The telecommunications market is more innovative and full of opportunity than ever – the reason being that the market is quickly changing, which can pose challenges for competing operators in the space.
The rapid pace of today’s marketplace, combined with a rising number of over – the – top (OTT) players, has required all operators to become more responsive and agile in order to keep up and maintain healthy revenue streams. Let’s take a look at some of the most common obstacles that operators face today, as well as some strategies for how to sidestep them.
- Interoperability: Depending on the device, OS and application being used, interoperability can become a major challenge, especially with feature phones and non-IP-based devices, which can result in fragmented communication and billing. To prevent this, consider implementing a billing system that doesn’t require you to do a complete overhaul of your existing legacy billing system but rather one that seamlessly integrates with the equipment. This will enable you to save on costs and avoid a rip-and-replace.
- Creating and capitalizing on new services: Consumer preferences and usage patterns are ever-changing, meaning traditional services and products will no longer secure revenue. To help stay ahead of the curve, operators must switch from traditional voice services and cast an eye toward data and revenue opportunities like bundling. Not only this, but you must ensure that you can bring new products and services quickly to market-something that a bleeding-edge, OTT Monetization Platform that helps operators to adopt diverse partnership models for various OTT partners including platform partners, content partners, banks etc opening up new avenues for revenue generation through faster rollout of OTT services and reaping the benefit out of it.
- Dependency on operators to ensure quality of service (QoS): A large part of ensuring revenue generation is locking in customer satisfaction. To guarantee that customers are happy, high QoS must be delivered for applications and services. This means rapidly delivering services and accurately charging for those services—something that a fully featured telecom billing solution can handle.