Customers should benefit from quicker and more easy downloads thanks to 5G services. However, it is up to CSPs to find out how to monetize it correctly so that they are able to offer it to as many people as possible while generating as much revenue as possible. 5G monetization through digital BSS solutions is the need of the hour. CSPs can make sure that their 5G service digital delivery is swift and adaptable enough to deal with the ever-increasing amount of commercial needs through a telecom digital BSS platform. It is time to break down legacy silos by substituting the dispersed, outdated BSS with digital BSS for 5G monetization.
Limitations with legacy BSS
Legacy BSS cannot keep up with the increasing needs of customers as they adopt a digital lifestyle due to constrained capabilities and restrictive design. Several CSPs have traditionally constructed various BSS stacks that are weakly linked and substantially modified, thus maintaining, enhancing, moving, or adding adjustments will be expensive and time consuming.
How can a digital business support system enable 5G potential?
Legacy BSS, with its restricted capabilities and restrictive design, is unable to meet the increasing aspirations of customers as they adopt a digital lifestyle. CSPs can capitalize on the benefits of 5G with a telecom digital BSS platform, which they are fully aware of.
The digital BSS market is expected to grow at a compound annual growth rate (CAGR) of 16.6% from USD 5.8 billion in 2023 to USD 12.5 billion by 2028.
In order to keep up with an evolving marketplace and provide novel services and features in this competitive and ever-changing market, 5G monetization through digital BSS solutions is required.
Benefits that CSPs can get with digital BSS platforms
CSPs around the world are choosing digital BSS for 5G monetization. Here is how digital BSS solutions can benefit CSPs.
Better service offerings
5G provides a multitude of new services. Augmented Reality, Virtual Reality, IoT technologies, and other upgraded services can be provided by CSPs. A digital business support system enables CSPs to develop, oversee, and monetize these services easily. CSPs may meet a wide range of demands from customers with real-time billing, tailor-made service packages, and flexible pricing.
Improved partner management
A digital BSS stack that includes a combined partner management platform improves operational agility by simplifying the partner lifecycle. With a seamless onboarding process, self-service kiosks, and support for a variety of partner obligations, it helps foster connections.
Monetization of data
5G creates a massive quantity of data, which digital BSS solution may help CSPs monetize. They can generate new revenue streams by providing data insights and analytics to third parties. They may also utilize data to provide more tailored and targeted services to their clients, hence improving customer engagement and retention.
Agility and scalability
5G services are projected to grow quickly. Digital BSS systems are built to be extremely versatile and adaptable. CSPs may quickly respond to ever-shifting market needs, launch novel offerings, and grow the facilities as needed to stay relevant and viable. Moreover, cloudification is an added advantage for CSPs. Digital BSS platforms are much more scalable and agile because of cloud hosting and relevant advantages.
CSPs Accelerate Business with 5G Monetization through Digital BSS
5G networks are expected to provide a transformative user experience through better speed, connection, and accessibility to networks, seamless integration, and other features. Many CSPs understand that their success is dependent on 5G monetization through digital BSS solutions. CSPs will need to enable better speeds and connection, rapid service development and monetization, and unique collaboration models for new income streams.
Canvas, an efficient telecom digital BSS platform is required to effectively monetize this shift and maximize ROI. CSPs may remain competitive and prosper in the future by implementing digital BSS for 5G monetization. Canvas, a digital business support system provides all required modules, tools, and features to unleash the complete potential of 5G to enjoy all the advantages of 5G monetization.