As per the latest survey by Oracle Communications, it has been confirmed that around 73% of Communications Service Providers (CSPs) are planning to roll out 5G networks by 2022. Almost 94% are facing challenges with the charging systems they are using currently. CSPs are trying to find a way to monetize everything like streaming videos, network slicing, eHealth, and virtual gaming.
The survey by Oracle Communications unveiled the impact of 5G and charging systems on digital transformations and enterprise customers.
CSPs are continuously worried about the old school charging systems as these devices will hamper the customer experience. Not only this, but the charging systems will also affect the capability of CSPs to provide new offerings to the market in a fast-paced way.
Impact Of Charging Challenges
CSPs mentioned that the challenges they face currently include managing existing systems (38%) and the lengthy time-to-market for new offers (34%). In addition to that, the customer service providers also feel that they are ill-equipped to meet the performance and monetization needs of 5G and are concerned about the current technology and how it will affect the customer experience.
On an average, Communications Service Providers (CSPs) are planning to roll out new 5G enabled services, starting from enhanced mobile broadband to smart home, mobile gaming, retail, and live entertainment offers. CSPs are also anticipating monetizing 5G in a different way with the help of an average of three pricing levers, including energy efficiency, latency, and data security. 86% of the CSPs are on their way to upgrade charging systems over the next 18 months to support these business requirements.
CSPs also have an appropriate idea of the features they need from the updated charging system. The survey also discovered that cross-network convergence (55%), flexible rating and charging schemas (37%), and cloud-native capabilities (32%) topped the list. Communications Service Providers (CSPs) top priorities also consist of using solution providers with cross-industry expertise, an innovative product roadmap, and robust software capabilities.
Talking about the Oracle Communications survey, 5G Readiness Report: CSP Perceptions on Charging and Monetization for the 5G Era was conducted by OvationMR in May 2021. It consisted of responses from 303 decision-makers from various countries, including Mexico, France, South Korea, Australia, United States, United Kingdom, Hong Kong, and Spain.
Oracle Communication SVP’s Take
The Senior Vice President at Oracle Communications, Jason Rutherford, has said that CSPs are making all the necessary investments to monetize new services to generate returns and deliver what the customers are expecting.
Mr. Rutherford concluded the statement by saying that the survey has cleared it out that the CSPs recognize they are supposed to rethink current charging systems to capitalize on the revenue potential of 5G entirely.