Why an innovative, flexible billing management platform with a robust back-office support system will become the backbone of telecoms in 2022 and beyond.
The Telecom business is gearing up for big changes in the new year. The supply chain disruption caused throughout the pandemic is expected to continue and the uneven rebound across the globe will affect network service, device availability and data consumption. Meanwhile, connections to new technologies like 5G are expected to increase as the technology is more widely rolled out. It is clear therefore that change will be coming throughout the industry and quickly!
It is vital therefore that in this rapidly evolving landscape, a company’s billing support system (bss) is designed to adapt and update quickly to support the everchanging market conditions, new business models and product offerings.
At Lifecycle our ALLinOne BSS is a comprehensive suite of modules that supports telecoms providers and other subscription-based service enablers with their complete back-office operations. Working from the point of sale right through to billing and payment our BSS solutions are perfectly flexible and adaptable enough to face the changes 2022 will bring to the industry. With a cloud-native tech stack, supported by microservices and Kubernetes, BSS equips brands with all they need to gain a competitive edge in the telecommunications industry.
As we can see 2022 is going to be a fast-paced year for the telecom industry, with pandemic hangovers and new technologies to overcome. For these reasons, it’s important that telecom companies have the right bss billing systems in place to support their business. Those who do will be able to capitalise on the changing markets, whilst those who don’t risk being left behind.
To capitalise in the coming year, telecoms need to be operating at maximum efficiency. One of the ways telecoms can achieve this is by moving to automated billing software. Within a telecom, there are many processes and tasks that are suitable for automation. These include supplier or service provisioning, billing or even customer account suspension. Embracing and deploying automated billing software in the new year will free up telecom employees, allowing them to focus on more complex and profitable tasks which in turn will grow the business quicker.
With the need for telecom companies to hit the ground running in the new year, it may seem paradoxical to be highlighting the need to introduce a new billing management software. In the past telecoms have been put off by the cost and time needed to invest in a new bss billing system and to train employees on how to best use it.
With our BSS however we have taken the step of using Open API meaning the system can be seamlessly integrated with your business's current system and other third-party applications you might be using. Our system also allows for greater flexibility, with the different modules of our BSS billing software being able to deploy in a range of combinations that can complement or automate your operational processes and scale up with your business.
Future & Expanding Markets
The rollout of 5G is expected to increase in 2022, in fact it's predicted that connections to 5G networks worldwide will top 1.34 billion. This is despite the fact many are predicting the “chip shortage” caused by the pandemic may slow the inevitable roll out slightly. This delay however has presented an opportunity for telecoms to manoeuvre their systems to get ready to monetise 5G as it completes its rollout in the coming year and beyond.
Our billing software is not only 5G SA compliant and futureproofed by design but can allow businesses to start and continue to monetise the evolving 5G rollout by placing adaptive service controls that flex based on the remaining allowance a consumer has, allowing real-time service control without compromising the end-users experience.
The Customer Experience
One of the most challenging aspects the past few years has brought up for businesses is the change in customer demands and expectations. Customers now want a more human and relatable interaction from businesses, whilst also expecting simpler and faster service. It has also seen a shift in the power dynamics of telecoms. Customers now demand the ability to control the details of their contract with network providers and have the tools to more easily change supplier if their demands aren’t met.
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Lifecycles BSS has the ability to enhance the customer experience not only for network providers but their end consumers as well. One of the methods used to achieve this is configuring the system to provide the consumer with event-triggered alerts. These events could be for a number of convenience or security matters. For example, an event could be triggered to alert a user they were running low on data for that month and signpost them to where they could purchase more. Alternatively, the events can be triggered to warn users about high data usage helping them to avoid bill shock. The bss billing system can offer even more power to the consumer over their data by allowing them to carry over unused data into the next billing cycle.
Our billing software also has security and fraud prevention features in place to enhance our customers and their end-users feeling of security. Network providers have the ability to prevent their end users from interacting with numbers that have been flagged as fraudulent, whilst also having the ability to monitor end users fraudulent behaviour of their own. If a case of fraud or identity thief does slip through the net, our bss billing system can restrict access to services in real-time reducing the damage and impact to the end-user.
You can find out more about our billing telco software here or if you would like to speak to a member of our team click here.