Why You Need Convergent Charging to Maximize Telecom Profits?

The rapid changes in the telecom industry have made the task of telcos extremely difficult. The disruption caused by the increased use of OTT (over the top) services has been a huge factor in the diminishing profits of some of the biggest telecom operators across the globe. To make up for the lost revenue, telecom companies are looking to launch new services across different verticals. However, managing such an effort is not simple, not unless you have best telecom billing systems at your disposal.

Make the Most of Telecom Billing Services to Launch New Services Fast

No all telecom operators are blessed with in-house development teams that can devise new billing systems to meet the emerging requirements of their business. Some operators are still using older IN based billing systems that are not efficient at all. These systems act like a bottleneck and prevent a telecom operator from bringing his new services in the market on time. This compromises their best laid plans to exploit current market situations. For example, if a telco (using an obsolete billing system) wants to launch a new bundle that immediately addresses the current requirements of his subscribers, he would have to first contact the billing vendor and get the software re-built or altered. The time it takes for such an alteration may be too much and the opportunity may pass him by.

To avoid such a situation from occurring, it is best to partner with telecom billing services that offer cutting-edge telecom billing solutions that can launch any new plan immediately. This will reduce the time to market of new telecom offerings and allow operators to improve profits. However, before investing in a new telecom billing system, you need to ensure that it has the following functionalities:

A.     Monetization of New Partnership Ventures

Partner onboarding can be made more rewarding by using a telecom billing system that is capable of monetizing the association. The need of the hour is a billing system that does the following efficiently:

1.      Bundles partner services into packages

2.      Delivers APIs to associating vendors for their benefit

3.      Takes care of confusing settlement models with different partners

4.      Has support for new digital economy 

B.     Convergent Billing

Given the pace at which new services are launched by telcos, sending and receiving different bills for each service sounds like a chore for both service providers and subscribers. A much better option is to switch to the best telecom billing systems that allow for convergent charging and billing. Convergent billing for all services via convergent charging system like OCS makes monetization of complex services like IoT quite simple. Moreover, convergent billing places all customer usage in a single location, which makes it easily accessible for both customer services providers and the subscribers.

Conclusion

Given the current state of competition in the telecom industry, it has become imperative for telecom operators to invest in the best telecom billing systems. However, a billing system is only worth your effort and time if it allows for convergence and monetization of complex services.