Driving 5G monetization through next generation BSS system
The BSS system in telecom deals with key functions for a telecom operator, such as-creation of products and bundles, handling leads, managing customer information, customer orders, provide customer support solutions, managing inventory, and providing a dealer and partner management system. So BSS is an all-comprehensive solution, which would manage the complex Telecom business of the operator which is happening under various changes due to the ever-changing nature of telecom product and solutions. One of the areas is 5G technology and the impact it brings in the telecom business, through which a telecom operator can drive future revenue from the use cases of 5G.
5G is transformative potential for operators that demands an efficient monetization strategy and a strong 5G evolved Business Support System (BSS) to play an important role in unlocking 5G’s potential by tailoring solutions for 5G and evolving technology towards high demands.
Let’s discuss how telecom companies can turn 5G use cases into profitable reality with a powerful BSS.
Unraveling the Case Management Complexities
While navigating through the maze of handling cases in telecom, one finds there are many problems that need to be dealt with. Starting from the multiple dimensions of customer inquiries and issues to the large volumes of interactions across different channels, service providers face the intimidating task of not only capturing and responding to each request but doing so in a manner that aligns with the customer’s expectations for immediacy and precision. This complexity is compounded by the need for seamless integration of backend systems and frontline customer service operations, such that every interaction positively contributes to the customer’s journey.
The Challenges of 5G Monetization
Complex service offerings
5G is more than just data and voice plans. It includes a wide range of services, such as network slicing, IoT solutions, Enhanced mobile broadband (eMBB), mMTC (Massive Machine-Type Communications), Ultra- Reliable Low Latency communication (uRLLC), cloud gaming, Augmented Reality (AR) and Virtual Reality (VR). A 5G evolved BSS is required to handle these complex use cases.
Dynamic pricing and flexible billing models
Demand 5G requires real-time monitoring of data usage for both real-time billing and flexible pricing to support pay-per-use and dynamic pricing models based on network slices or service levels. With increasing complexity and diversity in 5G networks, sophisticated pricing models will be required by the operators to optimize resource usage and maximize revenue. Using open and fair dynamic pricing, operators can fully exploit their 5G and come up with a win-win game with themselves and their customers.
Better customer experience
With proliferation of new services and offers associated to the same, a well-integrated BSS (CRM, Billing, Self-care, Mobile-app) along with social mediation integration is important to achieve targeted offers, rewards on loyalty and personalized offers to provide an enhanced customer experience.
Ecosystem Collaboration and Marketplace Integration
For full monetization of 5G, operators need to collaborate across ecosystems and be integrated with digital marketplaces. Strategic partnerships with content providers, device manufacturers, and industry stakeholders facilitate the creation of compelling bundled offerings and innovative service packages. Marketplace integration fosters synergy and drives adoption and revenue growth in the 5G landscape.
A modernized BSS System helps operators monetize 5G in the following ways:
Agile Product and service creation and Management
A BSS system with flexible product catalogue enables quick creation and bundling of self and partner products to create and launch customised plans and reduce the time to market.
Microservices-based architecture enables quick order fulfillment and service activation.
5G use cases require applications which can create complex product and enable business teams to launch products with ease through their applications.
Creation of Partner Ecosystem and revenue share models
5G use cases thrives on partnership with external industries, which requires BSS system to provide revenue share type of models and support operators by creating a partner ecosystem.
BSS system should also facilitate partner onboarding and provide system to manage partner sales and discounts.
Real-time Charging, Rating and Billing
The BSS must integrate with network elements to capture real-time usage data across different network slices and services. Advanced charging engines support dynamic pricing based on usage, network conditions, or customer profile to maximize revenue potential.
Traditional charging models in telecom mostly dealt with data usage that is, data volume or time spent connected. This changes in the 5G world where network slicing makes the charging landscape completely new and different as the slice creation, update and delete are possible by allocating, configuring, adjusting or decommissioning network resources and OCS in the 5G world, besides the usage charging, can charge slice creation, update, and delete slices since it has resources to perform the operations within the network slices.
The converging of billing platforms has streamlined processes for customers in terms of handling different service charges within a single bill.
Data-Driven Customer Insights
The BSS system provides an analytics tool which provides insights from customer behavior and usage of products and services. Modernized BSS systems can integrate other analytics tools for providing insights.
This may further be utilized to tailor-made the marketing campaign, to advise the customer on services pertinent to his needs, better customer care for more gratification, and optimization in pricing for each customer.
Open APIs and Integration
BSS systems are enabled by open standard frameworks, APIs, and interlinked components that suit the demands of 5G.
Integration using modern BSS System may extend to an external system, including the legacy system, via an open API.
Open API’s fosters innovation and collaboration with third-party service providers, expanding the reach and value of 5G offerings and enhance the revenue by integrating the third part services.
Seamless Omnichannel Monetization:
In the era of 5G, customers expect seamless experiences across multiple channels, including web, mobile, social media, and POS.
A modernized BSS system not only facilitates seamless experiences but also enables operators to monetize these interactions effectively.
Operators can maximize revenue potential while fostering customer loyalty and retention by delivering consistent branding, pricing, and service experiences across all touchpoints.
Factors which an operators should consider while upgrading their BSS solution
Telecom companies must upgrade and modernize their BSS systems to be competitive in their market and unlock the full potential of 5G. So, look for BSS solutions that offer below technology advancement based on your current technology stack:
Microservices architecture
The applications based on the microservices-based architecture of BSS consist of loosely coupled small services which operate together and improve applications flexibility, scalability, and enable faster launch of services. These small services are event driven and enable real-time communication between services. These services can be added, removed, or modified without interrupting the application functionality.
The microservices architecture also supports open API’s, which can be consumed and invoked by source and targeted systems, thus fostering seamless communication between applications.
Cloud-native architecture
Cloud native architecture reduces the operating expenditure and drives automation but requires technology and organizational changes to handle higher data volumes and dynamic service offerings.
Cloud native applications are faster and easier to deploy, manage, and automate traditional tasks, thus while moving towards a 5G network which involve higher data consumption and low latency for 5G use case, cloud native application is an important strategy for a telecom operator to monetize their 5G network.
AI and machine learning capabilities
The BSS system should enable real-time data analytics, customized customer experiences, and predictive maintenance to contribute to greater customer satisfactions.
Security
Whereas 5G relies on stronger encryption algorithms, authentication, and authorization to render hacking and unauthorized access rather difficult, 5G also introduced Subscriber Concealed Identity (SUCI) whereby your device does not transmit its real identity but a temporary, encrypted version, further protecting user privacy.
A telecom operator transformation journey to a digital BSS system depends much on the operation needs of the organization, budget plans, timelines, and also embracing a futuristic BSS system. The telecom companies will transform 5G into a sustainable revenue engine with a world of possibilities and create use cases to foster the growth of an operator and enhance customer satisfaction.
Apart from having a strong BSS system which empowers Digital service providers (DSP) to provide 5G offerings to their customer, it is also necessary for a DSP to have 5G monetization strategy, vision, innovative service offerings, and a collaborative approach to navigate the evolving 5G landscape.
Explore 5G monetization with Digital BSS, Network Slicing, and enhanced Customer Experience. Boost 5G-IoT services and CSPs in the Digital Marketplace