According to the research report by Transparency Market Research, the global market of BSS/OSS is estimated to touch $48.5 billion with a CAGR of 16.2 % by the year 2018. This fact is enough to reflect the growing importance of billing software in telecom industry. It is an inevitable part of the industry as it provides advantages to both companies and their customers.
Here are some important factors that highlight the importance of telecom billing software in the telecom sector.
Cloud-Based Billing Comes With Enormous Benefits
The Global Industry Analysts Inc. prepared a report titled “Cloud Billing: A Global Strategic Business Report,” as per which the cloud billing global market will reach 11.3 billion U.S. dollars by the year 2020. The multiple benefits of cloud technology in telecom billing have resulted in its expansion throughout the world. The scalability related to the operations is one of the major perks associated with cloud-based billing system. Cost effectiveness along with easy upgrades and maintenance as compared to conventional software also makes this technology more desirable. Paperless billing has also fueled the demand of this trend in billing systems.
Self-Service for the Customers
It is not a hidden fact that self-service is increasingly becoming popular among the customers. In fact, a report by market research firm Gartner stated that 85 percent of the association with a firm will be handled by the customers without making a contact with human agents. A Well-Designed Telecom Billing Software also offers self-service option for the subscribers. Therefore, the customers are able to track their bill usage and account history by entering the details online. Several systems also provide itemized billing information for the customers. This enables the customers to track their billing account even through their smartphones.
Ability to Match Changing Payment Methods
Last two decades have witnessed a humongous growth in the number of internet users across different regions of the world. Use of online payment system for paying the bills is one such bi-product of this popularity. This reflects that only the firms that offer billing through online mediums are able to survive and expand in this telecom world. Therefore, using billing software, which allows online payment methods and integration with multiple payment gateways ensures satisfaction of telecom consumers. This also makes it easy for telecom firms to calculate the revenues without relying on complicated methods.
Ability to Take Wise Management Decisions
As discussed above, the revenue calculation is done easily through effective telecom software. It can also help in segmenting the customers on the basis of their regular phone usage. All these and several other reports, which can be generated through billing system helps management in making better business decisions. They are able to launch new tariff plans and offer special rates for premium customers through these reports. Modification of process on the basis of revenue reports also highlights the importance of this system in telecom business.
Support for Detecting Duplicate Customers
Lifeline program discounts related to prepaid wireless services became effective in 2005. But some major changes were made to lifeline policy in the year 2012 by the U.S. government. These changes were aimed at reducing frauds and eliminating waste related to the program. As a result, telecom companies offering lifeline services needed system for tracking duplicate and non-eligible customers more effectively. Several advanced billing software acted as savior for these firms and automated tracking of duplicate customers by integrating with the database of the subscribers.
All the factors discussed above show how every party including telecom companies, customers and government received benefits through advanced billing system. This reinforces the fact that the system created a win-win situation in the industry.
Call Center Globally is a billing system provider that tracked all the factors and market trends to constantly to modify the billing software. It also takes care of security and government regulations related to the system.