GLOBAL software and service provider Amdocs said communications and media companies must embrace the digital economy to foster a better relationship with consumers.
“Communications and media companies have had their business models disrupted by new players offering communications and content services over the top of traditional service provider networks. Nevertheless, the digital economy represents an opportunity for service providers willing to open themselves up to the digital ecosystem and reassert their place in the value chain,” Ilan Sade, Amdocs Technology general manager for digital, told The Manila Times in a recent email interview.
Sade said that in order to grow their business, service providers must deliver and experiment new offerings and partnerships.
“They must innovate in their offerings and, almost more importantly, they have to release new offers to market as fast as they can innovate them. They also have to be more open to partner services, even those coming from over-the-top players.”
He stressed they can establish this openness by becoming “a platform of choice for partners, tapping revenue opportunities from those services as well as monetizing the increase in data usage from the consumption of those services.”
He also mentioned that these companies need to put more power and control in the hands of their customers.
“Customers are not afraid of rich offerings, but they want simplicity in their interactions. They want transparency and real-time user controls so they can do everything on their own.”
Sade said real-time convergent charging can be the answer to reach this goal to further engage consumers as it is “a great tool for launching personalized offers.”
He also presented a recent study by International Data Corporation entitled Convergent Charging and Digital Transformation: A Fundamental Platform Serving New Ends, which he said supports his claim about convergent charging.
With 80 respondents comprised of large communications service providers in Europe, North America, Central/Latin America, and Asia Pacific, Sade said personalization of offers was cited by 80 percent of respondents as being an expected benefit of convergent charging and billing.
“In fact, more than half of the respondents felt that more personalized offers would help them grow revenues by over 15 percent in three years.”
“Real-time convergent charging, as part of a digital transformation, should provide service providers with the fast time to market they need, openness to partner services and rich, real-time user control that the customer wants,” he said.