5 Must-Have Capabilities for a Digital Commerce Solution
5G is the ultimate game changer, giving CSPs the power to move beyond connectivity and straightforward ICT revenue sources. By developing strategic partnerships and leveraging the power of 5G technology, CSPs can broaden their consumer and enterprise portfolios to include rich, digital solutions, combining multiple partner offerings to create truly differentiated offers. To do this, they need to rethink their BSS architecture. CSPs will need a digital commerce solution that will enable the B2B2X ecosystems and business models needed to deliver innovative, collaborative digital services.
Many of the business models, like B2B2X and IoT, that will drive new revenue growth and increased market share will evolve from within the ecosystem. And to realize all the benefits promised by collaborative partnerships, it is imperative that CSPs choose the right BSS solution now to secure their customers, revenues and market share for the future.
1. Rich Functionality for Multi-sided Business Models
Ecosystems are built on open, multi-sided collaboration and co-creation with many players involved in getting a solution in front of the end-customer. Speed to market is key and first movers will capture both customers and revenues, but the complexity of the underlying ecosystem must be shielded from the customer.
To facilitate multi-party innovation, B2B2X partner and customer lifecycles must be managed as an automated, continuous, connected cycles anchored in emerging industry standards (e.g., TM Forum Open APIs). The digital commerce solution centers on a unified catalog, with open interfaces for third party services to be published. Services can then be bundled onto multi-party offerings, along with the selling, fulfilment, monetization and settlement processes needed for a full commerce cycle.
2. Intuitive Experiences for Partner and Customers
To seize first mover advantage, CSPs must bring new services to market with hyperscaler speed. The right digital commerce solution allows CSPs to quickly respond to the fluid needs of individual market verticals. CSPs should adopt the “fail fast, fail cheap” approach used by the hyperscalers to shorten their time to market for new products and services.
That means CSPs need highly standardized, but open solutions that allow for automated publishing of third-party catalogs, including automated service configuration, integrated workflows, and advanced partner and customer journey management. This will underpin a successful, easy and positive experience for all ecosystem players–CSPs, partners and end consumers.
3. Agnostic Processing from Concept to Cash
Agnostic solutions will be essential for managing every element of the digital services ecosystem–from the underlying networks to the industry verticals and customer segments being served to the charging, payment and settlement methods employed. Most 5G use cases will be delivered over a combination of networks–5G, 4G, Wi-Fi, fixed networks, both legacy and new deployments. Business model flexibility such as how customers engage, consume and pay will create an elevated experience for all segments. Success will come from digital commerce solutions that are truly agnostic, scalable and configurable with modern architecture and defined roadmaps.
CSPs need unprecedented versatility from their technology, business systems and people to thrive in the 5G world. As they look to invest in their 5G solutions, they must look beyond simple charging systems, to understand the full requirements of a future-proof ecosystem strategy.
The digital services market is on a sharp upward trajectory. Leading CSPs are working with industry partners to create the early generations of sophisticated industry service stacks, and these innovations will rapidly multiply. Hyperscalers are investing organically and through acquisition to get their digital services portfolios ready. CSPs need modern, connected digital commerce solutions to play their part and make the complexity of these ecosystems easier to manage.
5. Zero-touch for Scale, Speed and Efficiency
The need for scale and speed means that automation is critical for innovating and managing a digital marketplace. CSPs can deliver superior partner experiences across the end-to-end commerce cycle with a modular, integrated, agile and open solution architecture. Existing processes, that are often manual, cannot scale to meet the requirements of a modern ecosystem. Seamless integration, zero-touch onboarding and automated settlement processes will ensure that CSPs can attract, maintain and optimize the critical partnerships needed for successful commercialization.
The digital future is now. CSPs are investing to monetize their 5G networks. With a focus on B2B2X, they can be part of the digital lifestyle revolution and transform how we live, learn, work and play. Strategic investment in the right solutions today will open the door to the digital ecosystems that will differentiate 5G market makers from market followers.
CSG is uniquely positioned to help CSPs successfully deliver a B2B2X marketplace, bringing leading solutions and trusted expertise to help manage a diverse range of partners and deliver exceptional customer experiences.
A SaaS, open, integrated and modular solution, CSG Encompass reduces the complexity of multi-sided, B2B2X ecosystems to enable dynamic, agile and scalable collaboration across a multitude of partners. With Encompass at the heart of an interconnected ecosystem of enterprises, consumers and partners, CSPs can differentiate themselves in the highly competitive consumer and enterprise markets with a future-ready solution that enables 5G-enabled offerings that will excite customers, deliver seamless commerce and push B2B revenue growth.
Learn more about CSG Encompass, the only solution designed and built to manage multi-sided business models and unify the commerce journeys of CSPs, partners and customers.