The telecom industry is undergoing a phenomenal change, moving from an otherwise static industry to one where products and services are changing dynamically. Legacy revenue streams are declining, and the share of wallet is being challenged by competitive telecom companies and technology vendors. Operators are forced to rethink their customer acquisition and retention strategies – this demands a big change in the thinking and an even bigger change in business operations.
Telecom companies need to create innovative products that are centered around customer
demands as opposed to simply pushing the product in the market. In addition, they are under
constant pressure to match the user experience provided by companies like Facebook, Amazon and
Google. The focus has discretely shifted from quality of service to quality of experience.
The telecommunication sector, like other industries, is currently caught up in a paradigm shift to digital transformation, which is compelling them to consider new avenues and opportunities to maintain footfalls. Changes in telecommunication markets are driven by rapidly advancing technologies and customer demand for increasingly sophisticated services. Customers today want to freely choose services and then negotiate the terms of those services. To meet this demand a highly flexible product and service bundling capability and a support for complex pricing models is essential.