The evolution of telecommunication networks in the last few years is fascinating. We are in an era of digitization where cutting edge technology like 5G is going to be in demand. The business support systems (BSS) have to play a massive role in delivering 5G technology to the end-users.
Enormous volumes of data need to be processed, analyzed and translated into ways to improve the customer experience. To meet up the challenges with coming 5G technology, the BSS needs a complete digital transformation.
Well, the future 5G technology is going to change a lot of things. One can say 5G as the media for the evolution of other exciting future technologies.
How 5G will take over? Simple answer – The rapidly improved network connectivity. 5G will provide a combination of high speed and low latency and high capacity that will provide choices to the Communications Services Providers (CSPs) to provide diversified network solutions to the end-users.
While most of the CSPs are in the process of deploying 5G related solutions, many of them may be not looking at another imminent facet of 5G network- The business support system (BSS) that will allow them to profit from innovative new services.
Future Ready Digital BSS for 5G Monetization
Is your BSS Ready for 5G Monetization?
5G will bring multiple types of new services with different characteristics which provide huge opportunities for the Communications Services Providers to monetize, especially in the B2B sector.
To cater 5G services the legacy BSS has to be advanced into a completely digital business transformation.
5G Challenges for BSS
- Automated Service Management
- Complex Service Level Agreements
- Customer Satisfaction
- 5G Monetization
The upfront 5G challenges of the digital transformation of BSS include the automation of current service management, monitoring and achieving complex SLA, customer satisfaction challenges and the key will be ways to optimize the 5G solutions for monetization.
According to a recent study conducted by TM Forum, 72 percent of CSPs believe that 5G revenue growth is dependent on transforming their BSS and operations support systems (OSS).
In other words, those CSPs who only focus on deploying network equipment will fail to reap the rewards of 5G technology. The business and operation support system needs revamping to achieve greater success in 5G revolution.
5G monetization can only be achieved through digital BSS transformation, virtualization, cloud-based programs and the internet of things. The CSPs must be ready to transform their BSS if they are to rate and bill for a new launch of services and ensure that BSS infrastructure should support whatever 5G business opportunities are coming their way.
The CSPs are required to realize the importance of transforming the legacy BSS to digital BSS to provide the best possible services to the end-user.
5G is going to create immense opportunity to move the services from wire-line to wireless networks and it will serve as a wake-up call for CSPs to assess and evaluate digital BSS readiness.
CSPs that ignore the BSS transformation will experience a definite delay in future service innovation.
According to IDC, smartphone challenges will be there in 2019 but 5G and the emerging markets will bring back to the market by 2020. With the advent of digital technology companies are looking out for a faster time to market at a lower cost and to achieve this 5G will be a key technology.
The Consumer Service Provider companies have to be strategic with their BSS integration plans and with this they can successfully monetize 5G and BSS together.
Thank you for spending time in reading this article. To know more about 5G you can checkout our blog on everything you need to know about 5G.