Let’s Get Digital: Meeting Consumer Demand with Digital BSS
Digital services and connected devices are transforming how people around the globe engage with the digital economy—from spending time streaming content on tablets, to tracking steps on connected wristbands, to surfing the internet on 4G/LTE enabled smartphones. But the digital revolution isn’t just changing consumers’ lives—it is also necessitating a change in how service providers do business.
Operators are used to providing traditional services like text and voice, but they’ll need to reevaluate their BSS to support the connected experiences consumers want now, and in the future. In fact, almost 40% of digital operating profits over the next eight years will come from consumer digital services. To keep up with demand, operators need to be able to launch new digital services quickly that capitalize on consumer demand, all while reducing operating costs. In short, they need a “digital BSS.”
A digital BSS (DBSS) isn’t only called “digital” because it supports digital services. It’s digital in part because it runs on a SaaS, cloud-based platform. Operators should look for a digital BSS that can overlay on top of an existing BSS if needed, yet is robust enough to support different business models and payment methods. For instance, there’s still revenue in traditional services, and a digital BSS should be able to bundle both traditional and digital services on one bill.
Operators should implement a DBSS that can:
- Bond through loyalty, not bind through contracts
- Today’s customers expect an easy experience like Netflix, paying month-to-month rather than being stuck with a contract. They also want to be able to customize and manage their experience themselves, so having digital identity capabilities and different payment models is essential. A good DBSS should make it easy to build an intimate experience, such as predicting customer preferences based on previous behavior, along with the functionality to reward their patronage with special offers and discounts.
- Create environments that support the rapid launch of offerings
- Operators are frequently challenged with launching new services quickly, whether it’s Internet of Things (IoT) today or an augmented reality service tomorrow. The ability to construct offers with newer services—like the addition of streaming video—lets operators quickly find out what works, and importantly, what doesn’t. With many new service types being defined, being able to “fail-fast” not only saves costs but helps redefine offerings to improve the customer experience.
- Create a seamless partner experience
- Smart business models (such as wearables) require different partners to collaborate, from the device manufacturer, to the communications service provider, and potentially a 3rd party data and analytics provider. Partners are critical to building value-added services that generate revenue and provide customers with the one-stop experiences they seek. A Digital BSS that supports B2B2X models seamlessly automates key processes enabling partnerships to scale for volume and also minimize risks with onboarding, operations, data-sharing and settlements.
- Turn transactions into interactions
- There are many insights held within data—the key is extracting them. A Digital BSS that helps operators send dynamic, real-time messages to customers when they’re about to run out of data, encourages plan upgrades, or delivers targeted advertising of new promotions or services strengthens the connection between the operator and the customer.
- Standardize, simplify and optimize operations
- SaaS, cloud-based solutions support profitability with quick launch of innovative services, and reduce costs with streamlined processes and automation. They allow services to seamlessly scale when they are successful, and pull-down with minimal overhead when the market declines. Services can be hosted or operated as a managed service to provide predictable delivery and allow the operator to focus strategic activities on innovation rather than back-office functions.
With the rapid innovation that digital services continue to experience, it’s hard to over-estimate how they will transform consumers’ lives even five years out. But one thing is certain: in order to monetize these innovative services, operators need the right Digital BSS to get there. Many Digital BSS providers will say they can do what’s been outlined here, but few truly have all this capability.
To learn more about finding the right digital BSS for your business, download the whitepaper here.