In 2021, the telecom industry has high hopes from 5G. The amount of options that 5G presents is endless. Never before, there has been a technology as versatile as 5G. Network slicing allows a single 5G connection to be used for multiple QoS-based networks. Also, the connectivity via 5G has the highest speed and immense potential. But the potential of 5G and other emerging technologies can only be harnessed if you monetize the services via a reliable convergent charging platform.
As we move towards a new year after Covid-19 stricken 2020, the challenges are expected to rise for MVNOs. An MVNO would need an MVNE and a proven telecom billing and charging services provider that can help it in its day-to-day functions.
2021 is a year that promises hope after the disastrous 2020 for the whole world. Telecom industry has stayed a constant factor in the lives of the people, connecting them to each other when they cannot go out. Despite their positive roles in the crisis situations; MNO, MVNE, MVNO have suffered greatly. 2021 offers a chance to get back the lost revenue, but it requires billing and charging platform of the next generation.
The wide array of changes made in the Covid-19 era have been hard to acclimatize to for every single player in the market. Whether it is MVNA, MVNO, MVNE or the big-budget and independent MNOs; everyone has faced great challenges. The outcomes for the entire telecom industry haven’t been positive, which mirrors the situation of other struggling industries.
Modern-day telecom operations have become extremely complicated. The new entrants into the market like MVNO and MVNE often do not get their billing right and suffer in the end. Out of every 10 MVNOs, only 1 makes it big and the rest falter. This can be attributed to their lack of insight in the telecom process and failure to understand the value of a convergent charging system.
Convergent charging has become the basis of almost every telecom business. As billing remains crucial for a telecom business, the role of convergent charging and OCS system is rising in significance. Almost every business strategy that a telecom operator conceptualizes has to be readily supported by the billing system.
Billing and charging are two of the most important functions of a telecom operator. When they are not done right, the results are immediate and you start losing customers faster than you can ever imagine. Therefore, every player in the market including MNO, MVNO and MVNE should get their billing and charging on track, if they want to derive the best results from their efforts.
An Online Charging System (OCS) is the most essential resource for telecom operators. Given the rate of rising competition, it is vital that telcos monetize services in attractive packages and have complete accountability of every single customer service usage.
Back before large grocery chains and big box stores became the norm, people would have to visit specialized retailers for all of their weekly shopping. One family would have to visit a bakery for bread, a deli or butcher for meat, a farmer’s market for produce, and a liquor store for alcohol.
When it comes to billing clients for the services rendered, a time delay between service delivery and client billing leaves space open for errors which can be costly to communication service providers. In contrast, a real-time charging system ensures that every second of communication service is accounted for at the moment it happens so that billing can be accurate. Without real-time charging, the communication service industry could not exist as it does today. Let’s explore why.