Telecom operations are going through a major transformation. The rise of competition and evolution of new services like OTT has minimized the profit margins of well-established telocs. The situation is even worse for small scale operators and MVNOs, who are struggling to keep up with this new and rising challenge. It is often seen that the challenge especially for MVNOs comes due to the inefficiency of their telecom billing systems.
MNO and MVNO: The Importance of Telecom Billing Systems
Mobile network operators have access to a lot of capital and have their own frequency spectrum. They generally have a sprawling network and many markets to exploit. An MVNO on the other hand has a regional base that needs to be attracted with innovative offers and services. This can only be done if you have a versatile billing system that can help you launch new plans at a moment’s notice. A worthwhile billing system is also important for MNOs as they have a number of services to monetize. Effective monetization is necessary for making profits and keeping a telecom business afloat.
Essential Features You Need in Your Next Telecom Billing System
As an MVNO, you to need to partner with an MVNE, that can offer you a billing system that can be completely relied upon. Below are some essential features that you should look for in your telecom billing system:
- Complete convergence – As the number of services and telecom offerings increase, customers are looking for a single invoice that shows them complete bifurcation of all the charges incurred during a billing cycle. This can only be done if your billing system comes with a real-time OCS that can charge all the services as they are used. Convergence in billing makes the billing procedure transparent and promotes trust between service provider and the subscribers.
- Ability to offer discounts – Innovative discounts can work wonders in evoking customer interest especially in services that are not widely used by subscribers. With a versatile telecom billing solution, you can provide such discounts and keep your customers engaged with your new and exciting subscription plans.
- Analytics – The modern-day telecom services subscribers are fickle. If your offerings are not tuned according to their interest, there is a good chance they will ignore your services. Hence, you need a telecom billing system that comes with AI. Such a billing system will utilize the data generated from user interactions to reveal quintessential customer behavior. In light of the new insights provided by your billing system, you will be able to stack up different offerings to create better customer-specific plans.
- Security – Your subscribers’ vital personal information is stored in a telecom billing system. Hence, you should choose services of only those telecom billing companies that guarantee complete security of your customers’ account information. Vcare’s telecom billing system is fortified with the latest security measures and can be employed for complete peace of mind.
Scalability – A telecom operation is bound to go through different situations due to the addition of new services and increase or decrease in the number of subscribers. So, you need to partner with a telecom billing vendor that can scale the system as per your requirement. Considering the impending boom of IoT and 5G, scalability of the billing solution should always be your major concern.