Convergent Billing in Telecom Industry and Its Advantages
Overtheyears,telecomoperatorsacrosstheglobehave createddifferentbillingsystemsandapproachestohelp consumersandadvancethetelecommunicationsbusiness. Thegrowingnumberofusers,alongwiththeintroductionof multi-playservices,hasresultedinintensecompetitionin thetelecombusiness.Tokeepaheadofthecompetition, telecomoperatorsmustusecreativerevenuemanagement systemsthatenablecorrectbilling,rating,routing,and roamingactivities.Onesuchsystemis convergent billing in telecom thatishelpingCommunicationServiceProviders (CSPs).
What is a convergent billing solution?
Thecombinationofallservicecostsontoasinglecustomerbillanda singleoverviewofthecustomerisknownasconvergentbilling. Whentheconsumerreceivesasinglebill,makingasinglepayment forallservicesbecomesconvenient. A convergent billing software mayconvergeandintegrateanynumberoftelecomservicesintoa singlebill,regardlessoftheircategoryormarketniche,i.e.,prepaid andpostpaidofferings.Itenablesserviceproviderstochargeand billconsumerscollectivelyforanumberofdevices,users,or services.
Major features of the convergent billing platform: -
Convergentbillingisgrowinginpopularityandtherefore, developmentcompaniesarebuildingcustomandadvancedfeatures. Someofthecommonlyavailablefeaturesinthissoftwarearelisted below:
Customermanagement
Partnermanagement
Vendormanagement
Convergentcharging
Prepaid,postpaid,andhybridbilling
Policycontrol
Realtimebillingandcharging
Reports
Andmore
Major advantages of convergent billing software: -
The convergent billing system isgainingpopularitybecauseofits speedtodeploybillingsystemsseamlessly.Thereareseveral advantagestousingthissoftware.Togiveyoumoreinsightintothis topic,herearethemajorbenefits.
Integrate additional services without hassles: -
Themostsignificantadvantageofswitchingtoa telecom convergent billing platform istheeasewithwhichnewservices maybeintegrated.Convergentbillingworksfarbetterthanlegacy
systemsorofflineinvoicingwhetheritisOTT(OvertheTop),IoT (InternetofThings),oreven5G.
Fewer errors in billing: -
Mosttelecommunicationscompaniesmanageasignificantnumber ofaccounts.Itfrequentlyresultsindatadifficultyandmultiple inaccuracies.Theintroductionof convergent billing in telecom hasminimizedthelikelihoodoferrors.
Improves customer satisfaction: -
Aconvergentbillingsystemhastheadditionalbenefitofboosting customersatisfaction.Customersreceiveonestatementforall servicesratherthanseparateinvoicesforeachone,whichmakesit simplerforthemtounderstandtheamounttheyhavespent. Customerswouldunderstandwhattheyarepayingformore effectively,possiblyloweringthenumberofbillingdisputes.
Reduces cost: -
A telecom convergent billing platform canassistCSPsto minimizecosts.Thecapacityofthistechnologytodecreasethe requirementforhumaninvolvementandthenumberoferroneous resultsinloweradministrativecostsiscommendable.Furthermore, itreducestheneedformultiplebillingsystems,loweringthe expenseofsoftwareandhardware.
Higher revenue: -
Communication service providers canalsoincreasetheirrevenue bydeployinga convergent billing solution.Thismethodmakesit easiertopromoteadditionalservicestoclientssincetelcoshavean extensiveunderstandingoftheircustomerconsumption.
Concluding notes: -
Thetelecombusinessisrapidlydeveloping,andtelcosrequirements arerapidlyexpanding.BillingisoneoftheintegralpartsofanyVoIP business.ConventionalVoIPbillingsolutionshavebeeninuseby VoIPserviceproviders,telcos,andCSPs.However,theadvantagesof convergentbillinghavemadethisplatformmorepopular.The convergent billing in telecom hasemergedastheidealalternative formeetingthenewlydevelopedneedsinthepresentscenario. A convergentbillingplatformisthefirststepforalltelcosaimingto deliverworldclassservicestoscalenewheights.