It is hard to imagine the world without telecommunications technology. According to the International Telecommunication Union (ITU), almost 90 percent of the global population is connected to the Internet through different channels, such as 5G, 4G, 3G, and other mobile-broadband networks. The current global health crisis reveals the vital role that the telecommunications sector plays.
In the age of coronavirus pandemic, where work or study from home arrangements, lockdowns, and travel restrictions have become the new norm, telecommunications systems have filled in the gap. Our dependence on computers, the Internet, and smartphones has become even more apparent. Global telecom services spending is forecasted to grow by around one percent by 2021. With this rapid development, the telecommunications sector must step up to accommodate the growing connectivity needs of individuals, businesses, and communities.
As telecom companies serve a wider client base, the need for a more responsive and robust billing system is paramount.
Telecom billing software solutions date back to as early as the 1990s. Veering away from manual billing, the telecom sector has digitized the way subscribers are billed. Electronic bills delivered through emails have replaced the paper-based bills which are sent through snail mail. The digital billing system proved more economical and efficient.
The popularity of telecom billing software grew more with the rise of the Internet and smartphones. Aside from the regular telecom services, such as voice calls and SMS, Internet connectivity has been a staple.
To serve the unique needs of subscribers, telecom companies have come up with various (often complex) forms of telecom plans. The hybrid models of prepaid and postpaid plans made telecom billing even tougher.
Top Advantages of Telecom Billing Systems
Fortunately, telecom billing software solutions help simplify and streamline the complex billing process. From data collection and management down to invoice generation and payment collection, this robust IT system proves beneficial to both the subscribers and providers. Developers of telecom billing software, Kansys, share some of the top advantages of this IT solution.
Ensure accuracy with billing
Accuracy in the billing process is vital to both the telecom company and the users. Considering the complexity of telecom billing, achieving high accuracy can be tough. Errors in billing can affect the company’s financial health, as well as, its reputation. Billing problems are among the most common cause of disputes and reasons to ditch their present provider. With a telecom billing solution, the company can guarantee error-free billings.
Provide access to detailed bill
Subscribers prefer flexible telecom plans that enable them to optimize their call, data, and other phone-related expenses. As such, it’s not uncommon for them to request a detailed bill. This allows them to check all transactions. Telecom billing system provides full details of the user’s monthly usage, including time and date of transaction, duration of the call, data usage, recipients, and other relevant information. Every month, the system automatically generates and sends through email the telecom bill. Furthermore, customers can request a copy of their previous bills.
Deal with numerous subscribers
As the number of telecom users continues to grow, it is necessary to have a powerful tool that can manage client data, billing, and payment records. Advanced, feature-laden telecom invoicing systems can handle millions of accounts and transactions in their database. Its powerful features simplify the various account management tasks, such as updating payments, sending reminders, providing discounts, etc.
Transition to electronic billing
Telecom billing software generates electronic bills (e-bills) which is more cost-effective, convenient, and eco-friendly. Customers prefer electronic billing as they can easily access the bill using any digital device. It removes the hassle of waiting and sorting through the mail. For telecom companies, shifting to fully e-bills could mean cost savings from the printing of bills and mailing them.
Timely payments
The earlier you send invoices, the faster you get paid. Telecom billing solutions ensure the timely generation and sending of invoices to subscribers. This enables customers to arrange money for the payment, thereby avoiding late and delinquent accounts. Furthermore, the system can send automatic reminders to notify subscribers of an upcoming due. Timely payments ensure healthy cash flow for your business.
Competitive advantage
With the growing number of telecom providers, competition in the telecom industry has become tougher. Users choose companies that can provide customer satisfaction. Automated billing and digital payment gateways provide another layer of convenience to subscribers. They don’t want to wait in long queues to make payments. Greater transparency and accuracy are also positive signs that can make your company more competitive. Telecom billing solutions ensure better data security, which is vital for many customers.
All said, all of these advantages of telecom billing software emphasize its importance to telecom services providers. The rapidly growing and evolving sector and the increased competition necessitate this technology.