Communication service providers (CSPs) understand the value of elevating customer experience and digital engagements to stand out from competition. This shift to an increased focus on digital customer experiences is essential to CSPs’ transformational journeys.
Customer experience is a critical aspect in every service business and a main differentiator in a competitive telecom landscape. Instead of merely being focused on upgrading network capabilities, CSPs are increasingly challenged to prioritize intuitive, seamless designs that simplify customer engagement in order to provide what they want and need. For instance, a single mobile app can serve as a one-stop platform for myriad services, even billing.
As CSPs reinvent their relationships with customers, cloud capabilities and features such as virtual assistants or chatbots are also becoming commonplace to streamline customer service processes. Looking ahead, customer experiences can be enhanced with augmented reality to support user functions across markets.
In a report specific to the Indian market, KPMG cited that improving customer experiences can help companies, including telcos, raise their valuation by 125% to 400%. Enhanced customer experience is key to building long-term customer relationships and creating sustained value to help companies grow.
Personalization Key to Evolving Customer Experiences
Personalization in services is important in elevating customer experiences. Big data and analytics are instrumental in creating tailored and specific experiences based on the characteristics of customers. They provide useful metrics that allow operators to track customer satisfaction and more.
Round-the-clock and consistent, reliable services add value to an omnichannel customer journey that facilitates meaningful touch points. Building from past behaviours and patterns, customer engagement is advanced to a new level that allows customers to access a multitude of services across multiple channels whenever desired, ensuring that an end-to-end experience is created for customers.
Multi-Faceted service assurance is key, as customers expect more from their voice, text and mobile services. With pay TV growing, operators need to have a unified view of customers wants and needs, leveraging real time analytics to achieve relevant breakthroughs.
In order to capture more subscribers, billing and payment is another area to target improvements. In one such example, countries such as Indonesia and the Philippines have implemented staggered mobile data plans so that subscribers who tend to spend in small amounts are not bound by long-term data plans. This includes giving postpaid pay-as-you-go subscribers the option to switch to volume-based plans should their data limit be exceeded, or a “pay-to-boost” option where needed.
SaaS to Gain Competitive Advantage
Traditional legacy models are giving way to engagement-centric SaaS models for customer engagement functions as one way to achieve scalability and quicker . Another benefit is lower set cost and increased IT cost savings, estimated by Analysys Mason to amount to as much as approximately 25% IT cost savings over the course of five years. The value of the global SaaS market for OSS and BSS is estimated to be at $10.7 billion by 2023, representing a 29.5% compound annual growth rate since 2018.
As CSPs continue to digitally transform, SaaS spending has been growing. In 2019, SaaS accounted for 5% of CSP’s operational expenditure. This figure is expected to reach at least 11% by 2023.
In Singapore, Circle Global recently completed the acquisition of the mobile virtual network enabler (MVNE) business, a US-based cloud software, communications platform company. With this strategic move, Circle Global aims to expand its SaaS and 5G capabilities.
Service providers are also capturing growth opportunities in this market, as they roll out more SaaS in their service portfolios targeting CSPs that will need to update processes in the 5G era. As a cloud-first strategy takes root in the industry, CSPs step forward with a suite of easy-to-adopt solutions to take customer experience to the next level.
