Over the past few years, the telecommunication industry has seen rapid and significant developments. The digital era paved the way to more complex networks and services, such as 5G, IoT, mobile technology, and other Internet-based plans.
Alongside these developments, telecommunication has become a necessity in the modern world. In 2019, there were over 8.3 billion mobile subscriptions worldwide. Wireless carriers manage millions of unique accounts every billing season. For instance, Verizon Wireless, the leading telecommunication provider in the US, has over 93.98 million subscribers.
The new pricing models and the volume of subscribers have made billing more complicated and tedious. As such, a more sophisticated and advanced telecom billing system is necessary to optimize this process.
According to developers of the enterprise billing system, Kansys, telecom billing software aims to automate and manage billing and payments more efficiently. It is specially designed to meet the specific business model and billing process of a telecommunications provider.
Telecom billing software should not be confused with digital or electronic billing, wherein the paper invoice is sent to your email address in PDF or image format. With an enterprise billing system, subscribers can access their accounts, check their billing and payment histories, pay their dues online, adjust their subscription, and perform other tasks. The system can be utilized by individual and corporate customers and can be accessed through their preferred device.
Benefits of telecom billing solution
Many wireless carriers around the world already use telecom billing systems. These IT solutions offer several benefits to both customers and telecom companies. Some of the main advantages of telecom billing include:
Enterprise billing solutions provide consumers with detailed information about their accounts. Subscribers can access their actual usage of services and payment and billing history. This creates optimum transparency, thereby reducing disputes and improving customer satisfaction.
Likewise, telecom companies benefit from a robust billing system. In case of any query, customer service representatives can easily retrieve account details and provide a prompt response. They can also make necessary adjustments, if necessary. Furthermore, by knowing more about specific customers, telcos can offer more specific products and services that meet their needs. This level of customization further improves client satisfaction which ultimately helps in customer retention.
Telco companies handle a huge number of accounts which makes it prone to errors. By automating the billing process, you can ensure accuracy and reduce errors.
Telecom billing systems can identify duplicate records and automatically remove them from the system. Minimizing redundancy ensures a reliable financial record, which is crucial in making important business decisions.
A clean and accurate database is also advantageous to customers. This ensures that they won’t be billed incorrectly. Any inconsistencies and problems with the billing can have a significant impact on the credibility of a company. Frequent billing mistakes can easily turn off customers. Don’t wait for your subscribers to file complaints before investing in an efficient billing system.
Easily implement alterations
One of the challenges of telecom billing is that tariffs for services frequently change. The ability to adjust individual billing is crucial in an efficient revenue collection. With telecom billing software, you can easily implement changes in the tariff. These adjustments should be made timely and clearly shown in an individual customer’s billing statement.
Billing solutions enable customers to review pricing changes. By being transparent with price adjustments, customers are less likely to make disputes and pay promptly.
With telecom billing software, digital billing statements are sent directly to the customer’s email account or can be accessed through a dedicated app or platform. This reduces costs associated with paper-based invoicing such as printing and postage. Equipped with features that make the billing and accounting process more efficient, telecom companies can reduce manpower as the system can be operated by a minimal number of employees.
Not to mention, going fully virtual can have tremendous benefits on the environment. Every year, telecommunication companies send volumes of paper billing statements. This can greatly reduce the carbon footprint.
Lastly, investing in a robust telecom billing solution gives you a competitive advantage over competitors that stick with the conventional invoicing process. Convenience is a major concern of customers. By adopting automated billing, subscribers can pay their bills online – anywhere, anytime. This removes the hassle of having to visit payment centers and standing on long queues to pay their dues.
Also, telecom companies that have an efficient billing system can gain deeper insights about their internal operations, particularly fiscal performance. An advanced billing system enables the company to gather, utilize, and analyze valuable insights that can help craft timely decisions, improve customer relationships, and come up with sound planning. All of these can result in improved operational efficiency, business performance, and competitiveness. Access to reliable and accurate data proves vital especially in a highly competitive telecommunications industry.
These are just a few of the many advantages of a telecom billing solution. While this technology entails expensive investment, its numerous benefits make it a worthwhile expense.