The 5G and IoT Surge Is Coming. Are CSPs Ready to Monetize the Opportunity?
The rise of 5G and IoT will usher in a new era of unprecedented connectivity for the communications industry. By one estimate, there will be 1.5 billion 5G connections by 2025. With ultra-low latency and astonishing speeds, 5G can facilitate these connections. As communication service providers (CSPs) look to monetize digital services, IoT and 5G operational agility will become a crucial focal point. To effectively seize the opportunity, CSPs will need to continuously monitor and improve their capabilities covering operations and processes within their networks and 5G domains.
With a massive increase in devices and connections to account for, it will be critical to have the ability to manage connections at scale. With the combination of offline and online charging systems, charging architecture has evolved into a revenue management solution known as a convergent charging system (CCS). Additionally, the charging data function (CDF) and online charging function (OCF) have been consolidated into a 5G charging function (CHF), which plays a crucial new role in next-generation digital mediation.
These new, consolidated systems and functions naturally add complexity. CSPs need to streamline operations across each CHF instance and make sure every data session is securely handled to direct critical usage information to the downstream online and offline charging systems. Traffic created by 5G and IoT will bring an unprecedented number of events that will need to be processed in real time.
So what can CSPs do? Focus on operational agility and intelligent operations.
Digital mediation must uphold its core revenue management function through this period of rapid change and prepare for changes beyond. A platform will need to process massive volumes of data to ensure smooth business operations, while simultaneously minimizing the risk of revenue leaks. This will always be a top priority among CSPs and will remain a key measure as CSPs monetize 5G, IoT and digital services.
CSPs will need a highly dependable, flexible and agile digital mediation solution that simplifies the process required to manage the data. The ideal solution must be optimized for scaling and offers intelligent pre-emptive alarms and monitoring, enabling a proactive approach that will save valuable time and effort. Additionally, the most effective solution will offer new methods of analyzing business logic and KPIs. By adding these features to their operational arsenal, CSPs can be ready for an influx of digital mediation data.
The age of 5G and IoT presents an enormous opportunity for CSPs to monetize digital services, but they must be sufficiently prepared to meet the moment. To learn more, download our eBook on the three key digital mediation challenges—and how to solve them.