of innovation.
Telecom billing is slowly emerging as the most critical aspect of telecom operations in the world.
Customers are knowledgeable and know exactly what they want.
More importantly, they don’t want to spend a single penny more on the services that they are using than what is necessary.
Almost every customer is comparing plans online and going with vendors who offer the most bang for their buck.
Therefore, as a telco, you need to focus exclusively on telecom billing and meet customers’ requirements immediately.Real-Time Billing for Revenue AssuranceReal-time billing implemented via an Online Charging System (OCS) ensures complete revenue assurance.
Not only that, if it comes with Business and Operation Support System functionality, it becomes a one-stop solution for every problem.
MarketsandMarkets expects the global telecom billing and revenue management Industry size to grow from USD 10.8 billion in 2019 to USD 18.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.8 % during the forecast period.
Telecom billing and revenue management solutions and services help operators increase their revenues by extracting unbilled revenue, leveraging automation to identify revenue leaks, and safeguarding revenue streams from potential losses.
The key telecom billing and revenue management solutions include mediation, billing and charging, partner and interconnect management, revenue assurance, and fraud management.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=148187276Billing and charging segment to record the highest growth rate during the forecast periodUnder the software segment, the billing and charging management segment is expected to grow at the highest CAGR during the forecast period.
The billing and charging solution enables operators to support different lines of businesses on a single platform by aggregating data from numerous billing tools and generating a single invoice.
The solution consolidates all the financial transactions associated with customer billing accounts over a certain period into a single bill.
It helps service providers exchange billing data and invoices, and share revenue or cost information with partners, thereby empowering operators to maintain billing accuracy and improve customer experience by enabling the end-to-end management of disputes and adjustments.Mobile operators segment to record a higher CAGR during the forecast periodIn the telecom billing and revenue management market by telecom operator type, the mobile operators segment is expected to record a higher CAGR during the forecast period.
