“The role of billing in 5G is to enable operators to monetize new use cases and revenue streams while providing transparent and precise billing information to customers.”
– Clayton Cruz, President, Amdocs CALA
In the 5G context, billing systems need to be able to handle more complex pricing models, such as dynamic pricing based on usage, quality of service, and other factors. They also need to be able to handle large amounts of data generated by the IoT devices and other connected devices that are part of 5G networks.Moreover, 5G networks are expected to enable new business models and revenue streams, such as network slicing, which allows operators to provide customized virtual networks for different use cases. In this context, billing becomes even more critical as it needs to accurately track and charge for the usage of different network slices by different customers. Overall, the new role of billing in the 5G context is to enable operators to monetize the new use cases and revenue streams that 5G networks make possible while providing customers with transparent and accurate billing information.
In the 5G field, operators must focus on making their investment in infrastructure profitable. Updating the billing system is crucial to efficiently managing revenue streams and ensuring customer satisfaction. The multifaceted business models in the telecom industry powered by 5G do not require sacrificing speed and innovation for cost optimization. With advances in artificial intelligence, automation, cloud and microservices, service providers can acquire the necessary capabilities for modern billing. Operators need to adopt a single, robust and flexible billing platform with the utmost urgency.
Watch: Freestyle Billing: Make Billing an Experience
Ignoring billing and customer service experiences can result in disappointing customers and limiting the ability to monitor and optimize network performance. The lack of accurate billing and usage data also limits the ability to make informed decisions about network capacity planning and optimization. Failure to update billing infrastructure to keep pace with the digital age can result in missed monetization opportunity and difficulty managing finances. Without a real-time billing system, operators will not be able to implement dynamic pricing strategies to adjust rates in response to customer demand.
Meeting the real-time expectations of customers and leveraging today’s monetization opportunities is a challenging task. With new services rapidly transitioning from ideation to mainstream, billing systems must be highly flexible to maximize returns from 5G. Furthermore, the complex multi-connectivity environment necessitates a real-time billing system that can handle the vast data traffic generated by new networks. The billing system must also be capable of processing intricate billing algorithms specific to 5G networks, such as multi-tiered billing, tiered rate plans, and QoS-based billing. In addition, the billing system should seamlessly integrate with existing networks, including 4G LTE, and support multiple services such as voice, data, and video.
Amdocs Freestyle Billing is a cloud-based real-time billing system that is powered by a 5G-ready converged platform. This solution is characterized by its flexibility, which allows a quick and agile launch of immersive and profitable experiences. Through artificial intelligence and machine learning engines, Amdocs Freestyle Billing provides an additional layer of intelligence that enables operators to create meaningful customer engagement and provide contextual recommendations for more effective billing models. Seamless integration with existing business systems and tools makes billing options simple and transparent for legacy clients, while adapting to new business models and emerging markets to profitably monetize new opportunities. Additionally, Amdocs Freestyle Billing has the potential to explore new monetization opportunities with emerging business models emerging every day. Overall, the capabilities of this billing solution are extensive and promise a prosperous future in the age of 5G technology.
Learn more about the benefits of Freestyle Billing: Amdocs Freestyle Billing