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.
Improve Monetization for 5G Success
The extreme speeds offered by 5G open up a lot of opportunities for telcos. There are many technologies that can work better if 5G services are used effectively. For example, 5G can improve the performance of IoT devices and sensors. As 5G network slicing creates many QoS-based networks, business owners can use different connections to serve the exact requirements of different customers. 5G makes the functioning of different telecom networks more efficient and also cost-effective. However, to deliver these services to the end users, it is important to implement the most suitable online charging system architecture.
Transform Into an End-to-End Service Provider
Whether you are MNO, MVNO or MVNE; the challenge of 2021 is huge. The market is more competitive than ever before and it requires a solid strategy if you want to enhance the revenue. It is not possible to sustain profits without a major overhaul in strategy. Operators need to evolve into end-to-end service providers and offer comprehensive service packages to the subscribers.
Competing with OTT vendors is a huge challenge. Most OTT providers like Skype, Watsapp, Netflix etc. are eating into the revenues of telcos. So, it is essential that you beat them at their own game.
Incorporating common OTT services like video streaming and video calling paves the way to success. But the success is only possible if your platform is flexible enough to monetize these services.
5G allows for the creation of several QoS based services like ultra-low-latency connectivity or low-power consuming network solutions. These types of connectivity offerings can be classified into distinct service plans. For example, an MVNO can supply LoRa and SigFox connectivity for businesses that use IoT sensors. This will reduce the cost of connectivity for the company and at the same time prevent quick sensor discharge. The same way, ultra-low latency connectivity solutions can be combined with video streaming services. It will ensure customers who are watching movies and TV shows have the best experience.
Implement New Approach with Online Charging System
It is all about maximizing the use of new tech in the telecom industry and serving it as a ‘complete plan’. This is only possible if you have a stable Online Charging System, which charges, rates, bills and monetizes services, and at the same time offers complete revenue assurance.
Transform into an end-to-end service provider to make a real difference and enhance profits. Creating complete service packages via convergent charging should be the new approach, if telcos want to attract subscribers in 2021. Online Charging System forms the central point of such a strategy as it allows you to quickly put your plans into actions.