Despite the overwhelming buzz about 5G being a game-changer, we can hardly notice any changes yet. This is because not that many communication and digital service providers are ready to deploy 5G networks and the services that can come with them.
As research shows, the biggest issue with deploying 5G services is automation. Once that’s in place, telecoms should be able to start utilizing the potential behind the fifth generation network, and start providing 5G services that will become new sources of revenue in B2B, and B2C.
So, what are these 5G monetization opportunities, and why are BBS evolution and convergent charging systems crucial for their success?
5G monetization opportunities in B2C
5G services for B2C will be quite interesting for all of us – even those outside the telecom business. Right now, 5G for consumers means faster, almost seamless connection. In the not so distant future, 5G will also mean new services, some of which we’re probably not even able to predict.
5G services will be a huge step towards smarter cities, transport, homes, offices… pretty much any part of our lives. Consumers will want to participate in the “smarter world”, and in order to do so, they’ll have to turn to their communication and/or digital service providers.
Telecom 5G revenue stream opportunities in B2B
At the same time, operators will be able to deploy new services to the business sector. The ones that seem to have the biggest impact on the level of 5G monetization are network slicing and NaaS (network as a service).
According to research, close to 95% of operators expect NaaS to have a major impact in driving operator revenues. Realizing the potential that the new services hold, communication and digital service must get ready – and here the right BSS solution will be invaluable.
As everything else becomes more connected and seamless, business processes must do so as well. That’s why operators need to focus not only on OSS and automation, but also on the challenges that come with BSS evolution. To leverage the benefits of 5G services and technology monetization, communication and service providers must seek to make their BSS more open, flexible, scalable and omnichannel.
The role of charging
BSS 5G evolution demands a major change on the charging layer. As for the crucial parts of 5G monetization, charging will have to evolve from online and offline session charging functions to what is now called the converged charging system (CCS).
Yet, this is not the only change presented by this layer. Charging operations must also be flexible enough to adapt to dynamic network slicing and changing parameters, and support multiple value-added cases and real-time activities from hundreds and/or millions of connected devices for B2B and B2C.
Convergent charging systems – one of the key players in 5G monetization processes
The charging functionality is at the center of new ways of monetization. A convergent charging system, encompassed by cutting edge user experience, will offer the end-user a truly omnichannel self-managed experience that allows the parameters of network slices to be changed dynamically, and facilitate the contracting of new services on top of existing ones, offering dashboards and the possibility for customers to manage their own businesses in a diverse environment of partners, distributors, resellers, etc.
One small step for telecoms, a giant leap for the revenue streams
Although BSS evolution and charging aren’t usually the first steps towards deploying 5G services, they should be taken as soon as possible. As charging plays a crucial role in the process, starting the evolution now will help telecoms deploy new services faster, and therefore outrace the competition.
Bearing in mind the great revenue opportunities that may come, operators need to perform technological changes in their business support systems in order to fully enjoy the benefits of the 5G revolution.